The driving factors influencing the global smartphone insurance market include the growing number of cases of theft and loss due to high smartphone costs. Recently, the rapidly growing awareness of smartphone protection has led to growth in the mobile insurance industry.
The global mobile phone insurance ecosystem market is undergoing strong and sustained growth as the key players are increasing gradations and innovations in schemes and policies. The ecosystem of mobile phone insurance consists of several significant players who invest huge amounts to provide their customers with the most improved insurance frameworks. The mobile phone insurance ecosystems market is fragmented by device OEMs, operators of mobile networks, third-party insurers, and retailers. These participants focus on increasing their portfolio depending on customer requirements.
The global mobile phone insurance ecosystem market is bifurcated based on various types of coverage, namely accidental, electrical or mechanical breakdown, malicious or liquid damage, theft or loss, and others. Depending on customer needs, coverage offered by several companies is significantly viable. The robbery or loss segment is the most important area for mobile phone insurance customers. Moreover, technological problems also lead to enormous amounts of customers spending on device repair. The same is true for infections with viruses. A great deal of possible bullying associated with costly mobile telephones increases customers ' inclination to ensure their equipment. This factor is driving global mobile insurance ecosystem market by increasing demand for various insurance policies.
On the contrary, various sellers have premium amounts that vary depending on customer requirements for different coverage. Premium and coverage vary from time to time depending on the smartphone model. Telephones managed by Android or iOS. This leads to consumer uncertainty in the procurement of mobile phone insurance. This factor offers insurance companies a significant chance to shorten their terms and conditions and ensure maximum coverage in the context of a single premium.
As a strategic step, several companies in the global mobile phone insurance ecosystem market are following expansions and acquisitions. The major players in the global mobile phone insurance ecosystem market include AmTrust International, Allianz, ASSURANT, INC., Apple Inc., Aviva, Asurion, American International Group, Inc., Brightstar Corp., GoCare Warranty Group and Geek Squad among others.
Key segments of the global mobile phone insurance ecosystem market
Type Overview, 2013-2025 (USD Billion)
- Accidental, Malicious or Liquid Damage
- Electrical or Mechanical Breakdown
- Theft or Loss
Regional Overview, 2013-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa