Mobile Phone Insurance Market By Coverage Type (Accidental Damage, Theft, and Others), By Policy Structure (Comprehensive Policies and Others), By Device Type, By Price Tier, By Operating System (Android, iOS, and Others), By Policy Type (Bundled Policies and Others), By Policy Duration (Monthly Policies, Annual Policies, and Others), By Distribution Channel (Device OEMs, and Others), and By End User (Individual Consumers and Others): Global Opportunity Analysis & Industry Forecast, 2026–2035
Industry: BFSI | Lastest Edition: July 30, 2026 | No of Pages: 427 | No. of Tables: 527 | No. of Figures: 517 | Format: PDF | Report Code : BF592
Market Overview
The global Mobile Phone Insurance (MPI) Market size was valued at USD 38.69 billion in 2023, and is predicted to reach USD 76.36 billion by 2030, with a CAGR of 12.0% from 2024 to 2030.
Mobile phone insurance (MPI) is a form of policy that provides coverage for replacement and repair costs of different smartphone brands. It is a form of insurance policy that provides protection against a variety of risks and damages to phones.
MPI covers insurance for theft and loss protection, physical damage, and internal component failure. This insurance plan works similar to any other plan such as crop insurance, life insurance, car insurance, and health insurance where customers pay a premium for their coverage to safeguard their products for a period of 6 months to 1 year or more.
Mobile phone insurance is different from mobile phone warranty as it covers any damage that results from an accident or unforeseen incidents. The damages and risks covered under the mobile phone insurance policies are both internal and external.
Surge in Adoption of High-Quality Smartphones Across the Globe
Increase in the use of smartphones by consumers to store private information and conduct online transactions has increased the need to protect mobile devices from physical and technological harm, which has raised awareness regarding the need for mobile insurance across the globe. Smartphones have delicate display that is easily damaged within a short amount of time after purchase, which has prompted customers to get mobile phone insurance.
In addition, increase in the cost of smartphones, owing to their advanced features such as storage capacity, battery backup, and HD camera quality are also convincing consumers to opt for mobile phone insurance policies.
Rise in Incidents of Accidental Damage and Phone Thefts Across the Globe
Growth in incidences of mechanical breakdown, accidental damage of phones or malicious & liquid damage, theft, and unauthorized usage, creates opportunities for insurance companies to invest and develop such products that have limited proliferation, high coverage, and provide financial security in the form of newly refurbished phones. Accidents involving unintentional handling damage and loss of protection have increased over the past few years, which has increased the demand for mobile phone insurance.
High Premium Packages
The rise in insurance costs, especially for premium mobiles, hinders the mobile phone insurance market growth. In addition, a lack of awareness among individuals regarding the types of insurance is expected to restrain the market growth.
Introduction of Artificial Intelligence (AI)
Growing advancements in technologies in mobile insurance such as artificial intelligence that delivers human-like interactions making it easier for customers to interact with some of the complex insurance processes and technology are expected to propel the MPI industry growth.
Asia-Pacific is Projected to Hold the Largest Market
The smartphone insurance market in this region is experiencing growth driven by initiatives from device protection plan service providers, aimed at simplifying the claiming process for customers. A notable example is Finger Motion, Inc.'s introduction of mobile device protection products in China in July 2022. These products offer a three-tier protection plan, encompassing trade-in options, coverage for accidental screen damage, and protection against mechanical breakdown.
Both new and existing members have the option to acquire these comprehensive device protection packages. Additionally, the rise in mobile theft cases within the region has prompted individuals to opt for cellphone insurance plans, providing coverage for both premium and budget phones to mitigate potential financial losses.
For instance, in 2021, Mumbai, India, recorded 48,856 instances of mobile phones being lost or stolen, indicating an average daily loss or theft of 134 phones. This surge in incidents has heightened the awareness and adoption of cell phone insurance plans as a safeguard against unforeseen financial setbacks.
North America Witnessed Substantial Growth in the Market
The presence of mobile phone manufacturers including Apple Inc., that focuses on unlimited battery replacement and three claims protection for loss, theft, and physical damage propels the market growth. For instance, Apple Inc’s AppleCare+ provides a warranty of one year and 90 days of technical support with the option to purchase plans for longer service periods.
In addition, the cell phone insurance market growth is driven by the growing purchase of high-quality smartphones, increasing cases of accidental damage, phone theft, and gadget failure. For instance, in September 2022, Statista Research Apple held the largest share of the smartphone operating systems market in the U.S. and its sales tend to stand at 23.4% in the fourth quarter of 2021, which, in turn, increased the necessity of mobile insurance plans for safeguarding smartphones.
