The mobile phone insurance market is expected to grow from US$ 27,291. 83 million in 2021 to US$ 53,161. 84 million by 2028; it is estimated to grow at a CAGR of 10. 4% from 2021 to 2028. The coverage offered by the companies varies as per the requirements of the customers and phone type.
New York, July 04, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Mobile Phone Insurance Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Coverage, Sales Channel, Phone Type, and End User" - https://www.reportlinker.com/p06289922/?utm_source=GNW
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 US and European markets occupy a big portion of the mobile phone insurance market with huge smartphone penetration, the developing nations are still in an emerging stage.However, the trend of smartphone penetration may vary from region to region as per customers’ willingness and mobile phone penetration.
The GSM Arena estimated the growth of the mobile phone market for secondhand and refurbished phones at a rate 15% from 2020 to 2021.Such scenarios are likely to bring new prospects to the mobile insurance market from this segment of mobile phones.
The urge of data and virus protection is propelling the mobile phone insurance market growth, as mobile users are looking for these coverage plans among with physical insurance plans. This unlocks new growth opportunities for bundled protection plans, offering full protection to mobile phones in the mobile phone insurance market.
Nowadays, smartphones come with a varied price range.Premium mobile phone brands, such as Apple and Samsung, offer high-priced phones.
Therefore, protection against physical damage, technological damage, and theft becomes critical for their customers.Technological damages are one of the vital issues faced by high-end phone users due to software or hardware malfunction.
In addition, physical damage and theft or loss of smartphones are also usual in the current times.Expensive smartphones lock the owner into long-term financial contracts.
Due to this factor, the owner rarely switches to another phone in case of any damage. This brings mobile phone insurance market companies into the picture, which offers smartphone owners different types of mobile phone insurance solutions. Most mobile phone insurers offer their policies with repairing schemes and replacement options with a new handset, depending upon the damage level and insurance scheme held by the owner.
The businesses of mobile phone insurance service providers have grown to become highly volatile due to rise in trade-in volume of mobile devices.Participants in the mobile phone insurance market landscape manage or own varied aspects of the value chain, which enables them to design insurance products and services in such a way that they fit the specific end-user demands.
The AT&T device protection services briefly offer three packages categorized on the basis of number of devices covered and type of services (next day screen repair delivery/same day screen repair).The freedom to customize the service offering enables the insurance vendors to seamlessly enhance the consumer experience, along with improving the efficiency and speed of service delivery.
Thus, the features and facility offered by the solution providers operating in the market boost the mobile phone insurance market growth.
The terms and conditions of the mobile phone insurance market are often critical, which pushes the customers to fail to recall the claiming procedures altogether.A few sellers offer a defined coverage plan with a fixed premium amount regardless of the smartphone type.
On the contrary, other sellers have different premiums/amounts to be paid for different coverage needed by the customers.At times, the coverage and the premium/amount differ according to the devices, that is, iOS or Android-based phones, which increases uncertainty among customers regarding the uptake of mobile phone insurance.
Therefore, insurers are focusing on simplifying their terms and conditions, and covering the maximum possible insurance policies under one premium amount.These initiatives by insurance sellers or insurers are expected to help customers clearly understand terms and conditions, and claiming procedures in the near future.
The growing focus on simplification of claiming procedures is anticipated to boost the uptake of mobile phone insurance plans among customers in developed countries and developing economies in the coming years.
Key companies in the mobile phone insurance market include Allianz SE; American International Group, Inc.; Apple Inc.; AT&T Inc.; Aviva insurance Limited; Better Buy Insurance; Gadget Cover; Insurance2go; Pier Insurance Managed Services Ltd.; Telefónica UK Limited; AQILO Business Consulting GmbH; Square Trade Inc.; and Switched On Insurance. The report also comprises secondary research work on other companies that together hold a significant share in mobile phone insurance market.
The overall size of the mobile phone insurance market has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the mobile phone insurance market.
The process also serves the purpose of obtaining an overview and forecast for the mobile phone insurance market with respect to all the market segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights.
The industry experts participating in this process include VPs, business development managers, market intelligence managers, national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the mobile phone insurance market.
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