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Mobile phone insurance is a type of coverage that provides financial protection to smartphones against various risks. These risks can include accidental damage, theft, loss, or even certain types of unauthorized usage. It ensures that you can repair or replace your phone without bearing the full financial burden. Insurance often includes fast repair or replacement services, also reduces the financial impact of replacing or repairing a damaged or lost phone.

The mobile phone insurance market consists of sales, by entities (organizations, sole traders and partnerships) of mobile phone insurance that is primarily utilized by owners of mobile devices, including smartphones, feature phones and other wireless communication tools. It is commonly used when phones are purchased, either as part of a bundled offering with the device or through a standalone policy acquired later.

The global mobile phone insurance market was valued at $28,274.39 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 4.00%.

Rising Incidents Of Phone Thefts

The increasing incidents of phone thefts propelled the growth of the mobile phone insurance market. Phone theft refers to the criminal act of stealing or unlawfully taking possession of someone else's mobile phone or smartphone device. Phone theft victims often use mobile phone insurance to recover the financial loss incurred due to the stolen device. Mobile phone insurance provides coverage for the replacement or repair costs of the stolen phone, offering a practical solution to mitigate the financial impact of theft. For instance, in December 2023, according to the London Metropolitan Police, a UK-based police service department, 90,864 phones were stolen in 2022, equating to 249 phones stolen each day. Therefore, the increasing incidents of phone theft supported the growth of the mobile phone insurance market.

Mobile Phone Insurance To Address Growing Demand For Device Protection

Companies operating in the mobile phone insurance market are curating insurance packages that cover mobile phone damage. These packages often come with additional benefits such as device replacement, repair services and extended warranty options, tailored to meet the diverse needs of modern smartphone users. For instance, in May 2024, Econet Insurance, a Zimbabwe-based innovative short-term insurance solutions provider, launched a new insurance package specifically designed to cover mobile phone damage, named Moovah Mobile Phone Insurance. This initiative aims to address the growing need for protection against accidental damage, such as cracks, shattered screens and other impact-related issues that can disrupt daily life for users who rely heavily on their mobile devices. The policy allows for a maximum of two claims per device within a 12-month period and includes exclusions for intentional damage, pre-existing conditions and negligence. Insurance is available for mobile phones up to three years old from the date of manufacture.

The global mobile phone insurance market is fairly fragmented, with large number of players operating in the market. The top ten competitors in the market made up to 13.95% of the total market in 2023.

Mobile Phone Insurance Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global mobile phone insurance market as it emerges from the COVID-19 shut down.

Reasons to Purchase

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 history and forecasts market growth by geography. It places the market within the context of the wider mobile phone insurance market; and compares it with other markets.

The report covers the following chapters

Markets Covered:

4) By End User; Corporate; Personal

Table of Contents

1 Executive Summary

2 Table Of Contents

3 List Of Tables

4 List Of Figures

5 Report Structure

6 Market Characteristics

7 Major Market Trends

8 Mobile Phone Insurance Market - Macro Economic Scenario

9 Global Market Size and Growth

10 Global Mobile Phone Insurance Market Segmentation

11 Mobile Phone Insurance Market, Regional and Country Analysis

12 Asia-Pacific Market

13 Western Europe Market

14 Eastern Europe Market

15 North America Market

16 South America Market

17 Middle East Market

18 Africa Market

19 Competitive Landscape and Company Profiles

20 Other Major And Innovative Companies

21 Competitive Benchmarking

22 Competitive Dashboard

23 Key Merger And Acquisition

24 Opportunities And Strategies

25 Mobile Phone Insurance Market, Conclusions And Recommendations

26 Appendix

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