This report describes and explains the mobile phone insurance market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global mobile phone insurance market reached a value of nearly $35.21 billion in 2024, having grown at a compound annual growth rate (CAGR) of 4.49% since 2019. The market is expected to grow from $35.21 billion in 2024 to $60.98 billion in 2029 at a rate of 11.61%. The market is then expected to grow at a CAGR of 11.06% from 2029 and reach $103.03 billion in 2034.
Growth in the historic period resulted from the rising incidents of phone thefts, increasing disposable income, rising cybersecurity threats, increased awareness of insurance benefits and growing internet penetration. Factors that negatively affected growth in the historic period were data privacy concerns.
Going forward, growing use of smartphones, increasing urbanization, rise of digitalization, expansion of insurtech sector and expansion of e-commerce platforms will drive the growth. Factor that could hinder the growth of the mobile phone insurance market in the future include economic downturns.
The global mobile phone insurance market is fairly fragmented, with large number of players operating in the market. The top ten competitors in the market made up to 13.95% of the total market in 2023. Asurion LLC was the largest competitor with a 3.06% share of the market, followed by Apple Inc. with 3.04%, Allianz SE with 2.28%, Allstate with 0.96%, AmTrust Financial Services Inc. with 0.92%, The Chubb Corporation with 0.79%, Orange S.A. with 0.76%, Progressive Corporation with 0.73%, Aviva plc with 0.72% and Telefónica S.A. with 0.70%.
North America was the largest region in the mobile phone insurance market, accounting for 35.29% or $12.42 billion of the total in 2024. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the mobile phone insurance market will be Asia Pacific and South America where growth will be at CAGRs of 13.74% and 12.53% respectively. These will be followed by Western Europe and Eastern Europe where the markets are expected to grow at CAGRs of 11.37% and 11.04% respectively.
The mobile phone insurance market is segmented by phone type into budget phones, mid and high-end phones and premium smartphones. The premium smartphones market was the largest segment of the mobile phone insurance market segmented by phone type, accounting for 54.26% or $19.1 billion of the total in 2024. Going forward, the premium smartphones segment is expected to be the fastest growing segment in the mobile phone insurance market segmented by phone type, at a CAGR of 14.62% during 2024-2029.
The mobile phone insurance market is segmented by coverage into physical damage, internal component failure, theft and loss protection, virus and data protection and other coverages. The physical damage market was the largest segment of the mobile phone insurance market segmented by coverage, accounting for 37.26% or $13.11 billion of the total in 2024. Going forward, the virus and data protection segment is expected to be the fastest growing segment in the mobile phone insurance market segmented by coverage, at a CAGR of 13.11% during 2024-2029.
The mobile phone insurance market is segmented by distribution channel into mobile operators, device OEMs (original equipment manufacturers), retailers, online and other distribution channels. The mobile operators market was the largest segment of the mobile phone insurance market segmented by distribution channel, accounting for 41.13% or $14.48 billion of the total in 2024. Going forward, the online segment is expected to be the fastest growing segment in the mobile phone insurance market segmented by distribution channel, at a CAGR of 22.63% during 2024-2029.
The mobile phone insurance market is segmented by end user into corporate and personal. The personal market was the largest segment of the mobile phone insurance market segmented by end user, accounting for 78.60% or $27.67 billion of the total in 2024. Going forward, the personal segment is expected to be the fastest growing segment in the mobile phone insurance market segmented by end user, at a CAGR of 12.00% during 2024-2029.
The top opportunities in the mobile phone insurance market segmented by phone type will arise in the premium smartphones segment, which will gain $18.69 billion of global annual sales by 2029. The top opportunities in the mobile phone insurance market segmented by coverage will arise in the physical damage segment, which will gain $9.53 billion of global annual sales by 2029. The top opportunities in the mobile phone insurance market segmented by distribution channel will arise in the online segment, which will gain $9.51 billion of global annual sales by 2029. The top opportunities in the mobile phone insurance market segmented end user will arise in the personal segment, which will gain $21.1 billion of global annual sales by 2029. The mobile phone insurance market size will gain the most in the USA at $7.17 billion.
