Summary

A mobile phone insurance plan covers services such as theft protection, accidental breakage protection, water or liquid damage cover, covers high repair cost, and protection for loss of phone. One must immediately report any loss or damage to the mobile phone to the insurance company offering the coverage either on a toll-free number or any other suggested customer support channels mentioned by the company. In case of theft or robbery, the customer must file an FIR with the nearest police station or submit the complaint and obtain a copy of it. In case of loss or damage to the mobile phone due to household fire, a report from the fire station is also required by some insurance companies.
Rise in demand for mobile phone insurance on accidents, such as mechanical breakdown, accidental damage of phones or malicious & liquid damage, theft, and unauthorized usage is a major driving factor for the market. In addition, increase in adoption of high quality smartphones boosts the growth of the mobile phone insurance market by providing many easy solutions to the customers. Moreover, the mobile phone insurance market has experienced an increase in the demand among consumers owing to surge in number of smartphones and rise in number of threats in the form of loss, theft, accidental damage, repair or replacement of components, and others. Therefore, these are the major driving forces for the mobile phone insurance market. However, demand for mobile phone insurance has also declined, with decline in sales of mobile phones since recent years. Moreover, consumer experiences and adoption of mobile phones remain a primary concern, which needs to be addressed by balancing the sales of mobile phones and its alternative uses in the market. Thus, this is a major limiting factor for the market. Contrarily, various mobile phone companies across the globe are introducing new strategies to improve their market value and surge their revenue as well as enhance their customer experience. Some of the mobile phone insurance companies are providing applications and other technologically advanced services to their customers to keep their customer safe from the pandemic situation. Therefore, this factor will provide major lucrative opportunity for the growth of the market in the upcoming years.
The global mobile phone insurance market is segmented on the basis of phone type, sales channel, coverage type, end user, and region. By phone type, it is segmented into budget phones, mid & high-end phones, and premium smartphones. On the basis of sales channel, it is divided into retail and online. Based on coverage type, it is segregated into physical damage, internal component failure, theft & loss protection, and others. By end user, the market is divided into business and individuals. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the global mobile phone insurance market such as Apple Inc., ASSURANT, INC., Asurion, AT&T Intellectual Property, Aviva, bolttech, Chubb, Digital Care sp. z o.o., Servify, Singtel, and U Mobile Sdn Bhd. These players have adopted various strategies to increase their market penetration and strengthen their position in the global mobile phone insurance market.