Mobile device insurance market in the U.S. poised for growth

mobile commerce insurance industry

Advanced mobile technology becoming a popular candidate for insurance protection

Mobile technology is growing at a rapid pace around the world. More mobile devices, such as smart phones and tablets, are finding their way into the hands of consumers, especially in the U.S., home of some of the largest mobile technology developers in the world. As mobile devices become more advanced, consumers are beginning to see the potential risks in these devices becoming damaged or stolen. As such, the mobile phone insurance market has experienced more growth as consumers demand protection for their gadgets.

Survey shows that consumers plans to purchase insurance policies for their mobile devicesmobile commerce insurance industry

A new survey from iGR, a market strategy consultancy firm focused on the mobile communications industry, shows that U.S. consumers are clamoring for insurance protection for their mobile devices. This demand has had an impact on the mobile device insurance market, with many insurance companies beginning to release policies concerning such protection. iGR notes that out of the 1,000 consumers surveyed, only 27% claimed to have insurance policies for their current mobile devices. The majority of respondents, however, claimed that they had plans to purchase insurance policies for either their current or future mobile devices.

Mobile device insurance market expected to grow by 31% in 2016

iGR suggests that the amount of mobile devices that are sold with insurance policies will increase by 31% in 2016. These policies are expected to protect these devices from damage and theft. The growth of the mobile device insurance market is also predicted to grow more quickly as NFC-enabled mobile devices become more widely available. These devices are designed to contain a consumer’s financial information so they may make mobile transactions for goods or services.

Insurance policies expected to change as new risks emerge

The mobile device insurance market in the U.S. is poised for steady growth beyond 2016, though it is currently unknown how insurers will respond to more advanced technologies being released in the coming years. Insurance policies are expected to change as new risks emerge, mimicking the evolution seen in the insurance policies offered in different sectors, such as home and auto insurance.

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