UK Electronic Gadgets Insurance Market Size (2024 - 2029)

The UK electronic gadgets insurance market is experiencing growth driven by increased demand for coverage of high-value devices such as computers, mobile phones, and tablets, which became essential during the COVID-19 lockdowns. The market's expansion is fueled by the need to protect against risks like accidental damage, theft, and liquid damage, as consumers invest in expensive gadgets for remote work and education. This trend is expected to continue, with insurance providers offering more policies to accommodate the rising number of insured devices, thereby enhancing the market size.

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Market Size of UK Electronic Gadgets Insurance Industry

UK Electronic Gadgets Insurance Market Size
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 10.00 %
Market Concentration Medium

Major Players

UK Electronic Gadgets Insurance Market Major Players

*Disclaimer: Major Players sorted in no particular order

UK Electronic Gadgets Insurance Market Analysis

Due to lockdown restrictions in many areas in the UK during the COVID-19 outbreak, people were compelled to stay indoors and instructed to complete all their office work online. The working class and students were educated online, prompting them to acquire pricey equipment such as computers, mobile devices, and tablets to improve the quality of their experience, boosting the market growth.

Electronic Gadget insurance covers various gadgets' accidental damage, liquid or water damage, theft, burglary, and fire damage. This insurance covers cell phones, laptops, digital cameras, and other electronic devices. Furthermore, when a customer's gadget is stolen, damaged, or lost, insurance providers pay them. However, the amount varies by coverage. After depreciation, the client gets paid for the residual value in the case of total loss or theft. With the surge in the purchase of pricey devices like consumers purchasing Drones for agriculture and after applying for work from home in many firms during COVID-19 in the UK, gadget insurance businesses are seeing increased traction, with a quick increase in the number of policies offered, which is projected to drive the UK electronic gadget insurance industry forward shortly.

UK Electronic Gadgets Insurance Industry Segmentation

Electronic Gadget insurance covers various gadgets' accidental damage, liquid or water damage, theft, burglary, and fire damage. This insurance covers cell phones, laptops, digital cameras, and other electronic devices. Furthermore, when a customer's gadget is stolen, damaged, or lost, insurance providers pay them. However, the amount varies by coverage. UK Electronic Gadgets Insurance Market segmented by Coverage Type (Physical Damage, Electronic Damage, Data Protection, Virus Protection, and Theft Protection), Device Type (Laptops, Computers, Cameras, Mobile Devices, and Tablets), and End User (Corporate and Individual).

By Coverage Type
Accidental Damage
Theft and Loss
By Device Type
Laptops
Computers
Cameras
Mobile Devices
Drones
By End Users
Corporate
Individual
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UK Electronic Gadgets Insurance Market Size Summary

The UK electronic gadgets insurance market is experiencing significant growth, driven by the increased demand for electronic devices during the COVID-19 pandemic. As lockdowns forced individuals to work and study from home, there was a surge in the purchase of high-value gadgets such as computers, mobile devices, and tablets. This trend has led to a heightened need for insurance coverage to protect against accidental damage, theft, and other risks associated with these devices. The market is characterized by a diverse range of insurance products that cater to various electronic devices, including smartphones, laptops, and digital cameras. The rise in gadget purchases, including drones for agriculture, has further fueled the demand for insurance policies, contributing to the market's expansion.

The digital transformation across industries has been accelerated by the pandemic, increasing the reliance on electronic devices and, consequently, the need for insurance coverage. As more sectors embrace digitalization, the demand for gadgets is expected to rise, driving the growth of the electronic gadgets insurance market in the UK. Key players in the market are focusing on technological advancements and product innovation to enhance their offerings and expand their market presence. Companies like Axa, Aviva Insurance, and Assurant are actively involved in this evolving landscape, with initiatives aimed at improving device longevity and exploring innovative solutions such as blockchain for payment protection. The market's trajectory is supported by the growing awareness of the importance of insuring high-value electronic devices amidst increasing consumer adoption of refurbished products.

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UK Electronic Gadgets Insurance Market Size - Table of Contents

  1. 1. MARKET DYNAMICS AND INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Insights on Various Regulatory Trends

    5. 1.5 Insights on impact of technology and innovation

    6. 1.6 Industry Attractiveness - Porters' Five Forces Analysis

      1. 1.6.1 Threat of New Entrants

      2. 1.6.2 Bargaining Power of Buyers

      3. 1.6.3 Bargaining Power of Suppliers

      4. 1.6.4 Threat of Substitutes

      5. 1.6.5 Intensity of Competitive Rivalry

    7. 1.7 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Coverage Type

      1. 2.1.1 Accidental Damage

      2. 2.1.2 Theft and Loss

    2. 2.2 By Device Type

      1. 2.2.1 Laptops

      2. 2.2.2 Computers

      3. 2.2.3 Cameras

      4. 2.2.4 Mobile Devices

      5. 2.2.5 Drones

    3. 2.3 By End Users

      1. 2.3.1 Corporate

      2. 2.3.2 Individual

UK Electronic Gadgets Insurance Market Size FAQs

The UK Electronic Gadgets Insurance Market is projected to register a CAGR of greater than 10% during the forecast period (2024-2029)

Axa (Inter Partner Assistance SA), Aviva Insurance Ltd, Assurant General Insurance Limited, AmTrust Europe Limited and American International Group UK Limited are the major companies operating in the UK Electronic Gadgets Insurance Market.

UK Electronic Gadgets Insurance Report Snapshots

UK Electronic Gadgets Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)