Report Overview

Europe Mobile Phone Insurance Market - Industry Trends & Forecast Report, 2029

Europe mobile phone insurance market size was estimated at USD 14.22 million in 2022. During the forecast period between 2023 and 2029, the Europe mobile phone insurance market size is projected to grow at a CAGR of 10.87% reaching a value of USD 36.32 million by 2029. Mobile phone insurance has gained popularity in recent years; however, only a small percentage of smartphone owners are aware of it or prepared to obtain it. Smartphone thefts and losses have become all too regular, making it all the more important for owners to insurance their devices. This safety is especially crucial for high-value smartphones, which are major targets for thefts. Moreover, increasing incidents of accidental damage, phone thefts, virus infection, and device malfunction are expected to drive the market growth over the forecast period. These incidents have impelled customers to look for ways to safeguard their mobile phones and thereby adopt mobile phone coverage policies. Further deepening of internet penetration in Europe is expected to propel customers to buy mobile phones online. As a result, various major companies, such as Google and Amazon, have begun to offer mobile insurance along with the purchase of a mobile phone. These are also expected to drive the expansion of the Europe mobile phone insurance market in the coming years.

Europe Mobile Phone Insurance Market – Overview

Mobile phone insurance is a type of insurance policy that is obtained in conjunction with the purchase of a new mobile phone. Most individuals buy these insurance policies with pricey smartphones, however the issuing business may make them available for any sort of cell phone. Mobile phone insurance, like other types of insurance policies, will often include restrictions such as a deductible, a time limit for the policy to be valid, limitations on the types of claims that can be made, and limits on retail value replacement costs. When purchasing a costly phone, some people find that adding insurance provides additional peace of mind. In the case of a mobile phone loss or malfunction, mobile phone insurance allows the client to avoid costly replacement charges.

Europe Mobile Phone Insurance Market

Growth Drivers

High Adoption of Smartphones among Consumers

The increased adoption of smartphones is predicted to drive the growth of the mobile phone insurance market in Europe. A smartphone is a portable electronic device that has a cellular network connection. A reliable mobile phone insurance plan will cover any necessary repairs or replacements; thus, the market for mobile phone insurance is expected to expand as more people adopt smartphones. According to Uswitch Limited, a United Kingdom-based online and telephone comparison and switching service, estimated about 71.8 million active mobile phone connections in 2022. By 2025, there will be 68.3 million individuals in the UK, with 95% of them carrying smartphones. As a result, the rise in the adoption of smartphones could drive the growth rate of the market during the forecast period.

Increasing Integration of Insurance Offerings with Mobile Apps and Developing Innovative Policies

Rising integration of advanced and innovative policy to the evolving needs of consumers is expected to propel the growth of the Europe mobile phone insurance market during the forecast period. Insurance firms and mobile network providers can combine their insurance offers with mobile apps, making it easier for customers to purchase policies and make claims. It will improve the consumer experience and increase the adoption of insurance plans. Furthermore, insurance businesses and mobile network providers can differentiate themselves by developing novel policy designs that adapt to consumers' changing needs. Policies covering social media hacking or cybersecurity breaches, for example, may appeal to consumers concerned about the security of their personal information. As a result of all these factors, there has been an increase in the demand for mobile phone insurance policies which will enhance market growth.

Restraints

High Costs Associated with Smartphones

The high cost of smartphones is one of the major factors that may hamper the growth of the market during the forecast period. The cost of smartphones can vary depending on several reasons, generally due to import duties, local tax rates, and irregularly plain old profiteering on the part of the manufacturer. For instance, the cost of iPhone Xs is USD 999 in the United States (before taxes). This is approximately EUR 850. That amount, plus 19% taxes (in Germany), equals approximately EUR 1,011.50. In Germany, however, the price of iPhone Xs is EUR 1,149.99. Therefore, the higher cost of smartphones in Europe may eventually affect the demand for mobile phone insurance products. It, in turn, is anticipated to hinder the market growth in the coming years.

Impact of COVID-19 on Europe Mobile Phone Insurance Market

The coronavirus pandemic adversely affected the mobile phone or smartphone market, thereby having a substantial effect on the mobile phone insurance market in Europe. While most companies in the market reported revenue declines from the mobile phone insurance industry, smartphone sales also saw a major drop in the market. However, with the increasing measures by governments in Europe to revive the economy, the market is expected to recover in the coming years. Furthermore, the average smartphone life span is predicted to increase, which will benefit the growth of the mobile phone insurance market over the period in analysis.

