Europe Mobile Phone Insurance Market 2019-2026 by Coverage, Phone Type, Distribution Channel, End-user, and Country: Trend Forecast and Growth Opportunity

The Europe mobile phone insurance market is currently witnessing strong growth. Mobile phone insurance renders financial coverage to a smartphone user against unexpected damages. It generally covers loss, theft, accidental damage, malicious damage, water damage, accessories damage, cracked screens and mechanical breakdown. At present, various insurance companies operating in Europe are offering multi-device coverage that insures mobile phones of the whole family under a single policy.  Apart from this, key players are adopting business intelligence (BI) tools to monitor consumer buying behaviors and gain insights on the latest trends. They are also collaborating with telecommunication operators to offer innovative insurance schemes during the mobile phone purchase. Additionally, several companies are utilizing the direct-to-consumer assistance model to provide improved consumer service. Besides this, due to the spread of the coronavirus disease (COVID-19) and increasing adoption of digital solutions, online insurance portals are gaining traction as they save time and provide 24x7 services, which is anticipated to fuel the market growth. On account of these factors, the market is expected to continue its strong growth during the forecast period till 2026. Europe mobile phone insurance market reached $6.94 billion in 2019 and will exhibit a 2019-2026 CAGR of 10.10% due to a rising demand for protecting mobile phones against accidents in the region. Highlighted with 31 tables and 39 figures, this 105-page report “Europe Mobile Phone Insurance Market 2019-2026 by Coverage, Phone Type, Distribution Channel, End-user, and Country: Trend Forecast and Growth Opportunity” is based on a comprehensive research of the entire Europe mobile phone insurance market and all its sub-segments through extensively detailed classifications. The report focuses on growth prospects, restraints, and trends of the global mobile phone insurance market analysis. The study provides Porter’s fiveforces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the mobile phone insurance industry.

Strategic Insights
The players operating in the Europe mobile phone insurance market adopt strategies, such as mergers, acquisitions, and market initiatives, to maintain their positions in the market. A few developments by key market players are listed below:

In June 2021, Insurance2go, which is part of the SPB UK & Ireland Group and is owned by Loyal Insurance Services Ltd, has announced a new partnership with AXA Partners UK&I to help the brand expand in existing and new markets.

In October 2020, In Interbrand's Best Global Brands Ranking, Allianz was voted the world's best insurance brand. Allianz's expanding brand strength and significance in people's lives is reflected in this rating.

Impact of COVID-19

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Manmayi Raval

Research Consultant

Businesses face new challenges due to the COVID-19 pandemic and the development of remote work environments. New premiums on a few of the lines of business, such as travel, events, and trade credit insurance, have increased as a result of the pandemic, and losses from these lines of business may become large. Purchasing power of consumer has decreased significantly in a short period owing to the major influence of the pandemic on economic activities and employment levels at the local, regional, and global levels. Insurers are reacting with payment suspensions to prevent a big number of lapses. As healthcare infrastructures have collapsed due to rising cases, the public healthcare emergency will require the government and market players to intervene and assist in the revival of Europe mobile phone insurance market operations and revenue through collaborative efforts of research and development initiatives undertaken to recover the losses during the forecast period. In addition, the increased investments bode well for the industry in the following years.

Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report provides historical data for 2016-2019 with 2019 as the base year, estimates for 2020, and forecasts for 2020-2026. (Please Note: The report will be updated before delivery to make sure that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)

In-depth qualitative analyses include identification and investigation of the following aspects:

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Market Structure

Growth Drivers

Restraints and Challenges

Emerging Product Trends & Market Opportunities

Porter’s Fiver Forces
The trend and outlook of Europe market is forecast in optimistic, balanced, and conservative view. The balanced (most likely) projection is used to quantify Europe mobile phone insurance market in every aspect of the classification from perspectives of Coverage, Phone Type, Distribution Channel, End-user, and Country.

By Coverage
Physical Damage
Electronic Damage
Theft Protection
Virus & Data Protection
Other Coverage

By Phone type
High-end Phones
Mid-grade Phones
Low-end Phones

By Distribution channel
Mobile Providers
Phone OEMs
Retail Stores
Online
Other Channels

By End-user
Personal
Enterprise

By Geographically
Germany
UK
France
Spain
Italy
Rest of Europe (further segmented into Russia, Denmark, Austria, Norway, Sweden, The Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)

For each of the aforementioned countries, market analysis and revenue data are available for 2016-2026. The breakdown of major national markets by Coverage, Phone Type, and Distribution Channel over the study years (2016-2026) is included.
The report also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.
Specifically, potential risks associated with investing in Europe mobile phone insurance market are assayed quantitatively and qualitatively through GMD’s Risk Assessment System. According to the risk analysis and evaluation, Critical Success Factors (CSFs) are generated as a guidance to help investors & stockholders identify emerging opportunities, manage and minimize the risks, develop appropriate business models, and make wise strategies and decisions.

Key Players: AIG, Allianz Insurance, Apple Inc, Assurant, Inc., Asurion, LLC, At&T Inc., Aviva, Better Buy Insurance, Blackberry Limited, Brightstar Corp., Gadget Cover, Insurance2go, Liberty Mutual Insurance Group, O2 Mobile Insurance, Pier Insurance Managed Services, ProtectCELL, Protect your Bubble. Salt, Sunrise, Swisscom, Switched on Insurance, Tinhat, Trov, Inc.

(Please Note: The report will be updated before delivery to make sure that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)