Competitive Landscape
The mobile phone insurance market includes various players such as Assurant, Inc.,Allianz SE,Chubb Limited,American International Group, Inc. (AIG),Continental Casualty Company,AXA SA,Zurich Insurance Group Ltd,Tokio Marine,Mysurance (Sompo Japan),AmTrust Financial Services, Inc.,bolttech Insurance,Wakam,Liberty Mutual Group,ACKO General Insurance Limited,Go Digit General Insurance Limited,QBE Insurance Group Limited,Santam Limited,Allstate Corporation,HL Assurance,Great Lakes Insurance SE. These market players are adopting various strategies including product launches and partnerships to increase their market presence.
For instance, in September 2022, Assurant Inc, announced a multiyear extension of its long-standing partnership with T-Mobile to continue providing comprehensive mobile device protection solutions. In addition, in November 2021, Asurion launched mobile smartphone insurance in Australia, which includes repair, replace, restore, and resolve insurance.
Mobile Phone Insurance Market Key Segments
By Coverage Type
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Accidental Damage
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Theft
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Loss
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Mechanical Failure
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Electrical Failure
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Extended Warranty
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Cyber Protection
By Policy Structure
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Comprehensive Policies
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Named Peril Policies
By Device Type
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New Devices
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Refurbished Devices
By Price Tier
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Low Priced Devices
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Mid Priced Devices
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Premium Devices
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Operating System
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Android
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iOS
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Other Operating Systems
By Policy Type
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Bundled Policies
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Standalone Policies
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By Policy Duration
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Monthly Policies
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Annual Policies
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Multi Year Policies
By Distribution Channel
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Mobile Network Operators
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Device OEMs
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Retailers
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Offline Retail
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Online Retail
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Insurance Companies
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Digital Insurance Aggregators
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Financial Institutions
By End User
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Individual Consumers
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Business Consumers
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Small and Medium Enterprises
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Large Enterprises
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By Region
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North America
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U.S
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Canada
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Mexico
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Europe
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Germany
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UK
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France
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Spain
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Italy
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Netherlands
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Denmark
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Finland
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Norway
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Sweden
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Russia
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Rest of Europe
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Asia-Pacific
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Australia
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China
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India
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Japan
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South Korea
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Indonesia
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Singapore
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Taiwan
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Thailand
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Rest of Asia-Pacific
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RoW
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Latin America
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Middle East
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Africa
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Key Players
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Assurant, Inc.
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Allianz SE
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Chubb Limited
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American International Group, Inc. (AIG)
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Continental Casualty Company
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AXA SA
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Zurich Insurance Group Ltd
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Tokio Marine
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Mysurance (Sompo Japan)
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AmTrust Financial Services, Inc.
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bolttech Insurance
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Wakam
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Liberty Mutual Group
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ACKO General Insurance Limited
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Go Digit General Insurance Limited
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QBE Insurance Group Limited
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Santam Limited
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Allstate Corporation
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HL Assurance
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Great Lakes Insurance SE
Report Scope and Segmentation
|
Parameters |
Details |
|
Market Size in 2023 |
USD 38.69 Billion |
|
Revenue Forecast in 2030 |
USD 76.36 Billion |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Billion (USD) |
|
Growth Factors |
Surge in adoption of high-quality smartphone across the globe Rise in Incidents of Accidental Damage and Phone Thefts Across the Globe |
|
Countries Covered |
26 |
|
Companies Profiled |
20 |
|
Market Share |
Available for 10 companies |
|
Customization Scope |
Free customization (equivalent up to 80 analysts working hours) after purchase. Addition or alteration to country, regional & segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
About the Author
Jayanta Das is a senior research analyst delivering high-impact market intelligence across global markets. He leads comprehensive studies covering market assessment, forecasting, competitive evaluation, regulatory review, and trend analysis. Known for his structured and methodical approach, Jayanta excels at converting complex datasets into clear, decision-ready insights for leadership teams. His work supports strategic planning through credible sourcing, analytical precision, strong validation frameworks, and well-structured, business-focused reporting that enables confident decision-making.
About the Reviewer
Supradip Baul is an accomplished business consultant and strategist with over a decade of rich experience in market intelligence, strategy, technology, and business transformation. His work has included rigorous qualitative and quantitative analysis across multiple industries, helping clients shape investment decisions and long-term roadmaps. Earlier in his career, he was associated with Gartner, where he contributed to industry-leading reports and market share analyses. He has worked with leading global companies and holds an MBA with a dual specialization in Marketing and Finance.
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