Europe Mobile Phone Insurance Market

Segmental Coverage

Europe Mobile Phone Insurance Market - By Coverage

Based on coverage, the market is segmented into physical damage, electronic damage, internal component failure, theft & loss protection, virus & data protection, and others. The physical damage segment is expected to hold the highest market share. Physical damage protection is the most prevalent protection plan covered by the majority of customers, as mobile phones are prone to physical problems, such as screen damage and circuit board cracks. As a result, many mobile phone insurance businesses are offering cost-effective plans to users to avoid paying large sums for maintenance and repair.

Europe Mobile Phone Insurance Market - By Phone Type

Based on sensor type, the Europe mobile phone insurance market is segmented into budget phones, mid & high-end phones, and premium smartphones. The premium smartphones segment could hold a significant market share, as premium smartphones are sensitive to physical and technical damage, thereby resulting in significant financial losses. Users often purchase mobile phone insurance to protect smartphones from these losses. Premium smartphones are prone to technical issues such as software breakdowns, which are key factors driving growth of the segment.

Europe Mobile Phone Insurance Market - By Country

France has the highest share in the Europe mobile phone insurance market. The country is one of the world’s most developed insurance markets, ranking fifth globally. According to forecasts, the mobile phone insurance market will grow at a steady pace in France as customers become more aware of insurance coverage. Insurance firms and mobile network providers in France are broadening their coverage beyond cellphones to include laptops and tablets as well. Furthermore, many companies and firms are taking initiatives to tackle the smartphone affordability barrier. For instance, according to the provided data by the GSM Association, in 2022, Orange is running workshops in its stores to provide free group lessons on smartphone use and digital skills in France. Therefore, increasing affordability for smartphones is expected to drive the market growth during the forecast period.

Competitive Landscape

Europe mobile phone insurance market is highly competitive, with all the players continually competing to gain a larger market share. The key players in the market include Apple Inc., American International Group, Inc., Assurant, Inc, Asurion, AT&T Inc., AmTrust Financial, Brightstar Corp, GoCare Warranty Group, SquareTrade, Inc., and Taurus Insurance Services Limited.

Recent Developments

• In November 2021 - Experian, a US-based information services company, acquired InsurTech Gabi for USD 320 million. With the purchase of InsurTech Gabi, Experian hoped to improve the consumer experience for individuals looking for the best and cheapest insurance plans. InsurTech Gabi is a mobile-first insurtech firm established in the United States.

