According to the report, the global mobile phone insurance market is likely to grow from USD 31.2 Billion in 2025 to USD 96.4 Billion in 2035 at a highest CAGR of 10.8% during the time period. The mobile phone insurance market has been experiencing tremendous growth all over the world, which is being caused by a number of factors including the rising value of smartphones, which are accompanied by their indispensable nature in everyday life, has increased consumer awareness concerning the dangers of damaging, losing, or being stolen with the devices.
Indicatively, in 2025, mobile retailers in the UK such as VodafoneThree and Virgin media O2 recorded an astonishing 967% increase in theft cases relative to the preceding year, especially in the UK in London and southeast. The result of this influx is that the claims related to phones theft have risen by 425% in the UK, which illustrates the need to protect against phone theft. Additionally, the growth of e-commerce sites has increased the accessibility of insurance products so that a consumer can easily compare and buy insurance online. Mobile device purchases have also been made easy by the incorporation of the insurance services by the companies selling these gadgets, which are usually packaged with the services of the telecom companies and other companies selling the devices. With the growing role of smartphones in personal and professional life, the demand to get an all-inclusive insurance coverage is increasing.
The rise in the use of high-end smartphones such as foldable and high-end smartphones which are more expensive to replace is driving the global mobile phone insurance market. In 2024, Samsung has registered all-time sales of its Galaxy Z Fold 5 series, and insurers such as Asurion and SquareTrade have launched specific plans of cover of foldable gadgets, covering damage to screens and hinges. The high quality of these devices also predisposes the consumers to take insurance in order to protect their valuable investments.
One of the major limitations is that consumers are not well informed about the terms of insurance and claims processes of mobile phones. According to a survey commissioned by Vodafone UK in early 2025, more than 42 percent of smartphone users shunned insurance because of terms and conditions, claim deductibles and perceived bureaucracy that restricted market penetration, especially among first-time users and the ageing population.
A new opportunity is the integration of mobile phone insurance with fintech apps and digital wallets. Revolut rolled out an in-app insurance application in mid-2024 with mobile insurance instantly available on smartphones bought via its service, with instant claims being processed in real-time. Such a harmonious integration attracts tech-savvy people and opens up new development opportunities to insurers who aim to attract digitally oriented consumers.
Prominent players operating in the global mobile phone insurance market are Akko, Allianz Partners, Aon, AppleCare, Assurant, Asurion, AT&T Device Protection, AXA, Brightstar Corporation, Chubb, CPP Group, GoCare, Safeware, Samsung Care+, SquareTrade, Trōv, Worth Ave Group, AmTrust Financial, Cover Genius, Digital Care, Geek Squad Protection (Best Buy), Inhance Technology, Mobile Rhino, Pier Insurance, ProtectCELL, Servify, and Other Key Players.
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