Mobile phone insurance market to reach $53.16 billion globally by

New York, July 18. Feb. 2, 2022 (GLOBE NEWSWIRE) — The Insight Partners has released the latest research study on “mobile phone insurance market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Coverage (Physical Damage, Electronic Damage, Virus Protection and Theft Protection), Sales Channel (Mobile Operators, Device OEMs, Retailers and Others) , Phone Type (New Phones and Refurbished Phones) and End User (Business and Personal)” Global Mobile Phone Insurance Market Growth is Driven by Rising Adoption of High-Quality Smartphones and increased cases of accidental damage, phone theft and gadget failure.

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Market size Value in US$27.29 billion in 2021
Market Size Value by $53.16 billion by 2028
Rate of growth CAGR of 10.4% from 2021 to 2028.
Forecast period 2021- 2028
Year of reference 2021
Number of pages 189
Number of tables 119
Number of graphs and figures 94
Historical data available Yes
Segments Covered Coverage, sales channel, phone type and end user
Regional scope North America; Europe; Asia Pacific; Latin America; AEM
Country scope United States, United Kingdom, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report cover Revenue Forecast, Business Ranking, Competitive Landscape, Growth Factors and Trends

Telecommunications technologies have advanced significantly in recent years, resulting in unprecedented levels of connectivity. In terms of smartphone adoption, the United States is one of the most advanced countries in the world. Samsung and Apple are the most popular smartphone brands in this country. At the same time, Google’s Android and Apple’s iOS are the most popular smartphone operating systems/platforms in this market. Other operating systems, such as Symbian, Blackberry OS, Bada and Windows, failed to maintain their market share as iOS and Android dominate.

As smartphone penetration in North America approaches maturity, the average revenue per unit (ARPU) of the telecommunications industry is also expected to drop in the coming years. In response to these market conditions, telecommunications companies should adopt new approaches to increase their margins and achieve leadership in already saturated markets. Major telecommunications service providers, such as AT&T and Verizon, have begun to offer mobile phone insurance services at competitive prices. Plus, US Cellular or Sprint customers have direct access to insurance coverage, which they can add to their monthly payments. Insurance is reasonably priced, the claims process is straightforward, and consumers are generally satisfied. Due to the increased accessibility of services, more consumers are opting for mobile insurance, which is driving the growth of the mobile insurance market.

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Mobile Phone Insurance Market: Competitive Landscape and Key Developments

Allianz; American International Group, Inc.; Apple Inc.; AT&T Inc.; Aviva; Gadget cover; Pier Insurance Managed Services Ltd. ; and Telefónica Limited are some of the key players profiled during this Mobile Phone Insurance market study. In addition, several other key players in the market have been researched and analyzed to get a holistic view of the global market and its ecosystem.

  • In May 2021, American International Group, Inc. was recognized as one of Diversity Inc’s Top 50 Companies for “Diversity” for the fourth consecutive year.
  • In April 2021, AIG’s Chairman and CEO announced that the company’s plant would participate in a virtual fireside chat during Bernstein’s Strategic Decisions Conference.

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Additionally, it has been found that the majority of mobile phone users in North America stay away from their phones for less than four hours. This has subsequently increased the risk of accidents that can interfere with the operation of mobile phones. For example, consumers who transport their phones to water-prone areas are most susceptible to liquid damage to their phones. Likewise, the large screen size poses a threat of screen damage to smartphone owners. Over the past two years, cases of high-end and expensive devices being stolen have increased dramatically. The increase in these accidents is driving the mobile phone insurance market in North America.

The high volatility of the cell phone insurance market is also influenced by the value of cell phones which, when collected by insurance companies, can fall beyond the prices the companies have guaranteed or paid. This can strongly affect the profitability of the insurance company’s service providers. For the mobile phone insurance industry, service providers maintain their own inventory to meet the delivery requirements of certain customers and to facilitate the guaranteed redemption of mobiles and tablets as a mode of their insurance offers. upgrade and exchange. In addition, the devices collected by insurance companies during the takeover are ultimately transferred through sales to third parties.

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Mobile Phone Insurance Market: Sales Channel Overview

The mobile phone insurance market is booming in both developed and developing countries. Customers are gradually insuring their smartphones with attractive and affordable plans. This factor has led to the evolution of various sales or distribution channels offering mobile insurance. The mobile phone insurance market, by sales channel, is segmented into mobile operators, device OEMs and retailers. Various insurance companies also offer their mobile phone insurance programs through e-commerce websites to enhance their customer base. The substantial increase in the number of distributors in the mobile phone insurance industry is expected to further fuel the growth of the mobile phone insurance market over the forecast period.

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