Global Personal Gadget Insurance Market Size to Worth USD 75.02 Billion by 2033 | CAGR of 11.61%
Category: Banking & Financial
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Personal gadget insurance is a kind of insurance coverage that, in the event of vandalism, accident, or loss, covers or secures policyholders' personal devices, including computers, cameras, tablets, watches, and wearables, enabling them to have them fixed or replaced. For customers and businesses that rely on technology, coverage for electronic devices is essential because it guards against financial losses caused by a variety of risks, such as accidental damage, malfunctions, and other unanticipated dangers that could impair the functionality of electronic devices. Additionally, a boost in initiatives by international mobile insurance companies, as well as an increase in unintentional damage and phone theft incidents worldwide, are the reasons why the global personal device insurance market is anticipated to expand throughout the forecast period. Shockingly, in 2022, 9% of all cyberattacks globally targeted mobile devices. By December of the same year, over 2.2 million global users had been impacted by these attacks. Globally, in the last quarter of 2023, almost 440,000 malicious installation packages were discovered on mobile devices. These concerning numbers demonstrate how popular personal device insurance is becoming. However, by making the claims procedure challenging, too stringent requirements may irritate legitimate policyholders. Insurers need to continuously enhance their fraud protection tactics to stay ahead of evolving fraudulent behaviors and give their customers a smooth and efficient claims experience.
The smartphone segment is expected to hold the largest share of the global personal gadget insurance market during the projected timeframe.
Based on gadget type, the global personal gadget insurance market is categorized into smartphones, tablets, laptops, and wearable devices. Among these, the smartphone segment is expected to hold the largest share of the global personal gadget insurance market during the projected timeframe. This is due to their extensive use and expensive replacement prices, smartphones play a significant role in the industry, significantly increasing revenue. Furthermore, the growing popularity of tablets, especially for remote work and in educational settings, highlights the need for insurance as their use grows.
The online segment is expected to grow at the fastest CAGR during the projected timeframe.
Based on the distribution channel, the global personal gadget insurance market is categorized into online, retail, and agent/broker. Among these, the online segment is expected to grow at the fastest CAGR during the projected timeframe. Online distribution has grown significantly due to the convenience it offers consumers, which is a symptom of the insurance industry's transition to digital solutions.
North America is projected to hold the largest share of the global personal gadget insurance market over the forecast period.
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North America is projected to hold the largest share of the global personal gadget insurance market over the forecast period. Increased awareness of the benefits of device insurance, changing lifestyles, rising disposable income, and the presence of several significant players in the market are all anticipated to support the expansion of the personal gadget insurance market share in the region. As an illustration, Amtrust, Assurant Inc., Apple Inc., and Asurion Group Inc. are introducing innovative and cost-effective protection products for their customers. In September 2022, Assurant Inc. and T-Mobile announced a multi-year extension of their long-standing collaboration to continue providing comprehensive mobile device protection solutions.
Asia Pacific is expected to grow at the fastest CAGR growth over the global personal gadget insurance market during the forecast period. A large percentage of the world's population lives in the Asia-Pacific area, and smartphone adoption rates have been rising in nations like China, India, and Korea. To safeguard these priceless gadgets against potential hazards like theft, loss, and accidental damage, the demand for insurance coverage has increased as more people in the area purchase smartphones.
Major vendors in the global personal gadget insurance market are Chubb, Liberty Mutual, Square Trade, Markel, AIG, Assurant, Travelers, Allianz, CNA Financial, MetLife, Hiscox, Nationwide, Zurich, Berkshire Hathaway, AXA., and others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Key Market Developments
- In October 2022, in an increasingly technologically savvy society, AppleCare+ was created to protect consumers and lower the financial risks connected to device-related catastrophes. In addition to the opportunity to purchase extended-term subscription plans, it provides a one-year warranty and 90 days of technical support.
Market Segment
- This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global personal gadget insurance market based on the below-mentioned segments:
Global Personal Gadget Insurance Market, By Gadget Type
- Smartphones
- Tablets
- Laptops
- Wearable Devices
Global Personal Gadget Insurance Market, By Distribution Channel
- Online
- Retail
- Agent/Broker
Global Personal Gadget Insurance Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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