Mobile Phone Insurance Market Worth USD 41.6 billion by 2025 | Assurant Inc, Asurion, AT&T Inc., Brightstar Corp, GoCare Warranty Group, Revolut Ltd, SquareTrade

Insurance offer protection against damage to physical equipment and lost or stolen devices. Mobile phones are highly susceptible to physical and technical damages, such as damaged casing, and excessive dust & dirt, which may have a detrimental effect on the Printed Circuit Board (PCB) and components. A mobile phone insurance offers coverage for various kinds of damage to the mobile such as repairing the lost or damaged phone and protection against accidental damage. The global mobile phone insurance market size is expected to reach USD 41.6 billion by 2025.

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An increase in the number of smartphone users and the rising incidence of phone theft, accidental damage, device malfunction, and loss have led to the growth of the Mobile Phone Insurance Market. Moreover, smartphones are prone to technical and physical damage and the increasing costs of such phones boost the demand for this market. According to the Global System for Mobile Communications (GSMA), at the end of 2017, global smartphone adoption reached 59 per cent, and is projected to rise to over 79 per cent by 2025.

Purchasing an insurance along with premium costs acts as an additional cost to consumers. This restricts the growth of the mobile phone insurance market

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The North America market is projected to account for the largest market share in the global Mobile phone insurance market over the forecast period. This is due to the presence of a large number of mobile phone insurance providers and the rising incidences of crimes committed using smartphones in Canada & the U.S. According to the Bureau of Justice Assistance, on average, more than one million smartphones are stolen in the U.S. every year.

Some of the prominent players in the market include AmTrust International, Assurant Inc, Asurion, AT&T Inc., Brightstar Corp, GoCare Warranty Group, Revolut Ltd, SquareTrade, Inc, Taurus Insurance Services Limited, and Vodafone Limiteda

In October 2020, Assurant announced that it has entered into a definitive agreement to acquire HYLA Mobile, a provider of smartphone software, trade-in, and upgrade services.

In October 2018, Assurant, Inc. announced its partnership with KDDI Corporation, a Japanese telecommunications operator. This partnership was undertaken to offer an improved mobile device support program for Apple customers through KDDI Corporation.

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