A smartphone user might receive financial protection against unforeseen losses with mobile phone insurance. It often covers theft, loss, water damage, water-related accessories damage, malicious damage, cracked screens, and mechanical failure. Multi-device coverage, which covers all of the family’s mobile phones under a single policy, is currently available from a number of insurance providers operating in Europe.
According to SPER market research, ‘Europe Mobile Phone Insurance Market Size- By Phone Type, By Coverage, By Distribution Channel, By End User – Regional Outlook, Competitive Strategies and Segment Forecast to 2033 ’state that Europe Mobile Phone Insurance Market is predicted to reach USD XX billion by 2033 with a CAGR of XX%.
One of the main drivers of the market expansion in Europe is the rising number of thefts, accidental damage, malfunctions, and virus infections of smartphones, as well as customers’ increased concern for protecting their devices. In addition, major players are using business intelligence (BI) tools to track customer purchasing patterns and learn about the newest developments. Additionally, they are working with telecom companies to provide creative insurance plans at the time of mobile phone purchase. To further enhance customer service, a number of businesses are employing the direct-to-consumer assistance model. In addition, as digital solutions become more widely used, online insurance portals are becoming more popular since they offer round-the-clock services and save time, which is expected to drive market expansion.
Consumers find it challenging to choose the right claim procedures due to the intricacies of the terms and conditions, which is predicted to impede the growth of the market. Due to the fixed premium and coverage quantity offered by certain market participants, buyers are reluctant to purchase such policies. Notwithstanding the type of damages insured, many policies also require consumers to pay astronomical premium sums for damage repair. Insurance companies have, however, been trying to address these problems and have launched policies with different monthly premium rates in recent years. In accordance with client needs, they also provide coverage. It is anticipated that customers worldwide would embrace mobile insurance policies more as a result of the terms and conditions and claim processes being made simpler.
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The coronavirus pandemic has a big effect on the market for mobile phone insurance since it has caused travel bans in a number of countries, policyholders are requesting more coverage for their phones through claims, and market conditions are changing. As a result, insurers have decided to stop offering new mobile phone insurance policies to consumers. Despite the COVID-19 pandemic’s detrimental effects on market expansion. This is ascribed to the rise in government initiatives and assistance for the insurance sector as well as the rise in consumer purchasing power for mobile phone insurance.
Impact of COVID-19 on Europe Mobile Phone Insurance Market
In terms of geography, France leads the European mobile phone insurance industry. The insurance industry in the country is among the most developed worldwide. Mobile phone insurance is predicted to grow at a steady rate in France as consumers become more conscious of insurance coverage. In France, mobile network providers and insurance firms are extending their coverage beyond cell phones to cover PCs and tablets.
Europe Mobile Phone Insurance Market Key Players:
Additionally, the key market players are Allianz SE, Apple Inc., Pier Insurance Managed Services Ltd., Others.
Europe Mobile Phone Insurance Market Segmentation:
By Phone Type: Based on the Phone Type, Europe Mobile Phone Insurance Market is segmented as; New Phone, Refurbished.
By Coverage: Based on the Coverage, Europe Mobile Phone Insurance Market is segmented as; Data Protection, Electronic Damage, Physical Damage, Theft Protection, Virus Protection.
By Distribution Channel: Based on the Distribution Channel, Europe Mobile Phone Insurance Market is segmented as; Device OEMs, Mobile Operators, Online, Retailers, Others.
By End User: Based on the End User, Europe Mobile Phone Insurance Market is segmented as; Corporate, Personal.
By Region: Based on the Region, Europe Mobile Phone Insurance Market is segmented as France, Germany, Italy, Spain, U.K., Others.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
Europe Mobile Phone Insurance Market Future Scope
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