Mobile Insurance Market Size And Forecast

Mobile Insurance Market size was valued at USD 22.6 Billion in 2020 and is projected to reach USD 58.19 Billion by 2028, growing at a CAGR of 12.60% from 2021 to 2028.

Mobile phone insurance assists consumers to avoid costly substitution charges in the event of a loss or disruption of the mobile phone. The growing number of smartphone users, as well as the rising rates of unintentional damage, phone thefts, and gadget malfunction, are driving the Global Mobile Insurance Market. The Global Mobile Insurance Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Mobile Insurance Market Definition
Insurance only protects against financial loss to individuals. If an individual acquires any products or services, he/she is eligible to obtain insurance for the specified goods/services, which protects him from loss caused by a variety of conditions. In order to acquire insurance services, the purchaser must pay a certain premium. The premium is the cost charged by the insurer to the policyholder in exchange for the coverage provided by the insurance policy. Due to out-of-pocket spending across economies and technical improvements, there has been a rapid increase in smartphone usage.

We rely on it for a variety of reasons, including communication and business. In this situation, losing or damaging the smartphone can cause serious complications. As a result of the growing number of smartphone users worldwide, the insurance business has seen a steady increase in the number of mobile phone insurance policies offered by various mobile manufacturers, mobile networks, and retail companies. The protection provided by mobile insurance includes theft or loss insurance, damage insurance, and other services. Insurance companies are strengthening their plans to include recovery features, data protection, and substantial technological support for customers claiming insurance.

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Furthermore, the average smartphone life span is predicted to increase, which would significantly influence the market over the projection period. Some of the factors why mobile phone Insurance is needed: Theft protection: When a phone is stolen, it is quite difficult to recover it. And lose all of the info if the phone is stolen. Another consequence of the theft is financial loss and loss of data. As a result, getting mobile insurance to deal with such scenarios makes sense, as it covers the cost of a new phone,

Accidental breakage protection: Mobile phones are pretty expensive nowadays, and repairing any form of breakage can be costly. Considering that, it gives coverage against breakage, purchasing mobile insurance may be a sensible idea, Water or liquid damage cover: Mobile insurance will cover any damage to your phone caused by water or other fluids. A mobile phone can also be damaged by moisture or humidity, which is normally covered by insurance, Covers high repair cost: Any damage to a luxury phone, such as one from Apple, Samsung, or OnePlus, would result in a large repair bill. It is better to use mobile insurance to prevent paying large amounts of money on a smartphone repair.

Global Mobile Insurance Market Overview
The growing number of smartphone users, as well as the rising rates of unintentional damage, phone thefts, and device malfunction, are all pushing the global mobile phone insurance industry. Increased convenience over claiming procedures is another primary trend that will primarily affect the Mobile Insurance Market in the following year. Mobile insurance today saves time in various ways by quick claim processing, because of significant business competition. By acquiring a minimal premium insurance policy one can save significant damage caused by higher mobile devices prices. The cost of replacing the screen accounts for about a quarter of the total cost of the phone.

By selecting a full coverage insurance plan a great deal of money may be saved, given the rising prices and the maintenance susceptibility of the latest smartphone models these advantages driving this market. Collaborations between mobile phone manufacturers and insurance authorities are also propelling the business forward around the world. In addition, multichannel contact, direct-to-consumer insurance support, online transaction platforms, and other factors are propelling the global mobile phone insurance industry forward. Other drivers boosting the market include increased need for data and virus protection plans, enhanced distribution networks, and increased demand for premium smartphones, among others.

The complexity of the terms and conditions makes it difficult for consumers to pick suitable claim procedures, and this will hamper the expansion of the market. Some market players offer coverage plans with a fixed premium and protection amount, which causes clients to be hesitant to purchase such policies. In addition, regardless of the nature of the damages insured, such policies compel policyholders to pay exorbitant premiums for damage repair. The terms and conditions of the insurance market are sometimes highly crucial, causing customers to forget about the claiming procedures entirely. Meanwhile, In recent years, however, insurance companies have sought to identify such problems and have produced policies with varying monthly premium levels.

They also provide coverage based on the needs of the customer. The simplicity of terms and conditions and claims procedures is projected to rise consumer adoption of mobile insurance products worldwide.The coronavirus pandemic has had a tremendous influence on the Mobile Insurance Market, affecting markets all over the world. While the majority of enterprises in the market reported a drop in revenue from the mobile phone insurance sector, the market for smartphones also suffered a large drop. However, the market is expected to improve over the next years with increasing steps done by governments worldwide to help revive the economy.

Global Mobile Insurance Market: Segmentation Analysis
The Global Mobile Insurance Market is Segmented on the basis of Phone Type, Distribution Channel, Coverage, End User, and Geography.

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Mobile Insurance Market, By Phone Type
New Phone
• Refurbished Phone
Based on Phone Type, The market is Classified into New Phone and Refurbished Phone. New mobile phones are currently the most popular market category. Because of the new design, updating system, new look, and updating features, this segment is growing faster.

Mobile Insurance Market, By Distribution Channel
Mobile Operators
• Device OEMs
• Retailers
• Online
• Others
Based on Distribution Channel, The market is bifurcated into Mobile Operators, device original equipment manufacturers (OEMs), Retailers, Online, and Others. Out of all these, online distribution channels account for the majority of the total market share. 24*7 availability, better offer and easy to access interface are the factors that are driving this segment.

Mobile Insurance Market, By Coverage
Physical Damage
• Electronic Damage
• Virus Protection
• Data Protection
• Theft Protection
Based on Coverage, The market has been segmented into physical damage, electronic damage, virus protection, data protection, and theft protection. In the market, the physical damage segment has a clear leading. Nowadays we carry a mobile phone in our pockets, purse, and hand, these practices caused more prone to physical damage.

Mobile Insurance Market, By End User
Corporate
• Personal
Based on End User, The market is bifurcated into Corporate and Personal. The personal segment has the fastest growth rate. Personal segment development is likely to be aided by rising smartphone usage and an increase in accidental damage events.

Mobile Insurance Market, By Geography
North America
• Europe
• Asia Pacific
• Rest of the world
On the basis of Regional Analysis, The Global Mobile Insurance Market is classified into North America, Europe, Asia Pacific, and Rest of the world. North America dominated the Global Mobile Insurance Market in 2028. The insurance market in North America has seen a steady increase in the number of mobile phone insurance policies offered by various mobile manufacturers, mobile networks, and retail companies.

Key Players
The “Global Mobile Insurance Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are American International Group (AIG), Allianz SE, AmTrust International Underwriters DAC, Apple Inc., AXA Group, Deutsche Telekom AG, Liberty Mutual Insurance Group, Pier Insurance Managed Services Ltd., Samsung Electronics Co. Ltd., SoftBank Group Corporation. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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