Market-trend-based strategies for the mobile phone insurance market include focus on curating insurance packages that cover mobile phone damage, focus on developing device insurance plans that offer comprehensive coverage for a wide range of issues, such as accidental damage, mechanical failures, liquid spills and theft, focus on innovating and partnering with insurance companies, mobile carriers and device manufacturers to enhance their offerings and reach a broader audience, focus on enhancing their service offering by integrating advanced features such as faster claims processing, extended coverage options and improved customer support and focus on partnerships and collaborations with mobile manufacturers, retailers and service providers to enhance their offerings.
Player-adopted strategies in the mobile phone insurance market include focus on strengthening business operations through strategic partnerships, strengthening business operations through new solutions, strengthening business operations through new product launches, strengthening business operations through strategic acquisitions and strengthening business operations through new plans.
To take advantage of the opportunities, the analyst recommends the mobile phone insurance companies to focus on tailored insurance packages to address consumer needs, focus on affordable and flexible insurance plans, focus on integrating insurance with device purchases, focus on enhancing service offerings with technology and flexibility, focus on the premium smartphones segment for growth, focus on virus and data protection coverage, expand in emerging markets, focus on strategic partnerships for seamless insurance integration, focus on competitive and value-based pricing strategies, focus on targeted digital marketing campaigns, focus on bundling and cross-promotions, focus on online distribution channels and focus on the personal end-user market.
The global mobile phone insurance market reached a value of nearly $35.21 billion in 2024, having grown at a compound annual growth rate (CAGR) of 4.49% since 2019. The market is expected to grow from $35.21 billion in 2024 to $60.98 billion in 2029 at a rate of 11.61%. The market is then expected to grow at a CAGR of 11.06% from 2029 and reach $103.03 billion in 2034.
Growth in the historic period resulted from the rising incidents of phone thefts, increasing disposable income, rising cybersecurity threats, increased awareness of insurance benefits and growing internet penetration. Factors that negatively affected growth in the historic period were data privacy concerns.
Going forward, growing use of smartphones, increasing urbanization, rise of digitalization, expansion of insurtech sector and expansion of e-commerce platforms will drive the growth. Factor that could hinder the growth of the mobile phone insurance market in the future include economic downturns.
The global mobile phone insurance market is fairly fragmented, with large number of players operating in the market. The top ten competitors in the market made up to 13.95% of the total market in 2023. Asurion LLC was the largest competitor with a 3.06% share of the market, followed by Apple Inc. with 3.04%, Allianz SE with 2.28%, Allstate with 0.96%, AmTrust Financial Services Inc. with 0.92%, The Chubb Corporation with 0.79%, Orange S.A. with 0.76%, Progressive Corporation with 0.73%, Aviva plc with 0.72% and Telefónica S.A. with 0.70%.
North America was the largest region in the mobile phone insurance market, accounting for 35.29% or $12.42 billion of the total in 2024. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the mobile phone insurance market will be Asia Pacific and South America where growth will be at CAGRs of 13.74% and 12.53% respectively. These will be followed by Western Europe and Eastern Europe where the markets are expected to grow at CAGRs of 11.37% and 11.04% respectively.
The mobile phone insurance market is segmented by phone type into budget phones, mid and high-end phones and premium smartphones. The premium smartphones market was the largest segment of the mobile phone insurance market segmented by phone type, accounting for 54.26% or $19.1 billion of the total in 2024. Going forward, the premium smartphones segment is expected to be the fastest growing segment in the mobile phone insurance market segmented by phone type, at a CAGR of 14.62% during 2024-2029.
