Mobile Phone Insurance Market, By Phone Type (Budget Phones, Mid-Range Phones, High End Phones, Premium Phones), Coverage (Physical Damage, Internal Component Failure, Theft and Loss Protection, Virus and Data Protection), and By Region (North America, Western Europe, Eastern Europe, Asia Pacific, Middle East & Africa, and South America) – Market Size & Forecasting to 2028

The global mobile insurance market size is predicted to succeed in USD 48 billion by 2028, registering a CAGR of 12.7% over the forecast period from a value of USD 18.49 billion in 2018. An increasing number of smartphone users are predicted to drive the market growth over the forecast period. The market growth also can be ascribed to the growing demand for smartphones that are used for entertainment, education, news, and digital transactions.

Additionally, growing smartphone penetration, along with mobile applications, is predicted to favor the market growth. Convenient claim service is additionally expected to contribute to the general market growth over the forecast period. Mobile insurance helps avoid expensive replacement costs incurred thanks to the loss or breakdown of mobile phones. Damages like physical damage & electronic damage, theft protection, and cyber-threat protection are usually covered under a mobile policy. This is often anticipated to encourage customers to choose such insurance policies over the forecast period.

Big data analytics is additionally playing a pivotal role in driving the market growth. The technology helps flag claims for priority handling or proactively monitor risks to scale back financial losses. Therefore, phone insurance providers are anticipated to widely adopt analytics over the approaching years. Furthermore, there's a rise within the purchase of mobile phones through online platforms. This is often encouraging e-commerce companies to collaborate with insurance providers. For example, in October 2018, Flipkart ventured into a partnership with Bajaj Allianz to supply customized insurance solutions and boost Bajaj Allianz mobile protection program. Moreover, these collaborations enable the partnered companies to extend their customer base across the world.

Key Insights of Mobile Phone Insurance Market:

  • The mobile insurance market is anticipated to witness substantial growth due to an increasing number of smartphone users and collaborations among manufacturers & insurance providers
  • The physical damage segment accounted for the very best market share in 2019. The users mostly choose plans that cover repair and replacement costs
  • The premium smartphone segment accounted for a big market share in 2019 owing to the rapidly increasing cost of smartphones and rise within the number of physical & technical damages
  • The growth of the North American market is often attributed to the presence of an outsized number of insurance providers and better smartphone penetration within the U.S.
  • The key players within the market include AmTrust Financial; Assurant, Inc.; Asurion; and AT&T Inc., among others.

The Mobile Phone Insurance market segmentation is based on Phone Type, Coverage, and Region.

Phone Type Outlook:

Mobile phone insurance companies offer several insurance policies counting on the sort of mobile phones like budget phones, mid & high-end smartphones, and premium smartphones. Premium smartphones are susceptible to technical and physical damages, which cause huge losses. so as to guard their smartphone from these losses, users choose mobile insurance. Technical damages like malfunction of software are common in premium smartphones. Additionally, to technical damages, theft and hardware damages incur enormous losses for users. The users pay high amounts for the repair of such damages and maintenance of those phones. All the above-mentioned factors are expected to end in increased adoption of mobile insurance by premium smartphone users. Though the premium smartphone segment witnessed the very best market share in 2018, over the forecast period the mid-end smartphone segment is anticipated to emerge because the fastest-growing segment due to the growing penetration of mid-end smartphones. The rapid advancements in technology and decreasing costs of mid-end smartphones are encouraging users to choose mid-end smartphones than premium smartphones. Thus, mobile insurance companies are now heavily capitalizing on insurance plans specific to mid & high-end smartphones. This is often expected to drive the expansion of the segment over the forecast period.

Coverage Outlook:

Based on coverage, the mobile insurance market is categorized into physical damage, internal component failure, theft & loss protection, virus & protection, et al. The physical damage segment accounted for the highest market share in 2019. Physical damage protection is that the most prominent damage protection plan insured by maximum users since mobile devices are highly susceptible to physical damages like cracks within the circuit card, screen damages, and so on. Therefore, in recent years, several mobile insurance companies have started offering insurance protect such damages under physical damage plans, which help users avoid paying huge amounts for repair and maintenance. The loss & theft protection segment is predicted to emerge because the second, fastest-growing segment over the forecast period due to the rapidly increasing incidences of smartphone theft. Consistent with the International Telecommunication Union (ITU), a day around 4,700 to 6,000 smartphones are stolen in Argentina and Peru, respectively. Furthermore, per annum, approximately 70 million smartphone theft cases are reported globally. The plans under this segment offer protection against cost, high repair cost, accidental damage, liquid damage, malfunctioning, and display/camera issues. The interior component failure segment is anticipated to witness considerable growth over the forecast period. The electronic damages are caused by overcharging and voltage fluctuations, among others. The plans during this segment also offer protection against gradual deterioration of electronic components, parts, and accessories. Potential cyberattack threats like trojans & botnets are compelling users to secure their devices, resulting in considerable growth of the virus & protection segment.

