Global mobile phone insurance market is anticipated to witness an exponential growth in the forecast period. Mobile phone insurance refers to monetary coverage applicable when a mobile is lost, stolen or damaged, or any technical or physical damage is encountered. Factors such as increasing standard of living, rising disposable income, increasing spending on electronic gadgets are expected to drive the market. In addition, growing awareness among the population, low cost of mobile phone insurance, letting users securely back-up their phone data online, increasing incidences of accidental damage, phone thefts, loss of device and device malfunction are likely to be the other driving factors.
On the other hand, threat of virus infection and technical problems also lead the clients to invest huge amounts in repairing the device are anticipated to hinder the market growth in future. Mobile phone insurance market is anticipated to expand at a significant CAGR in the upcoming period as the scope, product types and its applications are increasing across the globe.
Mobile phone insurance market is segmented by type, application, distribution channel, and geography. Market is segmented by type as OEM-Provided, Banks and Wireless Carrier. The key applications segmented in this market include Theft, Lost, Damage and Other. The “Damage” segment accounted for a prominent share in the market. It is likely to witness substantial growth in the years to come.
The mobile phone insurance market is segmented based on distribution channel as Direct Channel and Distribution Channel. The “Direct Channel” segment accounted for a prominent share in the market. It is likely to witness substantial growth in the years to come.
North America is a leading region in the market. It is likely to maintain its dominance in the forecast period owing to factors, such as rise in the number of smartphone users who choose a required insurance for cell phones Furthermore, covering hardware issues, the accessibility of insurance plans that offer additional protection such as software malfunctioning, and the replacement of stolen devices will also fuel the growth of the market in the coming years.
Key players operating in the mobile phone insurance market include AmTrust International Underwriters, AIG, Allianz Insurance, AXA, AT&T, Apple, Liberty Mutual Insurance Group, Deutsche Telekom, Samsung Electronics, Pier Insurance Managed Services, Sprint Corporation, SoftBank Corporation, Verizon Communications, Telefonica Insurance S.A, Xiaomi, Vodafone Group, Aviva and Orange. The leading companies are involved in partnerships, mergers, and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
Leading players of Mobile Phone Insurance including:
• Allianz Insurance
• AmTrust International Underwriters
• Deutsche Telekom
• Liberty Mutual Insurance Group
• Pier Insurance Managed Services
• Samsung Electronics
• SoftBank Corporation
• Sprint Corporation
• Telefonica Insurance S.A
• Verizon Communications
• Vodafone Group
Market split by Type, can be divided into:
• Wireless Carrier
Market split by Application, can be divided into:
Market split by Sales Channel, can be divided into:
• Direct Channel
• Distribution Channel
Market segment by Region/Country including:
• North America (United States, Canada and Mexico)
• Europe (Germany, UK, France, Italy, Russia and Spain etc.)
• Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)
• South America Brazil, Argentina, Colombia and Chile etc.)
• Middle East & Africa (South Africa, Egypt, Nigeria and Saudi Arabia etc.)
Research Support Specialist, USA