Global Mobile Phone Insurance Market SWOT Analysis To 2025 Leading Players AMERICAN INTERNATIONAL GROUP, ASSURANT, ASURION, Blackberry, AT&T, Brightstar Device Protection, Pier Insurance Managed Services, Vodafone group, Three Ireland, Trōv

The global Mobile Phone Insurance market accounted for US$ 16,962.7 Mn in 2017 and is expected to grow at a CAGR of 12.5% during the forecast period 2018 - 2025, to account for US$ 43,448 Mn in 2025.

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 as well as small firms offering single coverage type as well. 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. In addition, the smartphones market is significantly growing in respect to new phones as well as refurbished phones across geographies.

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Some of the leading players in global market are AMERICAN INTERNATIONAL GROUP, INC., ASSURANT, INC., ASURION, LLC, Blackberry limited, AT&T Inc., Brightstar Device Protection, LLC, Pier Insurance Managed Services Ltd., Vodafone group plc, Three Ireland (Hutchison) Limited, Trōv, Inc.

Mobile Phone Insurance Market Segmentation by Phone Type (New Phone and Refurbished); Coverage (Physical Damage, Electronic Damage, Virus Protection, and Theft Protection); Sales Channel (Mobile Operators, Device OEMs, Retailers, and Others); and End Users (Corporate and Personal)

The world is becoming increasingly interconnected both socially and economically. Technological adoption trend has become a defining factor among the global population. To that end, the world has witnessed a remarkable rise in smartphone adoption over the past few years. With the increase in smartphones, the mobile industry is experiencing a substantial growth of mobile phones insurance policies offered by various smartphone manufacturers, network operators, insurance companies as well as retailers across the globe. The insurance companies help the smartphone owners by offering theft or lost insurance, accidental coverage and among others. Thus, increasing smartphone users across geographies is heavily driving the market for mobile phone insurance in the current times and the trend is anticipated to increase in the future.

The terms and conditions of the insurance market are many times very critical which pushes the customers to fail to recall the claiming procedures altogether. Some of the sellers offer a defined coverage plan with a fixed premium amount regardless of the smartphone type. On the contrary, other sellers have different premium/amounts to be paid for different coverage needed by the customers. At times, the coverage and the premium/amount differs according to the device, i.e. iOS or Android-based phones. The simplification of the claiming procedure through clear terms and conditions is anticipated to increase the adoption of mobile insurance plans among the customers in the developed countries as well as in the developing economies in the years to come.

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