Scope of the Report

By Coverage

• Physical Damage

• Electronic Damage

• Internal Component Failure

• Theft & Loss Protection

• Virus & Data Protection

• Others

By Phone Type

• Budget Phones

• Mid & High-end Phones

• Premium Smartphones

By Sales Channel

• Wireless Carriers

• Mobile Operators

• Device OEMs

• Retailers

• Online

• Others

By End User

• Business

• Individuals

By Country

• Germany

• United Kingdom

• Italy

• France

• Spain

• Belgium

• Russia

• The Netherlands

• Rest of Europe

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Europe Mobile Phone Insurance Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Growing adoption of adoption of smartphones among consumers
         2. Increasing integration of insurance offerings with mobile apps and developing new policy to the evolving needs of consumers
      2. Restraints
         1. High cost associated with smartphones
         2. Lack of awareness about mobile phone insurance among many consumers
      3. Opportunities
         1. Growing incidences of smartphone thefts
         2. Expansion of mobile phone insurance into emerging markets
      4. Challenges
         1. Complex policy terms and conditions associated with mobile phone insurance
         2. Regulatory Obstacles
   3. Technology Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Europe Mobile Phone Insurance Market Overview
   1. Market Size & Forecast by Value & Volume, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Coverage
         1. Physical Damage
         2. Electronic Damage
         3. Internal Component Failure
         4. Theft & Loss Protection
         5. Virus & Data Protection
         6. Others
      2. By Phone Type
         1. Budget Phones
         2. Mid & High-end Phones
         3. Premium Smartphones
      3. By Sales Channel
         1. Wireless Carriers
         2. Mobile Operators
         3. Device OEMs
         4. Retailers
         5. Online
         6. Others
      4. By End Users
         1. Business
         2. Individuals
      5. By Country
         1. Germany
         2. United Kingdom
         3. France
         4. Italy
         5. Rest of Europe
5. Germany Mobile Phone Insurance Market Overview
   1. Market Size & Forecast by Value & Volume, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Coverage
      2. By Phone Type
      3. By Sales Channel
      4. By End Users
6. United Kingdom Mobile Phone Insurance Market Overview
   1. Market Size & Forecast by Value & Volume, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Coverage
      2. By Phone Type
      3. By Sales Channel
      4. By End Users
7. France Mobile Phone Insurance Market Overview
   1. Market Size & Forecast by Value & Volume, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Coverage
      2. By Phone Type
      3. By Sales Channel
      4. By End Users
8. Italy Mobile Phone Insurance Market Overview
   1. Market Size & Forecast by Value & Volume, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Coverage
      2. By Phone Type
      3. By Sales Channel
      4. By End Users
9. Rest of Europe Mobile Phone Insurance Market Overview
   1. Market Size & Forecast by Value & Volume, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Coverage
      2. By Phone Type
      3. By Sales Channel
      4. By End Users
10. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Asia Pacific Lane Warning Systems Company Market Share Analysis, 2022
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
11. Impact of Covid-19 on Europe Mobile Phone Insurance Market
12. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, SWOT Analysis, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)
    1. Apple Inc.
    2. American International Group, Inc.
    3. Assurant, Inc.
    4. Asurion
    5. AT&T Inc.
    6. AmTrust Financial
    7. Brightstar Corp.
    8. GoCare Warranty Group
    9. SquareTrade, Inc.
    10. Taurus Insurance Services Limited
    11. Other Prominent Players
13. Key Strategic Recommendations
14. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
       1. Secondary Research
       2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumption & Limitation

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

List of Figures

Figure 1   Europe Mobile Phone Insurance Market Segmentation

Figure 2   Europe Mobile Phone Insurance Market Value Chain Analysis

Figure 3   Company Market Share Analysis, 2022

Figure 4   Europe Mobile Phone Insurance Market Size, By Value (USD Million), 2019–2029

Figure 5   Europe Mobile Phone Insurance Market Share, By Function Type, By Value, 2019–2029

Figure 6   Europe Mobile Phone Insurance Market Share, By Sensor Type, By Value, 2019–2029

Figure 7   Europe Mobile Phone Insurance Market Share, By Vehicle Type, By Value, 2019–2029

Figure 8   Europe Mobile Phone Insurance Market Share, By Sales Channel, By Value, 2019–2029

Figure 9   Europe Mobile Phone Insurance Market Share, By Country, By Value, 2019–2029

Figure 10 Germany Mobile Phone Insurance Market Size, By Value (USD Million), 2019–2029

Figure 11 Germany Mobile Phone Insurance Market Share, By Function Type, By Value, 2019–2029

Figure 12 Germany Mobile Phone Insurance Market Share, By Sensor Type, By Value, 2019–2029

Figure 13 Germany Mobile Phone Insurance Market Share, By Vehicle Type, By Value, 2019–2029

Figure 14 Germany Mobile Phone Insurance Market Share, By Sales Channel, By Value, 2019–2029

Figure 15 United Kingdom Mobile Phone Insurance Market Size, By Value (USD Million), 2019–2029

Figure 16 United Kingdom Mobile Phone Insurance Market Share, By Function Type, By Value, 2019–2029

Figure 17 United Kingdom Mobile Phone Insurance Market Share, By Sensor Type, By Value, 2019–2029

Figure 18 United Kingdom Mobile Phone Insurance Market Share, By Vehicle Type, By Value, 2019–2029

Figure 19 United Kingdom Mobile Phone Insurance Market Share, By Sales Channel, By Value, 2019–2029

Figure 20 France Mobile Phone Insurance Market Size, By Value (USD Million), 2019–2029

Figure 21 France Mobile Phone Insurance Market Share, By Function Type, By Value, 2019–2029

Figure 22 France Mobile Phone Insurance Market Share, By Sensor Type, By Value, 2019–2029

Figure 23 France Mobile Phone Insurance Market Share, By Vehicle Type, By Value, 2019–2029

Figure 24 France Mobile Phone Insurance Market Share, By Sales Channel, By Value, 2019–2029

Figure 25 Italy Mobile Phone Insurance Market Size, By Value (USD Million), 2019–2029

Figure 26 Italy Mobile Phone Insurance Market Share, By Function Type, By Value, 2019–2029

Figure 27 Italy Mobile Phone Insurance Market Share, By Sensor Type, By Value, 2019–2029

Figure 28 Italy Mobile Phone Insurance Market Share, By Vehicle Type, By Value, 2019–2029

