Mobile Phone Insurance Market Forecast 2035 | Key Driver, Restraint, and Growth Opportunity

Global Mobile Phone Insurance Market Forecast 2035
According to the report, the global mobile phone insurance market is likely to grow from USD 31.2 Billion in 2025 to USD 96.4 Billion in 2035 at a highest CAGR of 10.8% during the time period. The mobile phone insurance market has been experiencing tremendous growth all over the world, which is being caused by a number of factors including the rising value of smartphones, which are accompanied by their indispensable nature in everyday life, has increased consumer awareness concerning the dangers of damaging, losing, or being stolen with the devices.

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Indicatively, in 2025, mobile retailers in the UK such as VodafoneThree and Virgin media O2 recorded an astonishing 967% increase in theft cases relative to the preceding year, especially in the UK in London and southeast. The result of this influx is that the claims related to phones theft have risen by 425% in the UK, which illustrates the need to protect against phone theft. Additionally, the growth of e-commerce sites has increased the accessibility of insurance products so that a consumer can easily compare and buy insurance online. Mobile device purchases have also been made easy by the incorporation of the insurance services by the companies selling these gadgets, which are usually packaged with the services of the telecom companies and other companies selling the devices. With the growing role of smartphones in personal and professional life, the demand to get an all-inclusive insurance coverage is increasing.

"Key Driver, Restraint, and Growth Opportunity Shaping the Global Mobile Phone Insurance Market
The rise in the use of high-end smartphones such as foldable and high-end smartphones which are more expensive to replace is driving the global mobile phone insurance market. In 2024, Samsung has registered all-time sales of its Galaxy Z Fold 5 series, and insurers such as Asurion and SquareTrade have launched specific plans of cover of foldable gadgets, covering damage to screens and hinges. The high quality of these devices also predisposes the consumers to take insurance in order to protect their valuable investments.

One of the major limitations is that consumers are not well informed about the terms of insurance and claims processes of mobile phones. According to a survey commissioned by Vodafone UK in early 2025, more than 42 percent of smartphone users shunned insurance because of terms and conditions, claim deductibles and perceived bureaucracy that restricted market penetration, especially among first-time users and the ageing population.

A new opportunity is the integration of mobile phone insurance with fintech apps and digital wallets. Revolut rolled out an in-app insurance application in mid-2024 with mobile insurance instantly available on smartphones bought via its service, with instant claims being processed in real-time. Such a harmonious integration attracts tech-savvy people and opens up new development opportunities to insurers who aim to attract digitally oriented consumers.

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Regional Analysis of Global Mobile Phone Insurance Market
North America is the most demanding region of the mobile phone insurance because of the high penetration of smartphones, high-priced devices and the rising cases of devices loss and theft. In early 2025, Asurion announced a history record of 37% growth in insurance coverage of iPhone 15 series devices in the U. S., as it demonstrates an increased consumer awareness and readiness to cover the cost of costly smartphones. Combined with the ease of claims and the added value of insurance policies by companies such as Verizon and AT&T, the market in the North America is rapidly embracing coverage as a way of protecting against accidental damages, theft and loss, making the region the largest contributor to the global market.

North America is leading in mobile phone insurance due to high smart phone penetration and premium device adoption.

The Asia Pacific market is expanding fast because of increased sales of smartphones and insurance, which is offered by carriers. To further increase adoption in both urban and semi-urban regions, in 2024 Samsung collaborated with Reliance Jio in India to offer instant insurance on new smartphones to help increase uptake.

The development of Europe is supported by the rising cases of devices theft and active insurance campaigns. Vodafone UK in 2025 has launched simplified insurance cover with speedy insurance claim settlements of high-quality smartphones to prompt more customers to take up the insurance, whereby the market is expanded.

Prominent players operating in the global mobile phone insurance market are Akko, Allianz Partners, Aon, AppleCare, Assurant, Asurion, AT&T Device Protection, AXA, Brightstar Corporation, Chubb, CPP Group, GoCare, Safeware, Samsung Care+, SquareTrade, Trōv, Worth Ave Group, AmTrust Financial, Cover Genius, Digital Care, Geek Squad Protection (Best Buy), Inhance Technology, Mobile Rhino, Pier Insurance, ProtectCELL, Servify, and Other Key Players.

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The global mobile phone insurance market has been segmented as follows:
Global Mobile Phone Insurance Market Analysis, by Device Type
New Devices

Refurbished/Pre-owned Devices

High-end Premium Smartphones

Budget/Mid-range Smartphones

Foldable or Modular Smartphones

Rugged/Industrial Smartphones

Global Mobile Phone Insurance Market Analysis, by Coverage Type
Accidental Damage

Theft & Loss

Liquid Damage

Mechanical Breakdown

Fire & Explosion Damage

Unauthorized Call/Data Usage

Screen Damage Only

International Coverage

Others

Global Mobile Phone Insurance Market Analysis, by Service Provider Type
OEM-affiliated Providers

Independent Insurers

Telecom Carrier Insurers

Retailer-backed Plans

Third-party Aggregator Platforms

InsurTech Startups

Others

Global Mobile Phone Insurance Market Analysis, by Claim Type
Instant Replacement

Repair & Reimbursement

In-store Repairs

Doorstep Pickup & Drop

Online Claim Filing

Advance Device Swap

On-site Assessment Claims

Others

Global Mobile Phone Insurance Market Analysis, by Mode of Purchase
Point of Sale

Online Direct Purchase

Bundled with Phone Purchase

Post-purchase Add-on

Subscription Model via App

Corporate Policy Procurement

Others

Global Mobile Phone Insurance Market Analysis, by Plan Duration
Monthly Plans

Quarterly Plans

Annual Plans

Multi-Year Plans

Pay-as-you-Go Coverage

Global Mobile Phone Insurance Market Analysis, by Region
North America

Europe

Asia Pacific

Middle East

Africa

South America

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