Regional Outlook:

The North American market is anticipated to account for the most important market share by 2028. The regional market growth are often attributed to the presence of an outsized number of mobile insurance providers and therefore the rising incidences of crimes committed using smartphones in Canada & the U.S. consistent with the Bureau of Justice Assistance, on an average, over a million smartphones are stolen within the U.S. per annum. Furthermore, the supply of insurance plans that provide additional protection for software malfunctioning and replacement of stolen devices are expected to fuel the regional market growth over the forecast period. E-tailors like Flipkart are collaborating with insurance service providers like Bajaj Allianz to supply mobile insurance cover to customers. These initiatives are projected to substantially drive the expansion of the Asia Pacific market over the forecast period. Furthermore, China, India, Singapore, and Japan are expected to contribute to the regional market growth. The regional growth is often attributed to the substantial increase in personal income. In 2019, China accounted for the highest market share within the APAC mobile insurance market.

Competitive Landscape

Some of the prominent players within the market include AmTrust International; Assurant, Inc.; Asurion; AT&T Inc.; Brightstar Corp.; GoCare Warranty Group; Revolut Ltd.; SquareTrade, Inc.; Taurus Insurance Services Limited; and Vodafone Limited. mobile insurance providers are that specialize in collaborating with telecommunication operators to extend their regional presence. For example, in 2018, Assurant, Inc. announced its partnership with KDDI Corporation, a Japanese telecommunications operator. This partnership was undertaken to supply an improved mobile device support program for Apple customers through KDDI Corporation. The program was named Damage and Loss Support with AppleCare Services, including loss and theft services that allowed replacement of a customer’s phone with an Apple-certified device, alongside next-day replacement service. The program is out there to customers via shops or offline stores across the world also as via KDDI’s online channel.

This report also includes the profiles of key Mobile Phone Insurance market companies along with their SWOT analysis and market strategies. In addition, these competitive landscapes provide a detailed description of each company including future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launch, new product developments, and other latest industrial developments.

Key Developments in Mobile Insurance Market:

  • In October 2018, E-commerce major Flipkart Sunday said it was foraying into the insurance segment after securing a corporate agent license. To begin with, Flipkart has partnered Bajaj Allianz General Insurance to offer customised insurance solutions to power its mobile phone protection programme for all leading mobile phone brands that are sold on its platform, Flipkart said in a statement.

What Does This Report Provide?

This report provides a detailed understanding of the global Mobile Phone Insurance market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market.

Market Segmentation:

By Phone Type

  • Budget Phones
  • Mid-Range Phones
  • High End Phones
  • Premium Phones

By Coverage

  • Physical Damage
  • Internal Component Failure
  • Theft and Loss Protection
  • Virus and Data Protection

By Region:

  • North America
    • By Country (US, Canada, Mexico)
    • By Phone Type
    • By Coverage
  • Western Europe
    • By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
    • By Phone Type
    • By Coverage
  • Eastern Europe
    • By Country (Russia, Turkey, Rest of Eastern Europe)
    • By Phone Type
    • By Coverage
  • Asia Pacific
    • By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
    • By Phone Type
    • By Coverage
  • Middle East & Africa
    • By Country (UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa)
    • By Phone Type
    • By Coverage
  • South America
    • By Country (Brazil, Argentina, Colombia, Rest of South America)
    • By Phone Type
    • By Coverage

Reasons to Buy This Report

  • Market size estimation of the Mobile Phone Insurance market on a regional and global basis
  • Unique research Usage for market size estimation and forecast
  • Profiling of major companies operating in the market with key developments
  • Broad scope to cover all the possible segments helping every stakeholder in the market

Customization:

We provide customization of the study to meet specific requirements:

  • By Segment
  • By Sub-segment
  • By Region/Country

For more information, contact: sales@quincemarketinsights.com