United States of America – [26-08-2025] – The Insight Partners is proud to announce its newest market report, “Mobile Phone Insurance Market: An In-depth Analysis of the Global Industry.” The report provides a holistic view of the Mobile Phone Insurance Market and describes the current scenario as well as growth estimates during the forecast period.

Overview of the Mobile Phone Insurance Market

With smartphones becoming an indispensable part of daily life, the demand for mobile phone insurance has surged globally. The increasing reliance on mobile devices for communication, payments, work, and entertainment has heightened the need to protect them from damage, theft, and cyber risks. Mobile phone insurance provides coverage for a range of potential issues, including physical damage, electronic malfunction, virus infections, and theft, offering users financial protection and peace of mind.

The rapid adoption of high-end smartphones and growing incidents of accidental damage have significantly boosted the market. Moreover, the rising cost of mobile devices and the increasing dependence on digital ecosystems are encouraging both individuals and corporations to opt for insurance plans.

Key Findings and Insights

Market Size and Growth

The Mobile Phone Insurance Market was valued at US$ 27,291.83 million in 2021 and is expected to grow to US$ 53,161.84 million by 2028, at a CAGR of 10.4% from 2022 to 2028. This strong growth reflects the increasing demand for insurance plans that cover advanced smartphones and the growing awareness of the risks associated with mobile device ownership.

Key Factors Affecting the Mobile Phone Insurance Market

Rising Smartphone Penetration: The growing global user base fuels demand for insurance solutions.

Increasing Incidence of Accidental Damage: Screen breakage and water damage remain the most common claims.

High Device Replacement Costs: Insurance provides cost-effective solutions for premium smartphones.

Growing Digital Risks: Virus attacks and cybersecurity threats are increasing coverage demand.

Partnerships and Distribution Channels: Collaborations among mobile operators, retailers, and insurers drive market accessibility.

Market Segmentation

The Mobile Phone Insurance Market is segmented into the following categories:

By Coverage:

Physical Damage

Electronic Damage

Virus Protection

Theft Protection

By Sales Channel:

Mobile Operators

Device OEMs

Retailers

By Phone Type:

New Phones

Refurbished Phones

By End User:

Corporate

Personal

This segmentation demonstrates the market’s ability to cater to diverse consumer needs, from individuals insuring their new flagship smartphones to corporations protecting employee devices.

Spotting Emerging Trends

Technological Advancements

Insurers are adopting AI, big data analytics, and blockchain to enhance claims processing, fraud detection, and customer experience. Mobile-first platforms and apps are simplifying policy purchases and renewals, making insurance more accessible to users worldwide.

Changing Consumer Preferences

Modern consumers prefer affordable, customizable insurance plans that offer instant claims settlements and 24/7 digital support. The rise of refurbished phone purchases is also driving demand for tailored insurance packages catering to budget-conscious users.

Regulatory Changes

Governments and regulatory authorities are emphasizing transparency and consumer protection in insurance services. New regulations are encouraging insurers to simplify terms, streamline claims, and ensure data protection when offering digital insurance platforms.

Growth Opportunities

The Mobile Phone Insurance Market presents strong opportunities for expansion:

Emerging Markets: Rapid smartphone adoption in Asia-Pacific, Latin America, and Africa is expected to fuel demand.

Integration with Telecom Services: Bundled insurance offerings from mobile operators are gaining traction.

Corporate Demand: Businesses are increasingly insuring devices issued to employees for work purposes.

Expansion of Virus & Cyber Protection Plans: Growing mobile banking and e-commerce usage creates opportunities for insurers to provide comprehensive cybersecurity coverage.

Strategic Partnerships: Collaboration between insurers, OEMs, and telecom operators can drive greater market penetration.

Key Company Profiles

Leading players in the Mobile Phone Insurance Market include:

American International Group, Inc.

Allianz SE

Apple Inc.

AT&T Inc.

Aviva Insurance Limited

Better Buy Insurance

Gadget Cover

Insurance2go

Telefónica Limited

These companies are focusing on expanding service offerings, enhancing digital platforms, and building strategic alliances to capture a larger share of the growing market.

Conclusion

The Mobile Phone Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022–2028 report delivers essential insights for companies and stakeholders aiming to capitalize on this fast-growing market. With the market expected to grow at a CAGR of 10.4% from 2022 to 2028, the industry is set to benefit from the increasing value of smartphones, rising risks of damage and theft, and growing digital threats.

As smartphones continue to play a vital role in everyday life, mobile phone insurance is no longer a luxury but a necessity. Insurers, telecom operators, and device manufacturers that adapt to evolving consumer demands and leverage digital innovation are positioned to thrive in this dynamic market.