The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The growth in smartphone adoption is projected to encourage innovation in mobile phone insurance manufacturing, propelling the market throughout the forecast period.

The global mobile phone insurance market is expected to grow from $27.89 billion in 2022 to $31.45 billion in 2023 at a compound annual growth rate (CAGR) of 12.98%. The global mobile phone insurance market size is expected to reach $49.08 billion in 2027 at a CAGR of 12.30%.

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Global Mobile Phone Insurance Market Segments Include:

• By Phone Type: Budget Phones, Mid And High-End Phones, Premium Smartphones
• By Coverage: Physical Damage, Internal Component Failure, Theft And Loss Protection, Virus And Data Protection, Other Coverages
• By Distribution Channel: Mobile Operators, Device OMEs (Original Equipment Manufacturer), Retailers, Online, Other Distribution Channels
• By End-User: Corporate, Personal
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global mobile phone insurance market in 2021.

Major Market Players in the mobile phone insurance market include Apple Inc., AT&T Inc., Assurant Inc., Asurion, Aviva, Bolttech, Chubb, Digital Care, Servify, Singtel, U Mobile Sdn Bhd., American International Group Inc., AmTrust Financial.

Product innovation is a crucial trend that is gaining traction in the mobile phone insurance market. Major players in the mobile phone insurance market are focusing on the development of innovative products. For example, SK Telecom Co., Ltd., a Korean mobile provider, will offer the Initial Mobile Phone Insurance Compensation Service in July 2020. The Initial Mobile Phone Insurance Compensation Service is distinguished by its blockchain-based mobile phone insurance claims service, which manages reimbursements without the use of traditional documentation. To issue repair statements and receipts as electronic certificates, service centre operators use a blockchain programme developed by SK Telecom. This digital document is given directly to the insurance provider for inspection in order to expedite claims.

The Mobile Phone Insurance Global Market Report 2023  provides a mobile phone insurance market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The mobile phone insurance market forecast analyzes mobile phone insurance market size, mobile phone insurance market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

A mobile insurance policy protects the phone from a number of dangers and damage. When a mobile phone is destroyed in an accident, the owner can utilise insurance to protect themselves from costly repair charges.

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