Press release
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?
In recent times, the liquid damage insurance market has expanded swiftly. This expansion will propel from $11.08 billion in 2024 to $12.42 billion in 2025, with a compound annual growth rate (CAGR) of 12.2%. The historic period's growth can be linked to the surge in smartphone usage, the escalation in accidental liquid damage episodes, enhanced consumer consciousness about device safety, an increase in the demand for extended warranties, and the escalated expense of fixing liquid-damaged devices.
The market size of liquid damage insurance is projected to experience substantial expansion in the coming years, with an estimated valuation of $19.50 billion in 2029 and a compound annual growth rate (CAGR) of 11.9%. This upturn in the projection period is attributable to factors such as the escalating adoption of IoT gadgets, surging penetration of smartphones, rising instances of liquid damage claims, increasing urbanization and disposable income, and a burgeoning electronics market. The prediction period will witness trend shifts which include technological innovations, AI integration for predictive analytics, the incorporation of blockchain for transparent claims processing, the use of telematics for device monitoring, and the rise 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?
The escalating dependency on electronic gadgets is seen as a vital factor propelling the expansion of the liquid damage insurance market. These electronic devices, which are any machines or appliances driven by electricity, have become more relied upon due to their capacity to boost productivity and enable real-time communication, thus becoming a necessity in both personal and commercial contexts. Liquid damage insurance aids in safeguarding these devices, accommodating the expenditure of repairs or replacements if these gadgets are harmed due to liquid contact. For example, the Mobility Report from Ericsson, a Swedish telecommunication firm, showcased that the global smartphone subscriptions escalated from 6,930 million units in 2023 to 7,160 million units in 2024. As such, the escalating dependence on these electronic gadgets fuels the development 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?
Major businesses in the liquid damage insurance market are focusing on the introduction of creative schemes such as an all-inclusive protection scheme to offer all-embracing coverage for liquid damage, repair and replacement of devices under one plan. An all-encompassing protection programme integrates diverse protective steps in a solitary package and is utilised broadly in sectors like cybersecurity, insurance, financial services, and physical security with the aim of providing overall protection against multiple threats. For instance, in March 2023, Malaysia's retail giant Aeon Co. (M), collaborated with a Singapore-based insurance corporation, Bolttech Management Limited to launch Aeon Safeguard. This venture offers insurance coverage and backing services for mobile gadgets and household appliances bought at AEON stores. It is noteworthy that the insurance, backed by tune insurance malaysia berhad, encompasses accidental and liquid damage coverage, as well as 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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