The mobile phone insurance market is US$ 16,962.7 Mn in 2017 and is estimated to reach US$ $ 43,448 Mn by 2025.
Growing penetration of mobile phones is expected to fuel the growth of mobile phone insurance market
The global mobile phone insurance market is experiencing an intense growth with regards to the innovations and up gradations of policies and schemes being carried out by the market players and procurement of insurance policies for future in the current scenario. The mobile phone insurance market consists of some well-established players across the globe, which invest huge amounts in order to deliver the most enhanced insurance solutions to the customers. The mobile phone insurance market is concentrated with mobile network operators, device OEMs, retailers and others. These market participants enhance their schemes as per the requirements of the customers.
Mobile phones play a central role in today’s contemporary lifestyle. Indeed, mobile phones offer an increasing range of uses and functionalities that directly or indirectly affect the day to day life. In parallel to the development of the mobile phones markets, these devices have also experienced an increase in their price and value. As a result, and considering their everyday exposure to extensive use, consumers across the globe are increasingly adopting to Mobile Phone Insurance in order to cover their mobile devices.
The global mobile phone insurance market has been segmented by two phone types namely new phone and refurbished phone. The market is also broken down by different coverage as physical damage, electronic damage, virus protection, and theft protection. The various sales channel through which the insurance policies are sold includes mobile operators, device OEMs, retailers and others. Further, the mobile phone insurance market is broken down by end user into corporate and personal.
The global mobile phone insurance market is categorized on basis of different types of coverage as physical damage, electronic damage, virus protection and theft protection. The coverage offered by the companies are significantly attractive, depending upon the requirements of the customers. The physical damage protection is the most prominent damage protection plan insured by maximum customers, due to the fact that physical damage occurs unknowingly. Theft protection plans are also prominent among the population as the incidents of smartphone theft is gradually increasing in the current scenario. On the other hand, technological problems also leads the customers to invest huge amounts in repairing the device. Similar is the scenario with virus infections. Pertaining to the potential threats associated with smartphones is increasing the interests among the customers to insure their devices. This factor is bolstering the demand for various insurance coverage offered by different companies.
The top companies operating in the field of mobile phone insurance market include Blackberry Limited, American International Group, Inc., Assurant, Inc., Asurion, LLC, Pier Insurance, Brightstar Corp, AT&T INC., Trov, Vodafone, and Three. Among others