Mobile Phone Insurance Market Trends Growth Future Demand Analysis and Forecast by 2028

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.

Companies provide varying coverage options to customers based on their needs and the type of phone they have. Physical damage protection is the most popular plan as it covers unintentional damage, while theft protection plans are also in demand due to increasing incidents of smartphone theft. Customers also face expensive repairs due to technological problems and virus infections, making them more inclined to insure their devices. As a result of these potential risks, customers are showing an increased interest in the insurance coverage offered by different companies, leading to greater demand.

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Companies Profiled in this report includes:

• American International Group, Inc.
• Allianz SE
• Apple Inc.
• AT&T Inc.
• Aviva insurance Limited
• Better Buy Insurance
• Gadget Cover
• Insurance2go
• Telef?nica Limited
• Pier Insurance Managed Services Ltd.
• AQILO Business Consulting GmbH.
• Square Trade Inc.
• Switched On Insurance

Smartphones now come in a wide range of prices, with premium brands like Apple and Samsung offering high-priced models. As a result, customers who purchase these expensive phones place great importance on protecting them from physical damage, technological damage, and theft. High-end phone users often experience issues with software or hardware malfunctions, making technological damage a critical concern. Additionally, physical damage, theft, or loss of smartphones is becoming increasingly common. Due to the high cost of these devices, owners often remain locked into long-term financial contracts and are less likely to switch to another phone in the event of damage. To address these concerns, mobile phone insurance companies offer a variety of insurance solutions to smartphone owners. These policies typically include options for repairs and replacements, depending on the level of damage and the specific insurance plan held by the owner.

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Mobile Phone Insurance Market Segmentation:

By Coverage:
• Physical Damage
• Electronic Damage
• Virus Protection
• Theft Protection

By Sales Channel:
• Mobile Operators
• Device OEMs
• Retailers
• Others

By Phone Type:
• New Phone
• Refurbished

By End User:
• Corporate
• Personal

The mobile phone insurance market has become increasingly volatile due to the growth of mobile device trade-ins. Various participants in this market manage different aspects of the value chain, allowing them to create insurance products and services that cater to specific customer demands. For example, AT&T's device protection services offer three packages that differ in the number of devices covered and the type of services provided (such as next-day screen repair delivery or same-day screen repair). This flexibility to customize service offerings allows insurance vendors to enhance the consumer experience, improve service delivery speed and efficiency, and ultimately drive growth in the mobile phone insurance market. Overall, the features and facilities solution providers provide in this market are key factors in boosting its growth.

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