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Mobile Phone Insurance Market with Emerging Trends | Top Key Players Updates, Business Growing Strategies, Competitive Dynamics, Industry

10-25-2023 03:05 PM CET | IT, New Media & Software

Press release from: The Insight Partners

Mobile Phone Insurance Market

Mobile Phone Insurance Market

According to our latest market study on "Mobile Phone Insurance Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Coverage, Sales Channel, Phone Type, and End User," the market size is projected to reach US$ 53,161.84 million by 2028 from US$ 27,291.83 million in 2021; the market is expected to grow at a CAGR of 10.4% from 2022 to 2028.

You Can Get a Sample Copy of This Report @ https://www.theinsightpartners.com/sample/TIPTE100000940/?utm_source=openPR&utm_medium=10642

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.

The Key Players in The Global Market Are:
• American International Group, Inc.
• Allianz SE
• Apple Inc.
• AT&T Inc.
• Aviva insurance Limited
• Better Buy Insurance
• Gadget Cover
• Insurance2go
• Telefónica Limited
• Pier Insurance Managed Services Ltd.

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.

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
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.

Contact Us:
If you have any queries pertaining to the report or would like further information, feel free to reach out to us at-
Contact Person: Ankit Mathur
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876

ABOUT US:
The Insight Partners is a one stop industry research provider of actionable solutions. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are specialist in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
Our research model is very simple. We believe in client servicing and delivering best quality to our customers. Through our research content, we are making sure that our customers get value of their money along with better quality data and analysis.

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