There has been a dynamic surge in demand for insurance of various kinds of household commodities such as vehicles, mobile phones, and other electronic items. Insurance is considered to be a necessity and not a luxury which can enable people to take optimum care of their valuable possessions. One of the latest trends that have been observed in the insurance setting relates to the rising demand for insurance for mobile phones and smartphone. Due to the positive performance of the Mobile Phone Insurance market, a wide range of players such as mobile operators, insurance specialists, retailers, and banks have come into the picture that offers insurance coverage plans. The insurance coverage plans primarily offer protection to customers against theft, damage, loss, and malfunction.
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Some Of Major Key Players Included :-
AIG (American International Group)
Allstate Corporation (SquareTrade)
AmTrust Financial Services
ASUS (ASUSTeK Computer)
It is estimated that the Mobile Phone Insurance market will grow to a significant extent with time. It is expected to reach around USD 27 billion, in terms of revenue by the end of the year 2020. Various opportunities, threats, and other factors arise in the dynamic market setting, which influences the current performance of the industry. These factors also have the power to mold the future growth and performance of the Mobile Phone Insurance market. An in-depth analysis has been presented to forecast the overall growth potential of an attractive market.
Key market trends
With the rise in the use of mobile phones among the global market audience, the Mobile Phone Insurance market has been experiencing accelerated growth. In the future, it is expected that the use of mobile phones will further increase and this, in turn, will have a positive implication on the Mobile Phone Insurance ecosystem as well. It has been estimated that the market will experience an upward movement as people are getting more conscious of protecting their communication devices such as mobile phones. The ecosystem comprises of a series of interconnected systems which enable the users to fulfill several needs and requirements in an integrated manner.
Major market segments
The Mobile Phone Insurance can be categorized into several segments, such as the sales channel segmentation, regional segmentation, and country-level segmentation. Based on sales channel segmentation, the major industry segments include device OEMs, mobile operators, and retailers and others. Based on the regional segmentation, the major regions in which the industry has a presence are Europe, Asia Pacific, Africa, North America, Latin, and Central America and the Middle East. The core sub-categories in the country-level segments are Canada, Argentina, France, Germany, South Korea, Taiwan, Spain, and many more.
The various types of insurance plans that are made available in the market today enable customers to provide adequate security and protection to the customers. In the innovative context, new players have begun to enter the market scene and offer innovative and unique insurance plans to entice the customers to the fullest. A major happening in the industry involves Lydia; a French start-up has formed a partnership with CNP Assurances, a leading French insurance company and it is offering unique mobile phone insurance plans at approximately USD 4.90 per month.
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