Mobile Phone Insurance Market Size Worth $55.9 Billion by 2027

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Mobile phone insurance is a value-added service that offers a device tracking plan that includes complete coverage against any physical, electronic and accidental damage to the phone’s components. It also insures the mobile phone against internal damage from parts, virus attacks and crash. In addition, it also covers damage caused by fire, liquid, riot, strike, malicious intent, terrorist activities and loss of device from a securely locked vehicle or building. This requires documents, such as proof of identity, original invoice and the serial number of the phone. It applies to old, new and refurbished phones and helps the consumer avoid expensive replacement charges. As a result, mobile phone insurance policy is gaining traction around the world. Currently, it is provided by mobile operators, original equipment manufacturers (OEMs) and online and retail stores.

Impact of COVID-19:

We regularly track the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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What are the key market drivers in the Mobile Phone Insurance Market?

The increasing number of smartphone users and increasing incidents of device malfunction represent one of the key factors positively impacting the market. In addition, the increasing use of mobile phones for digital payment transactions and the storage of personal information catalyzes the need to protect mobile devices.

Smartphones are highly susceptible to physical and technical damage, which in turn leads to enormous losses for the consumer. This, in conjunction with the increasing cost of smartphones, is forcing consumers to opt for mobile phone insurance. Moreover, high replacement costs of various parts of mobile phones such as display screen, microphone, charging port, speaker, printed circuit board (PCB) and battery catalyze the demand for mobile phone insurance services.

Moreover, the increasing cooperation between mobile phone manufacturers and insurance service providers creates a favorable market outlook. Moreover, the inflation of disposable income level of individuals is driving the demand for smartphones, creating a positive market outlook. Additionally, the easy availability of mobile phones across online and offline distribution channels, along with the facilities of free doorstep delivery and secure payment gateways, is boosting the market growth.

In addition, the terms of direct-to-consumer insurance provide profitable growth opportunities for the insurer to provide enhanced customer experience compared to selling services through traditional distribution channels. In line with this, the rise of multi-channel interactions and numerous online transaction platforms are driving the market growth.

Furthermore, insurance vendors are focusing on enhancing their policies with data protection, recovery features and technical support for consumers, driving the market growth. Moreover, they are focusing on various marketing strategies, such as social media promotion and celebrity endorsement, along with providing low-cost insurance policies, which are expected to drive the market in the coming years.

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List of major key players:

The most important players in the market are American International Group, Inc, Allianz SE, AmTrust International Limited, Apple Inc., AT&T Inc., AXA Group, Deutsche Telekom AG, Liberty Mutual Insurance Group, Pier Insurance Managed Services Ltd., Samsung Electronics Co. Ltd., SoftBank Group Corp., Sprint CorporationTelefónica Insurance SA, Verizon Communications Inc., Vodafone Group Plc, Xiaomi Corporation and Orange SA etc.

The report covers the following key market segments:

Breakdown by phone type:

New phone
Refurbished

Breakdown by coverage:

Physical damage
Electronic damage
Virus protection
Data protection
Theft protection

Breakdown by distribution channel:

Mobile operators
Device OEMs
Retailers
Online
Other

Breakdown by end user:

Corporate
Personal

By geography:

North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spainother)
Asian Pacific Ocean (China, Japan, In the, Australia, Indonesia, Koreaother)
Latin America (Brazil, Mexicoother)
middle east and Africa (United Arab Emirates, Saudi Arabia, Qatar, IraqOther)

Browse related reports:

Asia Pacific Mobile Phone Insurance Market: https://www.imarcgroup.com/asia-pacific-mobile-phone-insurance-market

Europe Mobile Phone Insurance Market: https://www.imarcgroup.com/europe-mobile-phone-insurance-market

GCC Mobile Phone Insurance Market: https://www.imarcgroup.com/gcc-mobile-phone-insurance-market

United States Mobile Phone Insurance Market: https://www.imarcgroup.com/united-states-mobile-phone-insurance-market

India Health Insurance Market: https://www.imarcgroup.com/india-health-insurance-market

Elena Anderson IMARC Services Private Limited
+1 631-791-1145
email us here

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