Personal Gadget insurance

Global Personal Gadget insurance Market to Reach US$47.4 Billion by 2030

The global market for Personal Gadget insurance estimated at US$27.3 Billion in the year 2024, is expected to reach US$47.4 Billion by 2030, growing at a CAGR of 9.6% over the analysis period 2024-2030. Mobile Phones & Tablets, one of the segments analyzed in the report, is expected to record a 7.9% CAGR and reach US$16.5 Billion by the end of the analysis period. Growth in the Laptops & PCs segment is estimated at 11.9% CAGR over the analysis period.

The U.S. Market is Estimated at US$7.4 Billion While China is Forecast to Grow at 12.9% CAGR

The Personal Gadget insurance market in the U.S. is estimated at US$7.4 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$9.5 Billion by the year 2030 trailing a CAGR of 12.9% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 7.1% and 8.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.5% CAGR.

Global Personal Gadget Insurance Market – Key Trends & Drivers Summarized

Why Is Personal Gadget Insurance Becoming an Essential Component of Digital Lifestyle Risk Management?

The rise of high-value consumer electronics—including smartphones, tablets, laptops, smartwatches, and wireless earbuds—has led to a surge in demand for personal gadget insurance. These devices, often used daily and carried everywhere, are vulnerable to accidental damage, loss, theft, and technical malfunctions. As gadgets become central to work, communication, health monitoring, and entertainment, consumers are increasingly seeking financial protection against unexpected repair or replacement costs. Traditional homeowner or renter insurance often provides limited coverage for portable electronics, prompting the rise of stand-alone gadget insurance policies.

The growing dependency on technology—amplified by hybrid work models, e-learning, and increased travel—has turned mobile devices into indispensable assets. For many users, the inconvenience of device downtime is just as impactful as the financial loss. Personal gadget insurance fills this gap by offering tailored coverage, fast claims processing, and doorstep service options. As digital natives and tech-savvy professionals look for seamless coverage and instant support, insurers are responding with app-based interfaces, embedded policy options, and on-demand protection for single or multiple devices.

How Are Insurtech Platforms and Customization Capabilities Reshaping Product Design and User Experience?

Digital transformation in the insurance sector is driving a wave of innovation in personal gadget protection. Insurtech firms are developing user-centric platforms that leverage artificial intelligence, behavioral analytics, and APIs to offer dynamic pricing, instant underwriting, and automated claims processing. Some platforms use smartphone diagnostics to validate device health at onboarding and post-damage, reducing fraud and improving accuracy. Policyholders can now activate coverage with a few taps, track claims in real time, and access repairs through certified service networks.

Customization is a defining trend. Users can select deductibles, coverage tiers, theft protection add-ons, and geographical limits based on their lifestyle and risk profile. “Pay-as-you-protect” and microinsurance models are allowing customers to insure devices for short durations—ideal for travelers, event attendees, and rental users. OEMs and e-commerce platforms are integrating gadget insurance at the point of sale, improving accessibility and boosting penetration rates. These innovations are turning personal gadget insurance from a reactive product into a proactive, data-driven service experience.

Which Customer Segments and Device Categories Are Driving Market Expansion Globally?

Young professionals, students, gig economy workers, and frequent travelers are the primary adopters of personal gadget insurance, as their mobile devices serve as tools for work, education, and lifestyle management. Business users, content creators, and digital nomads are also increasingly insuring expensive devices such as laptops, DSLRs, drones, and smart accessories to minimize disruptions and financial liabilities. Corporate clients are adopting bundled device insurance for employees under BYOD (bring-your-own-device) and remote working policies.

Smartphones remain the highest-insured category, followed by laptops, tablets, and smartwatches. Wearable tech, fitness trackers, and smart home devices are emerging areas of interest. Geographically, North America and Western Europe lead the market, driven by high device penetration, e-commerce maturity, and consumer awareness. Asia-Pacific is growing rapidly due to increasing smartphone adoption, online insurance distribution, and rising middle-class income. Countries like India, China, Japan, and South Korea are seeing digital-first insurance models scale significantly through fintech and telco partnerships.

What Is Powering Long-Term Growth and Strategic Differentiation in the Gadget Insurance Market?

The growth in the personal gadget insurance market is driven by rising consumer electronics dependency, frequent upgrade cycles, and the growing cost of device repair or replacement. As gadgets integrate more tightly with financial, health, and identity functions, the stakes for device security and continuity are increasing. Customers now expect rapid claim turnaround, seamless user interfaces, and omnichannel support—turning service quality into a key competitive differentiator.

Strategically, insurers are forging partnerships with device OEMs, telecom providers, e-retailers, and payment platforms to embed insurance into broader product ecosystems. Advanced risk modeling, location-based personalization, and blockchain-powered claim verification are enabling smarter underwriting and trust building. Value-added services such as data recovery, antivirus support, and extended warranties are being bundled to increase stickiness. With smart devices proliferating across consumer life and work scenarios, the demand for responsive, digitally native gadget protection solutions will continue to grow, making it a central pillar of next-generation personal insurance.

SCOPE OF STUDY:

The report analyzes the Personal Gadget insurance market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Gadget Type (Mobile Phones & Tablets, Laptops & PCs, Cameras, Gaming Systems, Other Gadget Types); Insurance Coverage (Physical Damage Insurance Coverage, Theft & Loss Protection Insurance Coverage, Internal Component Failure Insurance Coverage, Other Insurance Coverages); End-Use (Individual End-User, Corporate End-User); Distribution Channel (Online Distribution Channel, Offline Distribution Channel)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Select Competitors (Total 42 Featured) -

• AIG
• Akko
• Allianz
• Assurant
• Asurion
• AT&T
• Bajaj Allianz General Insurance
• Bolttech
• Chubb
• Likewize
• OneAssist Consumer Solutions
• Progressive Casualty Insurance
• SquareTrade
• Starr Insurance Companies
• Switched On Insurance
• Trusted Insurances
• Virgin Money
• Vodafone
• Worth Ave. Group
• Zurich Insurance Group

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