Press release
Mobile Phone Insurance Market Set to Soar, Predicted to Reach USD 75.13 Billion by 2030
Mobile Phone Insurance Market
Mobile Phone Insurance, or MPI, is a type of insurance policy that provides comprehensive coverage for the replacement and repair costs of various smartphone brands. It safeguards against a wide range of risks and damages that mobile phones may encounter, including theft and loss protection, physical damage, and internal component failure. Similar to other insurance plans like life insurance, car insurance, and health insurance, customers pay a premium for MPI coverage, which typically extends for a period of 6 months to 1 year or more.
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There are several key drivers behind the surging growth of the Mobile Phone Insurance market:
• Surge in Adoption of High-Quality Smartphones: Consumers worldwide have embraced high-quality smartphones that store private information and facilitate online transactions. These advanced devices, with delicate displays prone to damage, have heightened the need for mobile phone insurance.
• Rise in Incidents of Accidental Damage and Phone Thefts: A growing number of mechanical breakdowns, accidental damage, thefts, and unauthorized usage incidents have propelled the demand for mobile phone insurance. Insurance companies are seizing this opportunity to offer comprehensive coverage and financial security through newly refurbished phones.
• High Premium Packages: The rising costs of insurance, particularly for premium mobiles, have posed a challenge to market growth. Additionally, a lack of awareness among individuals about the types of insurance available has acted as a constraint.
• Introduction of Artificial Intelligence (AI): The introduction of technologies such as artificial intelligence is streamlining the mobile insurance process. AI's human-like interactions simplify complex insurance procedures, making it easier for customers to engage with insurance providers.
In light of these trends and developments, the future of the Mobile Phone Insurance market is exceedingly promising. As consumers continue to invest in high-end smartphones and seek protection for their valuable devices, the MPI market is poised for substantial growth over the coming years.
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The Asia-Pacific region is anticipated to dominate the smartphone insurance market's growth, primarily driven by service providers' efforts to simplify the claiming process for customers. Additionally, the increasing incidents of mobile theft in this region have motivated individuals to consider cell phone insurance plans for both high-end and affordable smartphones, protecting them from potential financial losses.
Meanwhile, North America has witnessed significant market growth, attributed to the presence of prominent mobile phone manufacturers like Apple Inc. These manufacturers offer enticing features such as unlimited battery replacement and comprehensive protection plans covering loss, theft, and physical damage.
Key Players:
• Apple Inc.
• American International Group Inc
• Assurant Inc
• Asurion Group Inc
• CHUBB
• Boltech
• Singtel
• Amtrust Financial Services
• Securranty Assurance for TomorrowS
• Square Trade Inc
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Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider committed to delivering high-quality market research reports that help multinational companies triumph over their competition and increase their industry footprint by capturing a greater market share. Our research model is a unique collaboration of primary research, secondary research, data mining, and data analytics.
We have provided services to over 1000 customers globally, including 90% of Fortune 500 companies over a decade. Our analysts constantly track high-growth markets and identify hidden opportunities in each sector or industry. We provide one of the industry's best-quality syndicates and custom research reports across ten industry verticals. We are committed to delivering high-quality research solutions in accordance with your business needs. Our industry-standard delivery solutions range from pre-consultation to after-sales services; we provide an excellent client experience and ensure the right strategic decision-making process for businesses.
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