GCC Mobile Phone Insurance Market

Market Overview:

The GCC mobile phone insurance market size reached US$ 548.8 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,143.3 Million by 2032, exhibiting a growth rate (CAGR) of 8.24% during 2024-2032.

Mobile phone insurance provides reimbursement to the cell phone user against financial losses, which are beyond the control of the insured party. It usually offers coverage against theft, accidental damage, water damage, high repair cost, cracked screens and other broken parts. At present, due to the increasing sales of smartphones and the rising instances of robbery, mobile phone insurance is gaining traction in different parts of the GCC region.

The increasing utilization of smartphones, along with the growing focus of individuals on safeguarding their mobile devices, represents one of the major factors escalating the demand for mobile phone insurance in the GCC region. Moreover, the emergence of multichannel interaction and direct-to-consumer insurance assistance is bolstering the market growth. Apart from this, leading insurance providers are focusing on online insurance platforms and offering a paper-free process from purchase to claims of the policy. They are also providing mobile data and virus protection plans, which is anticipated to propel the market growth in the coming years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the GCC mobile phone insurance market report, along with forecasts at the regional and country levels from 2024-2032. Our report has categorized the market based on phone type, coverage, distribution channel and end user.

Breakup by Phone Type:

• New Phone
• Refurbished
   

Breakup by Coverage:

• Physical Damage
• Electronic Damage
• Virus Protection
• Data Protection
• Theft Protection
   

Breakup by Distribution Channel:

• Mobile Operators
• Device OEMs
• Retailers
• Online
• Others
   

Breakup by End User:

• Corporate
• Personal
   

Breakup by Country:

• Saudi Arabia
• UAE
• Qatar
• Oman
• Kuwait
• Bahrain
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Report Coverage:

Key Questions Answered in This Report:

• How has the GCC mobile phone insurance market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the GCC mobile phone insurance market?
• What are the key regional markets?
• What is the breakup of the market based on the phone type?
• What is the breakup of the market based on the coverage?
• What is the breakup of the market based on the distribution channel?
• What is the breakup of the market based on the end user?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the GCC mobile phone insurance market and who are the key players?
• What is the degree of competition in the industry?