Identity Theft Insurance in the US - Industry Market Research Report

Locked down: Increasing consumer awareness of identity theft insurance is expected to support industry revenue growth

Rising complaint levels and the increasing propensity for large-scale data breaches have boosted consumer awareness of coverage offered by the Identity Theft Insurance industry. Policies offered by industry operators provide coverage for the cost of reclaiming one's financial identity. Alternatively, industry policies do not prevent an individual from becoming a victim of identity theft or cover the direct monetary losses caused by identity theft. Furthermore, the indirect losses associated with identity theft can be substantial. Overall, as the number of Americans affected by identity theft has increased over the five years to 2019, industry revenue has expanded as well. Over the five years to 2024, industry revenue is forecast to continue rising. Despite the increasing awareness of the problems associated with identity theft, a key threat to the industry's performance involves the rising number of articles that question the benefits of industry offerings.

The industry includes companies that underwrite insurance policies for identity theft. Policies offered by industry operators provide coverage for the cost of reclaiming one’s financial identity. This includes the costs associated with required paperwork, wages lost due to identity theft and the expense of hiring an attorney. Industry policies do not prevent an individual from becoming a victim of identity theft or cover the direct monetary losses caused by identity theft.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.