The increasing demands of luxurious household goods, consumer electronics, and cars, insurance policies have become a necessity. Mobile phones, and specifically Smartphones, are no exception to the trend. The global mobile phone insurance revenues market is increasingly gaining momentum. This market is driven by the increasing penetration of a variety of high-end yet reasonable Smartphone models.
Moreover, since the manufacturers intensely compete by launching unique & new Smartphone models, insurance companies are greatly capitalizing on device-specific insurance policies. With the overall revenue of over USD 8 billion in 2011, the market is expected to reach USD 48 billion by 2020, growing at a compound annual growth rate (CAGR) of over 10 % during the forecast period (2015–2020).
Most of the major retailers, wireless carriers, insurance specialists, device OEMs etc. are now offering insurance policies that cover loss, malfunctions, damage as well as theft of mobile phones. Moreover, in order to increase the uptake of mobile insurance, many mobile phone insurance policies now incorporate added safety features, e. g. backup facilities or data recovery, along with improved technical support allowing customers to safely back up their mobile phone data online.
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The worldwide mobile device OEMs are now developing alliances with local insurance regulators in order to enhance the sales prospects of their products sold through their branded retail shops.
This mobile phone insurance revenues market report covers some other aspects such as market drivers, opportunities, challenges, future roadmap, value chain, case studies, industry players & their strategies and so on.
Some of the major market players of the mobile phone insurance revenues market are Aviva, iQmetrix, Allianz Insurance, Carphone Warehouse, Safeware, CE European Group, Assurant, SquareTrade, AmTrust International Underwriters, Supercover Insurance, Brightstar Corporation (eSecuritel), Liberty Mutual Insurance Group, Asurion, Geek Squad, Hollard Group, ProtectCELL, GoCare Warranty Group, New India Assurance (NIA), Pier Insurance Managed Services, SPB, Protect Your Bubble, NQ Mobile, Telefónica Insurance, Mobile Rhino (Stuckey & Company), and so on.
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