As per a report by consulting firm RedSeer, India’s smartphone insurance market is expected to grow at a CAGR of 29% to touch $500 million (about Rs 3,678 crore) by 2025.

The insurance products are offered as an optional add-on while purchasing a new smartphone at the point of sale. Also, customers can buy these products separately as well from the various smartphone insurance providers.

The report stated,

“India’s smartphone insurance market of about $140 million (about Rs 1,030 crore) is expected to grow over 3.5x to reach about $500 million by 2025 a CAGR of about 29%.”

78 million new users will be added per year by the end of 2025, and the smartphone user base is expected to reach close to one billion, as per the report.

The mobile insurance products have gained popularity in the market over the last few years as it protects smartphone owners from the burden of extra costs like device malfunctions, damage, loss, and theft.

Talking about smartphone insurance growth, Abhishek Chauhan, RedSeer Consulting Head India Consulting, said,

“Smartphone insurance is truly evolving as a great opportunity for the Indian general insurance industry, with India on the path to become the largest smartphone market in the world, and the customer getting increasingly aware of the benefits of owning a smartphone insurance.”

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