With the increasing prevalence of expensive household goods, car, and consumer electronics, insurance have become an inescapable and often necessary cost in modern life. Mobile phones and smartphones, in particular, are no exception to this trend.
A report has it that most major mobile operators, insurance specialists, retailers and even banks now offer insurance plans that cover theft, loss, malfunctions and damage to mobile phones. Many policies now also integrate enhanced technical support and additional protection features such as data backup facilities, allowing users to securely backup their phone data online.
The Researcher’s approximate that the global mobile phone insurance market is expected to account for $20.5billion in revenue by the end of 2017. The market is further expected to grow at a Compound Annual Growth Rate (CAGR) of approximately 10 percent over the next three years, eventually accounting for more than $27billion in revenue by the end of 2020.
The report also presents market size forecasts from 2017 through to 2030. The forecasts are segmented for three sales channels, five regions, and 25 countries.