The mobile phone insurance market is segmented by coverage into physical damage, internal component failure, theft and loss protection, virus and data protection and other coverages. The physical damage market was the largest segment of the mobile phone insurance market segmented by coverage, accounting for 37.26% or $13.11 billion of the total in 2024. Going forward, the virus and data protection segment is expected to be the fastest growing segment in the mobile phone insurance market segmented by coverage, at a CAGR of 13.11% during 2024-2029.
The mobile phone insurance market is segmented by distribution channel into mobile operators, device OEMs (original equipment manufacturers), retailers, online and other distribution channels. The mobile operators market was the largest segment of the mobile phone insurance market segmented by distribution channel, accounting for 41.13% or $14.48 billion of the total in 2024. Going forward, the online segment is expected to be the fastest growing segment in the mobile phone insurance market segmented by distribution channel, at a CAGR of 22.63% during 2024-2029.
The mobile phone insurance market is segmented by end user into corporate and personal. The personal market was the largest segment of the mobile phone insurance market segmented by end user, accounting for 78.60% or $27.67 billion of the total in 2024. Going forward, the personal segment is expected to be the fastest growing segment in the mobile phone insurance market segmented by end user, at a CAGR of 12.00% during 2024-2029.
The top opportunities in the mobile phone insurance market segmented by phone type will arise in the premium smartphones segment, which will gain $18.69 billion of global annual sales by 2029. The top opportunities in the mobile phone insurance market segmented by coverage will arise in the physical damage segment, which will gain $9.53 billion of global annual sales by 2029. The top opportunities in the mobile phone insurance market segmented by distribution channel will arise in the online segment, which will gain $9.51 billion of global annual sales by 2029. The top opportunities in the mobile phone insurance market segmented end user will arise in the personal segment, which will gain $21.1 billion of global annual sales by 2029. The mobile phone insurance market size will gain the most in the USA at $7.17 billion.
Market-trend-based strategies for the mobile phone insurance market include focus on curating insurance packages that cover mobile phone damage, focus on developing device insurance plans that offer comprehensive coverage for a wide range of issues, such as accidental damage, mechanical failures, liquid spills and theft, focus on innovating and partnering with insurance companies, mobile carriers and device manufacturers to enhance their offerings and reach a broader audience, focus on enhancing their service offering by integrating advanced features such as faster claims processing, extended coverage options and improved customer support and focus on partnerships and collaborations with mobile manufacturers, retailers and service providers to enhance their offerings.
Player-adopted strategies in the mobile phone insurance market include focus on strengthening business operations through strategic partnerships, strengthening business operations through new solutions, strengthening business operations through new product launches, strengthening business operations through strategic acquisitions and strengthening business operations through new plans.
To take advantage of the opportunities, the analyst recommends the mobile phone insurance companies to focus on tailored insurance packages to address consumer needs, focus on affordable and flexible insurance plans, focus on integrating insurance with device purchases, focus on enhancing service offerings with technology and flexibility, focus on the premium smartphones segment for growth, focus on virus and data protection coverage, expand in emerging markets, focus on strategic partnerships for seamless insurance integration, focus on competitive and value-based pricing strategies, focus on targeted digital marketing campaigns, focus on bundling and cross-promotions, focus on online distribution channels and focus on the personal end-user market.
