Assurant; spb; AIG; Allianz SE; and AXA, are the five key market players operating in the global mobile phone insurance market. American International Group, Inc.; Apple Inc.; AT&T Inc.; Aviva insurance Limited; and Gadget Cover are few other notable players that are profiled in this market study. In addition to these players, multiple other leading global, regional & local market players, emerging companies, market disruptors and niche market players were studied and analyzed during the course of this study to gather a holistic view of the market. The high and fast-growing number of start-ups in this market are anticipated to drive the growth of the market over the forecast period of 2021 to 2028. Various companies in the value chain are acquiring other local players and operating through joint ventures with retailers to maintain their position in the market and provide efficient solutions to their customers. Also, due to moderate entry barrier to the industry, tier-2 and tier-3 companies are entering the market to compete with existing players. Key service providers in the industry are based in North America and Europe. Each category has some well-established key players and owing to different markets in which they operate and compete it is not feasible to determine key five players in the overall Mobile Phone Insurance Market. However, based on parameters such as overall revenue, brand image, current Mobile Phone Insurance product portfolio, geographic reach, customer base, technology adoption & integration, new product/service/feature launches, partnerships, mergers & acquisitions, and other market-related activities, In addition to listed above five key players operating at a global level, multiple other leading global, regional & local market players, emerging companies, market disruptors and niche market players were studied and analyzed during the course of this study to gather a holistic view of the market. The high and fast-growing number of start-ups in this market are anticipated to drive the growth of the market over the forecast period of 2021 to 2028.
ASSURANT; SPB; AIG; ALLIANZ; AND AXA, ARE THE PROMINENT MARKET PARTICIPANTS IN MOBILE PHONE INSURANCE MARKET
The global mobile phone insurance market is segmented on the basis of coverage, sales channel, phone type, end user, and geography. Based on coverage, the mobile phone insurance market is segmented into physical damage, electronic damage, virus protection, and theft protection. Based on sales channel, the market is categorized into mobile operators, device OEMs, retailers, and others. Based on phone type, the market is segmented into new phones and refurbished phones. By end-user, the market is segmented into corporate and personal. By geography, the market is divided into five regions — North America, Asia-Pacific, the Middle East & Africa, and South America.
The evolution of the 4G network, the Internet of Things (IoT), has led the mobile industry to witness noticeable adoptions leading the market to flourish. Attributing to the advantages of the 4G/5G network, the Internet of Things (IoT) and Artificial Intelligence (AI) are bolstering the market for smartphones across Europe in the current scenario. The trend is expected to rise in the coming years, thereby fueling the growth of the smartphones market. With the increase in smartphones, the mobile industry is experiencing a substantial growth of mobile phone insurance policies offered by various smartphone manufacturers, network operators, insurance companies, and retailers across Europe. For instance, in 2020, 472 million Europeans (86 percent of the population) will have signed up for mobile services. The entire addressable market for the region’s operators is reaching saturation, with the bulk of new unique users coming from larger mobile markets, such as France, Germany, and Spain, among others, owing to the growth of mobile phone insurance during the forecast period.
Most of the market initiatives were observed in Europe region, which has a high potential for mobile phone insurance providers. Few of the important market initiatives and product developments from the industry are mentioned below:
| Year | News | Country |
| 2021 | American International Group, Inc. has been recognized one of DiversityInc’s Top 50 Companies for Diversity for the fourth year in a row. DiversityInc is the premier evaluation of diversity management. | Europe |
| 2021 | Insurance2go, which is part of the SPB UK & Ireland Group and is owned by Loyal Insurance Services Ltd, has announced a new partnership with AXA Partners UK&I to help the brand expand in existing and new markets. | Europe |
