Asia-Pacific Mobile Insurance Market : Global Demand Analysis & Opportunity Outlook 2023

Asia-Pacific Mobile Insurance Market Overview

With the increasing prevalence of expensive household goods, cars and consumer electronics, insurance has become an unavoidable and often necessary cost in modern life. Most insurance specialists and even banks now offer insurance plans that cover theft, loss, malfunctions and damage of mobile phones. Many policies now also integrate enhanced technical support and additional protection features such as data backup facilities, allowing users to securely backup their phone data online. Mobile phones and smartphones in particular are also included in this. Asia Pacific mobile insurance market has grown at a rapid pace over the past few years and is anticipated to expand at a robust CAGR throughout the forecast period.

Market Size and Forecast

Asia-Pacific mobile insurance market was valued at USD 7.8 Billion in 2016 and is expected to reach to USD 17.6 Billion by the end of year 2023. The market is further expected to expand at a robust CAGR over the period 2016-2023. With such a significant growth, Asia Pacific region will be the largest region for the mobile phone insurance market in near future. India, China, Japan & Singapore are being potential regions for this market due to a continuous increase in personal disposable income in the Asia-Pacific region.

Market Segmentation

Our in depth analysis of the Asia Pacific insurance market is segmented on the following basis:

By Risk Covered:

• Accidental Damage
• Theft
• Liquid Damage
• Breakdown
• Worldwide Cover

By Region

• India
• China
• Japan
• Singapore
• South Korea
• Australia
• New Zealand
• Rest of Asia Pacific

Growth Drivers and Challenges

The growth of Asia-Pacific mobile insurance market will be driven by the social media websites which will provide the effective platform to broaden the communication and marketing channels that are needed for launching new products and services. As a result, insurance providers will develop and deploy effective social media strategies in order to collect customer feedback, resolve queries in real-time, and provide product updates. Further, as the number of the consumers purchasing the insurance is increasing, Asia Pacific will present significant opportunities to the insurers resulting in the growth of the Asia Pacific mobile insurance market. Moreover, the market has also expanded due to the increase in the number of the mobile phones being purchased by the consumers and subsequently the rate at which they are purchased with warranties or extended warranties.  Since Asia- Pacific is a region consists of the different countries, the rate of economic development and insurance penetration vary on a market to market basis. Mature markets, for example are more saturated which act as a restraint to the mobile insurance market.

Key players

• HL Assurance
  • Company Overview
  • Key Product Offerings
  • Business Strategy
  • SWOT Analysis
  • Financials
• SoftBank
• NTT DoCoMo
• Syska Gadget Secure
• AppsDaily
• SyncNScan
• New India Insurance
• Vodafone Australia
• Optus
• Virgin Mobile Australia

Scope and Context

Overview of the Parent Market

Analyst View

Segmentation

The Asia Pacific insurance market is segmented as follows:

By Region

• India
• China
• Japan
• Singapore
• South Korea
• Australia
• New Zealand
• Rest of Asia Pacific

Market Dynamics

Supply and Demand Risk

Competitive Landscape

Porter’s Five Force Model

Geographical Economic Activity

Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio

Recent Trends and Developments

Industry Growth Drivers and Challenges

Key Information for Players to establish themselves in current dynamic environment