Figure 29 Italy Mobile Phone Insurance Market Share, By Sales Channel, By Value, 2019–2029

Figure 30 Rest of Europe Mobile Phone Insurance Market Size, By Value (USD Million), 2019–2029

Figure 31 Rest of Europe Mobile Phone Insurance Market Share, By Function Type, By Value, 2019–2029

Figure 32 Rest of Europe Mobile Phone Insurance Market Share, By Sensor Type, By Value, 2019–2029

Figure 33 Rest of Europe Mobile Phone Insurance Market Share, By Vehicle Type, By Value, 2019–2029

Figure 34 Rest of Europe Mobile Phone Insurance Market Share, By Sales Channel, By Value, 2019–2029

List of Tables

Table 1      Europe Mobile Phone Insurance Market Size, By Function Type, By Value, 2019–2029

Table 2      Europe Mobile Phone Insurance Market Size, By Sensor Type, By Value, 2019–2029

Table 3      Europe Mobile Phone Insurance Market Size, By Vehicle Type, By Value, 2019–2029

Table 4      Europe Mobile Phone Insurance Market Size, By Sales Channel, By Value, 2019–2029

Table 5      Europe Mobile Phone Insurance Market Size, By Country, By Value, 2019–2029

Table 6      Germany Mobile Phone Insurance Market Size, By Function Type, By Value, 2019–2029

Table 7      Germany Mobile Phone Insurance Market Size, By Sensor Type, By Value, 2019–2029

Table 8      Germany Mobile Phone Insurance Market Size, By Vehicle Type, By Value, 2019–2029

Table 9      Germany Mobile Phone Insurance Market Size, By Sales Channel, By Value, 2019–2029

Table 10    United Kingdom Mobile Phone Insurance Market Size, By Function Type, By Value, 2019–2029

Table 11    United Kingdom Mobile Phone Insurance Market Size, By Sensor Type, By Value, 2019–2029

Table 12    United Kingdom Mobile Phone Insurance Market Size, By Vehicle Type, By Value, 2019–2029

Table 13    United Kingdom Mobile Phone Insurance Market Size, By Sales Channel, By Value, 2019–2029

Table 14    France Mobile Phone Insurance Market Size, By Function Type, By Value, 2019–2029

Table 15    France Mobile Phone Insurance Market Size, By Sensor Type, By Value, 2019–2029

Table 16    France Mobile Phone Insurance Market Size, By Vehicle Type, By Value, 2019–2029

Table 17    France Mobile Phone Insurance Market Size, By Sales Channel, By Value, 2019–2029

Table 18    Italy Mobile Phone Insurance Market Size, By Function Type, By Value, 2019–2029

Table 19    Italy Mobile Phone Insurance Market Size, By Sensor Type, By Value, 2019–2029

Table 20    Italy Mobile Phone Insurance Market Size, By Vehicle Type, By Value, 2019–2029

Table 21    Italy Mobile Phone Insurance Market Size, By Sales Channel, By Value, 2019–2029

Table 22    Rest of Europe Mobile Phone Insurance Market Size, By Function Type, By Value, 2019–2029

Table 23    Rest of Europe Mobile Phone Insurance Market Size, By Sensor Type, By Value, 2019–2029

Table 24    Rest of Europe Mobile Phone Insurance Market Size, By Vehicle Type, By Value, 2019–2029

Table 25    Rest of Europe Mobile Phone Insurance Market Size, By Sales Channel, By Value, 2019–2029

Table 26    Apple Inc. Company Overview

Table 27    Apple Inc. Financial Overview

Table 28    American International Group Company Overview

Table 29    American International Group Financial Overview

Table 30    Assurant Inc. Company Overview

Table 31    Assurant Inc. Financial Overview

Table 32    Asurion Company Overview

Table 33    Asurion Financial Overview

Table 34    AT&T Inc. Company Overview

Table 35    AT&T Inc. Financial Overview

Table 36    AmTrust Financial Company Overview

Table 37    AmTrust Financial - Financial Overview

Table 38    Brightstar Corp. Company Overview

Table 39    Brightstar Corp. Financial Overview

Table 40    GoCare Warranty Group Company Overview

Table 41    GoCare Warranty Group Financial Overview

Table 42    SquareTrade, Inc. Company Overview

Table 43    SquareTrade, Inc. Financial Overview

Table 44    Taurus Insurance Services Limited Company Overview

Table 45    Taurus Insurance Services Limited Financial Overview