Liquid Damage Insurance Market Report 2025

The liquid damage insurance market size has grown rapidly in recent years. It will grow from $11.08 billion in 2024 to $12.42 billion in 2025 at a compound annual growth rate (CAGR) of 12.2%. The growth observed in the historic period can be attributed to several factors, including the rise in smartphone adoption, an increase in accidental liquid damage incidents, greater consumer awareness about device protection, a rise in demand for extended warranties, and the growing cost of repairing liquid-damaged devices.

The liquid damage insurance market size is expected to see rapid growth in the next few years. It will grow to $19.5 billion in 2029 at a compound annual growth rate (CAGR) of 11.9%. The growth expected in the forecast period can be attributed to factors such as the growing adoption of IoT devices, increasing smartphone penetration, a rise in the number of liquid damage claims, rising urbanization, higher disposable incomes, and the expanding electronics market. Key trends during this period include technological advancements, the integration of AI for predictive analytics, the adoption of blockchain for transparent claims, the use of telematics for device monitoring, and the incorporation of subscription-based insurance models.

The growing dependence on electronic devices is expected to drive the growth of the liquid damage insurance market. Electronic devices are machines or gadgets that operate using electricity to perform various tasks or functions. The increasing reliance on these devices is attributed to their ability to boost productivity and facilitate instant communication, making them crucial for both personal and professional use. Liquid damage insurance protects electronic devices by covering the costs of repairs or replacements in case of liquid exposure. For example, according to the Mobility Report by Ericsson, a Sweden-based telecommunications company, global smartphone subscriptions reached 7.16 billion units in 2024, up from 6.93 billion units in 2023. This growing dependence on electronic devices is fueling the expansion of the liquid damage insurance market.

Companies in the liquid damage insurance market are focusing on offering all-in-one protection programs to provide comprehensive coverage for liquid damage, device repairs, and replacements under a single plan. An all-in-one protection program integrates multiple protective measures into one solution, offering a holistic approach to security or risk management. These programs are commonly used in areas such as cybersecurity, insurance, financial services, and physical security. For instance, in March 2023, Aeon Co. (M), a Malaysia-based retail brand, partnered with Bolttech Management Limited, a Singapore-based insurance company, to launch Aeon Safeguard. This program provides insurance coverage and support services for mobile devices and home appliances purchased at AEON stores, covering accidental and liquid damage, along with an extended warranty.

In March 2022, ICICI Lombard General Insurance Company Ltd., an India-based insurer, partnered with Airtel Payments Bank to offer smartphone insurance. The collaboration aims to provide financial protection for smartphone users against accidental damage and liquid spills through a seamless and paperless digital insurance process. Airtel Payments Bank specializes in providing liquid damage insurance in India.

Major players 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.

North America was the largest region in the liquid damage insurance market in 2024. The regions covered in liquid damage insurance report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the liquid damage insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Liquid damage insurance is a type of coverage that protects policyholders from financial losses resulting from liquid-related damage to insured property, such as electronics, appliances, furniture, or infrastructure. This insurance typically covers accidental spills, leaks, flooding, or water ingress that may cause malfunction, deterioration, or structural damage.

The main types of policy durations for liquid damage insurance are monthly, annual, and multi-year. Monthly policies provide short-term coverage that renews each month, offering flexible and temporary protection. Claims can be processed through various methods, including instant claim processing, traditional claim processing, and third-party claim handling. The target customers for this insurance include individuals, small businesses, and large corporations. These policies are distributed through multiple channels, including direct sales, online platforms, and retail partnerships.

The liquid damage insurance market research report is one of a series of new reports that provides liquid damage insurance market statistics, including the liquid damage insurance industry global market size, regional shares, competitors with the liquid damage insurance market share, detailed liquid damage insurance market segments, market trends, and opportunities, and any further data you may need to thrive in the liquid damage insurance industry. This liquid damage insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The liquid damage insurance market includes revenues earned by entities by providing services such as insurance premiums, claims processing, device protection plans, repair services, replacement services, and extended warranty sales. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

This product will be delivered within 3-5 business days.