Mobile Phone Insurance Market

Over the past decade, the number of Americans who own smartphones has increased dramatically. In 2010, only 35% of adults owned a smartphone. Today, 77% of adults own a smartphone. With such a large percentage of the population owning these devices, it’s no surprise that there is also a growing market for mobile phone insurance. Mobile phone insurance protects consumers from financial loss if their phone is lost, stolen, or damaged. For a monthly premium, most insurers will reimburse customers for the cost of repairs or replacement.

The global mobile phone insurance market was valued at $24600 Million in 2020, and is projected to reach $74500 Million by 2030, growing at a CAGR of 11.8% from 2021 to 2030.

Most mobile phone insurance policies will cover loss, theft, and damage. Some policies will also cover water damage, but this is usually an optional add-on. Most policies have a deductible that you will have to pay before the insurance company reimburses you, ranging from $50 to $200. Some insurers also offer extended warranties, which will cover repairs for a certain period of time after your original manufacturer’s warranty has expired.

Market growth is expected to be driven by increasing incidents of accidental damage, theft, virus infection, and device malfunction. Customers have been motivated to adopt coverage policies for mobile phones to protect their devices from such incidents. Consumers can avoid expensive replacement costs if their mobile phones are lost or damaged. Mobile phone insurance policies usually cover physical damage, loss protection, theft, data protection, and internal coverage failure.

Scope of the report @ https://market.us/report/mobile-phone-insurance-market/

Mobile phones can be used as entertainment and education tools and an efficient platform to conduct digital transactions. Mobile phones are increasingly used to store personal data and conduct digital transactions. This has made it imperative that mobile devices be protected. Market growth is expected to increase over the forecast period due to this trend. According to GSMA, 75% of all mobile phone owners will own a smartphone in 2025. To test the effectiveness of mobile phone insurance plans/schemes, insurance providers for mobile phones are working with manufacturers.

Mobile phones can be damaged in both the physical and technical senses. This could lead to coverages being reduced or even eliminated. These damages can also cause huge losses to users. This will drive up the demand for mobile insurance in the future. Consumers are increasingly choosing to purchase coverage policies for their smartphones due to the rising cost of smartphones. Market growth is also expected to be driven by the growing collaboration between mobile phone manufacturers, insurance providers, and other market players over the forecast period. Market players will also benefit from direct-to-consumer assistance in the future. Direct-to-consumer assistance models offer a better customer experience than traditional insurance sales channels.

Here is List of BEST KEY PLAYERS Listed in the Mobile Phone Insurance Market Report are:

AIG
Apple
AXA
Asurion
Assurant
Hollard Group
Chubb (ACE)
SoftBank
Allianz Insurance
AmTrust
Aviva

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Mobile Phone Insurance Market Segmentation:

Mobile Phone Insurance Market is segmented in various types and applications according to product type and category. In terms of Value and Volume the growth of market calculated by providing CAGR for forecast period for year 2022 to 2032.

Most Important Types of Mobile Phone Insurance Market are covered in this Report:

Wireless Carrier
Mobile Phone Operators & Retailers
Other Channels

Mobile Phone Insurance Market Product Applications:

Physical Damage
Theft & Loss
Others

Top country’s data covered in this report:

  • North America (United States, Canada and Mexico)
  • Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
  • Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
  • South America (Brazil, Argentina, Columbia etc.)
  • Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

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