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Rising Dependence On Electronic Devices Fueling The Expansion Of The Market Due To Increasing Digitalization And Connectivity: An Emerging Driver Transforming The Liquid Damage Insurance Market Landscape
Liquid Damage Insurance
What Is the Projected Growth of the Liquid Damage Insurance Market?
The size of the liquid damage insurance market has expanded swiftly in the past couple of years. Its projection is from $11.08 billion in 2024 to reach $12.42 billion in 2025, with a compound annual growth rate (CAGR) of 12.2%. The surge during the historical period is credited to higher smartphone usage, more incidents of accidental liquid damage, growing awareness about device protection among consumers, escalated demand for extended warranties, and the rise in expenses for mending devices damaged by liquid.
Joining the ranks of swiftly expanding markets in the near future is the liquid damage insurance market, with an estimated value of $19.50 billion by 2029 and a compound annual growth rate (CAGR) of 11.9%. Factors contributing to this growth include higher levels of smartphone usage, a rise in liquid damage claims, urbanization and increased disposable income. Additionally, the flourishing electronics market and the expanding use of IoT devices also significantly contribute. The growth prediction also considers evolving trends such as technological advancements, the use of artificial intelligence (AI) for predictive analytics, implementation of blockchain for transparent claims processing, introduction of telematics for device surveillance, and the advent of subscription-based insurance models.
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What Are the Different Liquid Damage Insurance Market Segments?
The liquid damage insurance market covered in this report is segmented -
1) By Policy Duration: Monthly, Annual, Multi-Year
2) By Claim Process: Instant Claim Processing, Traditional Claim Processing, Third-Party Claim Handling
3) By Target Customer: Individuals, Small Businesses, Large Corporations
4) By Distribution Channel: Direct Sales, Online Platforms, Retail Partnerships
Subsegments:
1) By Monthly: Basic Liquid Damage Coverage, Standard Liquid Damage Coverage, Premium Liquid Damage Coverage
2) By Annual: Essential Annual Coverage, Comprehensive Annual Coverage, Customizable Annual Coverage
3) By Multi-Year: 2-Year Fixed Coverage, 3-Year Fixed Coverage, Customized Multi-Year Coverage
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What Are the Primary Drivers Shaping the Liquid Damage Insurance Market?
As the usage of electronic devices continues to rise, it is anticipated that the liquid damage insurance market will experience substantial growth. These devices, using electricity to perform dedicated tasks or functions, are becoming increasingly integral in personal and professional lives due to their ability to boost efficiency and enable immediate communication. Liquid damage insurance plays a crucial role in safeguarding these electronic devices, covering repair or replacement costs in the event of damage caused by fluid exposure. For instance, in the Mobility Report issued by Ericsson, a company providing telecommunications solutions in Sweden, it was noted that global smartphone subscriptions escalated to 7,160 million units in 2024 from 6,930 million units in 2023. Consequently, this rise in the dependence on electronic devices is stimulating the expansion of the liquid damage insurance market.
Which Companies Are Leading in the Liquid Damage Insurance Market?
Major companies operating in the liquid damage insurance market are Progressive Casualty Insurance Company, The Chubb Corporation, American International Group Inc., Singapore Telecommunications Limited, Assurant Inc., Allianz Partners, Asurion LLC, HL Assurance, Bajaj Allianz Life Insurance Co. Ltd., Bolttech Management Limited, SquareTrade Inc., AmTrust Financial, OneAssist Consumer Solutions Pvt. Ltd., Gadget Cover, Securranty, Insurance2go, Worth Ave. Group, AT&T Intellectual Property, O2 Insurance, Brightstar Corp.
What Are the Major Trends Shaping the Liquid Damage Insurance Market?
Leading corporations in the liquid damage insurance market are concentrating their efforts on adopting inventive initiatives such as the all-in-one protection scheme. This program is designed to provide an umbrella coverage incorporating liquid damage, device repairs, and replacements under a single plan. This integrated package brings together different protective measures for risk management and robust security. These programs are widely utilized in numerous sectors such as cybersecurity, insurance, financial services, and physical security to offer extensive protection against various risks. For instance, in March 2023, a retail brand from Malaysia, Aeon Co. (M), collaborated with Bolttech Management Limited, an insurance firm based in Singapore. They unveiled Aeon Safeguard, which offers insurance coverage and support services for mobile gadgets and home appliances bought from AEON stores. The insurance, backed by tune insurance malaysia berhad, encompasses accidental and liquid damage, in addition to an extended warranty for insured gadgets.
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What Are the Top Revenue-Generating Geographies in the Liquid Damage Insurance Market?
North America was the largest region in the liquid damage insurance market in 2024. The regions covered in the liquid damage insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Liquid Damage Insurance Market?
2. What is the CAGR expected in the Liquid Damage Insurance Market?
3. What Are the Key Innovations Transforming the Liquid Damage Insurance Industry?
4. Which Region Is Leading the Liquid Damage Insurance Market?
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