Mobile Phone Insurance Market Overview Highlighting Major Drivers, Future Growth and Demand Report 2022- 2028
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During the COVID-19 pandemic, the mobile phone industry in Europe managed to keep consumers and businesses linked, irrespective of changes in data consumption habits and demands. Mobile operators are taking steps to mitigate the repercussions of this crisis by introducing zero-rating educational services; promoting the potential of mobile big data solutions for epidemiological modelling; and providing direct funding to hospitals and frontline workers, along with other healthcare initiatives. The mobile phone insurance market is flourishing with the evolution of the 4G networks and the Internet of Things (IoT), which fuels the adoption of mobile phones. In 2020, 472 million Europeans (86% of the population) signed up for mobile services. Furthermore, artificial intelligence (AI) and 5G networks are the next frontiers that would contribute to the market growth. Mobile phone insurance policies are offered by various smartphone manufacturers, network operators, insurance companies, and retailers in Europe. Insurance companies help smartphone owners by offering theft or lost insurance, accident coverage, etc. Thus, increasing smartphone users across different region bolsters the market growth.
A few of the key players operating in the mobile phone insurance market are Allianz; American International Group, Inc.; Apple Inc.; AT&T Inc.; Aviva; Gadget Cover; Pier Insurance Managed Services Ltd.; and Telefónica Limited.
The mobile phone insurance market has been segmented on the basis of coverage, sales channel, phone type, and end user. Based on coverage, the market has been segmented into physical damage, electronic damage, virus protection, and theft protection. Based on sales channel, the market is categorized into mobile operators, device OEMs, retailers, and others. Based on phone type, the mobile phone insurance market is segmented into new phones and refurbished phones. By end-user, the market is bifurcated into corporate and personal.
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Impact of COVID-19 Pandemic on Mobile Phone Insurance Market
The economic instability and decreased consumer spending triggered by the onset of COVID-19 pandemic led to a reduction in people's ability to pay phone insurance premiums. In addition to the escalated unemployment rates, many companies deployed pay cut strategies (instead of layoffs) to reduce labor costs. These changes hampered the day-to-day spending of employees, negatively influencing their premium paying activities. Thus, the pandemic hampered the mobile phone insurance market growth significantly in 2020 and 2021. During this crisis, policyholders were filing claims and demanding further extension of mobile phone insurance coverage, which led the insurance companies to make changes in terms of policies in the market. Insurers also had to freeze the sales of new phone insurance schemes.
However, companies in the mobile phone insurance market are expected to gradually revive their businesses from 2022 onwards, which is primarily attributed to favorable government initiatives for the insurance industry, a surge in demand for high-quality smartphones, and a gradual increase in purchasing power of consumers.
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