According to the latest report by IMARC Group, titled, “GCC Mobile Phone Insurance Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026“, the GCC mobile phone insurance market is expected to continue its strong growth during the forecast period (2021-2026).
Mobile phone insurance refers to the financial assistance given to smartphone users against any losses or expenses incurred due to theft or uncertain damages. It generally provides coverage for accidental damage, water damage, cracked screens, broken buttons, malicious damage, manufacturing defects, high repair costs, etc. Currently, various insurance companies operating in the GCC region are offering multi-device coverage, insuring the mobile phones of a family under a single policy.
The rising incidents of thefts, device malfunction, and accidental damage are primarily driving the GCC mobile phone insurance market. Moreover, several regional players are adopting business intelligence (BI) tools to analyze consumer buying behaviors and gain insights into the latest trends. They are also utilizing the direct-to-consumer assistance model and collaborating with telecommunication operators to offer innovative insurance schemes. Furthermore, the elevating costs of smartphones are also encouraging consumers to invest in mobile phone coverage policies. Apart from this, the growing adoption of digital solutions due to the spread of coronavirus disease (COVID-19) has resulted in the increased usage of online insurance portals as they minimize human interaction and provide 24×7 services. This, in turn, is anticipated to further bolster the demand for mobile phone insurance in the GCC region over the forecasted period.
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Breakup by Phone Type:
- New Phone
Breakup by Coverage:
- Physical Damage
- Electronic Damage
- Virus Protection
- Data Protection
- Theft Protection
Breakup by Distribution Channel:
- Mobile Operators
- Device OEMs
Breakup by End User:
Breakup by Country:
- Saudi Arabia
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For more information about this report visit: https://www.imarcgroup.com/gcc-mobile-phone-insurance-market
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