A new report from research firm Research and Markets forecasts the mobile phone insurance market as earning $20 billion in revenues worldwide this year.
Over the next four years, this market is expected to grow annually by 12%, eventually achieving $30 billion revenues by 2020.
The report is based on a forecast of market trends for this insurance segment from 2016-2030. The forecasts look into five regional segments and 25 country level markets, including the UK, US, Australia, Brazil, France, Germany and India.
Also according to the report, the mobile phone industry is bringing providers from diverse industries to the insurance sector, with wireless carriers, insurance specialists, device original enterprise manufacturers (OEMs), and even banks providing coverage for theft, loss, malfunctions, and damage of mobile phones.
This market segment is also crossing over to Insurtech as policies are increasingly providing technical support, and additional protection features, such as secure online data backup.
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