Major Market Trends
- Mobile Phone Insurance to Address Growing Demand for Device Protection
- Affordable Device Protection Plans With Anytime Upgrade and Enhanced Coverage
- Comprehensive Coverage for Smartphones and Tablets
- Smart Phone Protect to Enhance Mobile Device Coverage for All Subscribers
- Partnership to Offer Seamless Smartphone Insurance for Indian Users
Table of Contents
1 Executive Summary
6 Market Characteristics
7 Major Market Trends
8 Mobile Phone Insurance Market - Macro Economic Scenario
9 Global Market Size and Growth
10 Global Mobile Phone Insurance Market Segmentation
11 Mobile Phone Insurance Market, Regional and Country Analysis
12 Asia-Pacific Market
13 Western Europe Market
14 Eastern Europe Market
15 North America Market
16 South America Market
17 Middle East Market
18 Africa Market
19 Competitive Landscape and Company Profiles
20 Other Major and Innovative Companies
23 Key Merger and Acquisition
24 Opportunities and Strategies
25 Mobile Phone Insurance Market, Conclusions and Recommendations
26 Appendix
Executive Summary
Mobile Phone Insurance Global Market Opportunities and Strategies to 2034 provides the strategists; marketers and senior management with the critical information they need to assess the global mobile phone insurance market as it emerges from the COVID-19 shut down.Reasons to Purchase:
- Gain a truly global perspective with the most comprehensive report available on this market covering 15 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
Description
Where is the largest and fastest-growing market for mobile phone insurance? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The mobile phone insurance market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider mobile phone insurance market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by phone type, by coverage, by distribution channel and by end user.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- the report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the mobile phone insurance market.
- Global Market Size and Growth- Global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional and Country Analysis- Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by phone type, by coverage, by distribution channel and by end user in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major and Innovative Companies- Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities and Strategies Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions and Recommendations This section includes recommendations for mobile phone insurance providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
1) by Phone Type: Budget Phones; Mid and High-End Phones: Premium Smartphones2) by Coverage: Physical Damage; Internal Component Failure; Theft and Loss Protection; Virus and Data Protection; Other Coverages
3) by Distribution Channel: Mobile Operators; Device OEMs (Original Equipment Manufacturers); Retailers; Online; Other Distribution Channels
4) by End User; Corporate; Personal
Key Companies Profiled: Asurion LLC.; Apple Inc.; Allianz SE; Allstate; AmTrust Financial Services Inc.
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa.
Time Series: Five years historic and ten years forecast..
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; mobile phone insurance indicators comparison..
Data Segmentation: Country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned
The companies featured in this Mobile Phone Insurance market report include:- Asurion LLC.
- Apple Inc.
- Allianz SE
- Allstate
- AmTrust Financial Services Inc.
- The Chubb Corporation
- Orange S.A.
- Progressive Corporation
- Aviva plc
- Telefónica S.A.
- Bajaj Finserv Ltd.
- Igloo Pte. Ltd.
- FingerMotion, Inc.
- Epic Device Insurance
- Smart Communications Inc
- Kingfisher
- Airtel Payments Bank
- ICICI Lombard
- Taurus Insurance Services Limited
- FingerMotion, Inc.
- Ping An Insurance (Group) Company of China, Ltd
- ZhongAn Online P&C Insurance Co., Ltd
- Kakaopay Insurance Corp.
- Taurus Insurance Services
- Bouygues Telecom
- Currys plc
- Deutsche Telekom
- Lloyds Banking Group
- Leocare
- Wakam Société Anonyme
- N26
- P&V Verzekeringen, Bolttech
- Epic Systems Corporation
- Zurich Insurance Group
- Tre Sverige
- Mobile Garantie AG
- Generali Ceska pojistovna a.s.
- Powszechny Zakład Ubezpieczeń
- Allianz-Tiriac Asigurari SA
- Uniqa
- Groupama
- Sogaz
- Rosgosstrakh
- Flip
- Brightstar Device Protection LLC
- AIG Mobile Insurance
- Seguro Telcel
- Verizon Mobile Protect
- AIG Seguros Seguros Atlas S.A.
- Verizon Mobile Protect
- Brightstar Device Protection LLC
- Brightstar Corporation
- Minuto Seguros
- AXA Gulf
- Old Mutual Limited
- Vodacom Business
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 334 |
| Published | May 2025 |
| Forecast Period | 2024 - 2034 |
| Estimated Market Value ( USD | $ 35.21 Billion |
| Forecasted Market Value ( USD | $ 103.03 Billion |
| Compound Annual Growth Rate | 11.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 57 |
