Europe Mobile Phone Insurance Market to Reach US$ 10,811.60 million at a CAGR of 8.9% in 2028

The Europe mobile phone insurance market is expected to grow from US$ 5,962.73 million in 2021 to US$ 10,811.60 million by 2028; it is estimated to grow at a CAGR of 8.9% during 2021–2028.

The Europe mobile phone insurance market is experiencing significant growth owing to the innovations and upgradations of policies and schemes by the market players and the procurement of insurance policies for future. The market across Europe consists of a few well-established players and small firms offering single coverage type. The mobile phone insurance market is concentrated with mobile network operators, device OEMs, retailers, and others. These market participants enhance their schemes as per the requirements of customers. In addition, the smartphones market is significantly growing with the launch of new phones and demand for refurbished phones across Europe. Smartphones are prone to physical and technological damages. Accidents, liquid spillage, and drop are among the key causes of the physical damage to phones, while overcharging and voltage fluctuations are among the prime causes of technological/electronic damage. Theft or the loss of the device is another potential threat to smartphones. These factors are major concerns for smartphone users. With the rise in the adoption of smartphones, more users are opting for mobile insurance.

Impact of COVID-19 Pandemic on Europe Mobile Phone Insurance Market

Businesses face new challenges due to the COVID-19 pandemic and the development of remote work environments. New premiums on a few of the lines of business, such as travel, events, and trade credit insurance, have increased as a result of the pandemic, and losses from these lines of business may become large. Purchasing power of consumer has decreased significantly in a short period owing to the major influence of the pandemic on economic activities and employment levels at the local, regional, and global levels. Insurers are reacting with payment suspensions to prevent a big number of lapses. As healthcare infrastructures have collapsed due to rising cases, the public healthcare emergency will require the government and market players to intervene and assist in the revival of Europe mobile phone insurance market operations and revenue through collaborative efforts of research and development initiatives undertaken to recover the losses during the forecast period. In addition, the increased investments bode well for the industry in the following years.

Europe Mobile Phone Insurance Market Insights

Surge in Uptake of High-Quality Smartphones Fuels Growth of Europe Mobile Phone Insurance Market

Despite changes in data consumption habits and demand, the European mobile phone sector has been critical in keeping consumers and businesses linked during the COVID-19 pandemic. Mobile operators are taking steps to mitigate the pandemic's effects, such as zero-rating educational services; using the potential of mobile big data solutions for epidemiological modelling; and providing direct funding to hospitals, frontline workers, and other healthcare initiatives. The evolution of the 4G network and 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 Europe mobile phone insurance market for smartphones in the current scenario. The trend is expected to rise in the coming years, thereby fueling the growth of the Europe mobile phone insurance 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. The insurance companies help smartphone owners by offering theft or lost insurance, accidental coverage, and others. Thus, surge in smartphone users across the region is heavily driving the Europe mobile phone insurance market growth, and the trend is anticipated to increase in the future.

Coverage-Based Europe Mobile Phone Insurance Market Insights

Based on coverage, the Europe mobile phone insurance market is segmented into physical damage, electronic damage, virus protection, and theft protection. The smartphones are now available with several features, which makes it highly sophisticated and prone to external damage. Liquid damage, screen damage, and battery malfunction are a few of the frequent physical damages witnessed in the devices.

Sales Channel-Based Europe Mobile Phone Insurance Market Insights

By sales channel, the Europe mobile phone insurance market is segmented into mobile operators, device OEMs, and retailers. The mobile operators have played a significant role in the mobile phone industry for decades by constantly upgrading their plans and traffic for pre-paid customers and post-paid customers.

Phone Type-Based Europe Mobile Phone Insurance Market Insights

Based on phone type, the Europe mobile phone insurance market is bifurcated into new phone and refurbished. The market has gained prominence owing to the increase in sales of new smartphones. The high-tech smartphones are expensive and require protection. However, technological damages due to the malfunction of any chips or ICs; physical damages, such as liquid damage and breakage; and theft incidents are among the common issues prevailing in the current scenario.

End User-Based Europe Mobile Phone Insurance Market Insights

Based on end user, the Europe mobile phone insurance market is bifurcated into corporate and personal. Mobile phones have become important in day-to-day life and their prominence is growing exponentially due to the rapid evolution of various internet-based applications and software.

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Europe Mobile Phone Insurance Market: Strategic Insights

Europe Mobile Phone Insurance Market

• Market Size 2021
  US$ 5,962.73 Million
• Market Size 2028
  US$ 10,811.60 Million

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Regional Overview

• Europe

Market Segmentation

Coverage

• Physical Damage
• Electronic Damage
• Virus Protection
• Theft Protection

Sales Channel

• Mobile Operators
• Device OEMs
• Retailers

Phone Type

• New Phone and Refurbished

End User

• Corporate and Personal

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The players operating in the Europe mobile phone insurance market adopt strategies, such as mergers, acquisitions, and market initiatives, to maintain their positions in the market. A few developments by key market players are listed below:

• In June 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.

• In October 2020, In Interbrand's Best Global Brands Ranking, Allianz was voted the world's best insurance brand. Allianz's expanding brand strength and significance in people's lives is reflected in this rating.

Company Profiles

• American International Group, Inc.
• Allianz SE
• Apple Inc.
• AT&T Inc.
• Aviva insurance Limited
• Better Buy Insurance
• Gadget Cover
• Insurance2go
• Telefónica UK Limited
• Pier Insurance Managed Services Ltd.

Europe Mobile Phone Insurance Market Report Scope