PUBLISHER: The Business Research Company | PRODUCT CODE: 1676023
PUBLISHER: The Business Research Company | PRODUCT CODE: 1676023
A mobile insurance policy offers protection against a range of risks and damage that a phone may encounter. It serves as a safeguard for owners, aiding in covering expensive repair costs in case of accidents or damages incurred by the mobile phone.
Mobile phone insurance caters to various phone types, categorized into budget phones, midrange and high-end phones, and premium smartphones. Budget phones typically offer optimal specifications for their cost. The insurance coverage spans several areas, including protection against physical damage, internal component failure, theft and loss, virus and data protection, among other coverages. These insurance policies are available through diverse distribution channels such as mobile operators, device OEMs (original equipment manufacturers), retailers, online platforms, and other channels. The end-users encompass both corporate and personal relationships seeking coverage for their mobile devices.
The mobile phone insurance market research report is one of a series of new reports from The Business Research Company that provides mobile phone insurance market statistics, including mobile phone insurance industry global market size, regional shares, competitors with a mobile phone insurance market share, detailed mobile phone insurance market segments, market trends and opportunities, and any further data you may need to thrive in the mobile phone insurance industry. This mobile phone insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The mobile phone insurance market size has grown rapidly in recent years. It will grow from $35.21 billion in 2024 to $39.72 billion in 2025 at a compound annual growth rate (CAGR) of 12.8%. The growth in the historic period can be attributed to rising smartphone penetration, high cost of mobile devices, changing consumer lifestyles, carrier and retailer offerings, increasing incidence of accidental damage.
The mobile phone insurance market size is expected to see rapid growth in the next few years. It will grow to $63.92 billion in 2029 at a compound annual growth rate (CAGR) of 12.6%. The growth in the forecast period can be attributed to continuous smartphone innovation, expansion of mid-range and premium device segments, customized and flexible insurance plans, e-commerce and online device sales, increasing digitalization and connectivity. Major trends in the forecast period include coverage for digital wallets and cybersecurity, flexibility in premium payment models, focus on sustainability and eco-friendly practices, artificial intelligence in risk assessment, global expansion and emerging market opportunities.
The rising adoption of smartphones is expected to significantly drive the expansion of the mobile phone insurance market in the coming years. Smartphones, portable electronic devices with cellular network connectivity, have become increasingly prevalent. A reliable mobile phone insurance plan offers coverage for necessary repairs or replacements, fueling the growth of the mobile phone insurance market alongside the increasing smartphone adoption. For instance, a report from Uswitch Limited published in 2022 indicated that there were 71.8 million active mobile connections. Projections suggest that by 2025, the UK will have a population of 68.3 million, with 95% of individuals owning smartphones. This surge in smartphone adoption is a key factor propelling the growth trajectory of the mobile phone insurance market.
The rise in phone theft incidents is expected to be a significant driver behind the growth of the mobile phone insurance market in the foreseeable future. Phone theft involves the unlawful acquisition or stealing of someone's mobile phone or smartphone device. Victims of phone theft often rely on mobile phone insurance to recover from the financial loss incurred due to the stolen device. This insurance coverage extends to replacement or repair costs associated with the stolen phone, providing a practical solution to mitigate the financial impact of theft. For instance, according to data from the London Metropolitan Police in December 2023, there were 90,864 reported phone thefts in 2022, averaging to 249 phones stolen each day. These incidents of phone theft highlight the growing need for mobile phone insurance as individuals seek protection against potential financial losses due to theft. Thus, the escalating frequency of phone theft incidents serves as a driving force behind the growth of the mobile phone insurance market.
Product innovation stands as a prominent trend gaining traction within the mobile phone insurance market. Key companies in this sector are placing a strategic focus on developing novel insurance products to cater to evolving consumer needs. For instance, in May 2023, Switched On Insurance, a UK-based gadget insurance company, introduced a new mobile phone insurance offering. This comprehensive and cost-effective insurance policy is designed to safeguard devices, specifically those under 36 months old. The company's mobile phone and gadget insurance come with various features, including unlimited claims and a 12-month warranty. The coverage extends to mobile devices while in use, ensuring protection during active use. Additionally, customers have the flexibility to cancel the insurance policy within the cooling-off period, typically set at 14 days. This innovative approach aims to meet consumer demands for comprehensive coverage and flexible policy options within the mobile phone insurance market.
Major companies within the mobile insurance policy market are increasingly adopting a strategic partnership approach to bolster the accessibility of insurance products and address emerging risks associated with customers' digital lifestyles. These strategic partnerships involve collaborative agreements or alliances between multiple entities, such as companies, organizations, or governments, geared toward achieving mutually advantageous objectives. For example, in October 2023, Igloo Pte. Ltd., a Singapore-based insurance company, forged a partnership with Oppo, a consumer electronics company headquartered in China. This collaborative initiative aims to offer after-sales services and insurance protection plans specifically designed for mobile devices. The partnership entails providing a range of protection plans, including screen protection, extended warranties, accidental warranties, and coverage for screen damage. Through this partnership, the companies seek to enhance consumer accessibility to comprehensive insurance coverage tailored for mobile devices, addressing the evolving needs and risks associated with digital lifestyles.
In October 2023, Bolttech Management Limited, a Singapore-based insurance company, acquired Digital Care for an undisclosed amount. This acquisition aligns with Bolttech's strategy to enhance its digital insurance offerings and strengthen its insurtech capabilities. By merging resources, Bolttech aims to deliver more comprehensive and innovative insurance solutions. Digital Care is a Poland-based provider of mobile insurance solutions.
Major companies operating in the mobile phone insurance market include Apple Inc., AT&T Inc., American International Group Inc., SoftBank Corp, Liberty Mutual Insurance Company, Orange S.A., The Chubb Corporation, Xiaomi Corporation, Singapore Telecommunications Limited, Assurant Inc., Brightstar Corp, Telefonica Brasil S.A., AmTrust Financial, Asurion LLC, Taurus Insurance Services Limited, Bolttech Management Limited, U Mobile Sdn Bhd., Servify, Digital Care Sp. z o.o., CoverCloud Insurance, GoCare Warranty Group, OPPO Electronics Corp, Better Buy Insurance Co, Pier Insurance Managed Services Ltd.
North America was the largest region in the mobile phone insurance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global mobile phone insurance market during the forecast period. The regions covered in the mobile phone insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the mobile phone insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The mobile phone insurance market includes revenues earned by entities by theft protection insurance, accidental breakage insurance, water and liquid damage insurance, and other related products. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Mobile Phone Insurance Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on mobile phone insurance market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for mobile phone insurance ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The mobile phone insurance market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.