This report is designed for companies and decision-makers seeking actionable insights on market size, growth, trends, and competitive strategies to drive expansion and success in the Liquid Damage Insurance industry.
What is the current market size of the liquid damage insurance industry, and what growth rate is it expected to achieve?
The liquid damage insurance market size has grown rapidly in recent years. It will grow from $11.08 billion in 2024 to $12.42 billion in 2025 at a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to the rise in smartphone adoption, the increase in accidental liquid damage incidents, the growth in consumer awareness about device protection, the rise in demand for extended warranties, and the increase in the cost of repairing liquid-damaged devices.
The liquid damage insurance market size is expected to see rapid growth in the next few years. It will grow to $19.50 billion in 2029 at a compound annual growth rate (CAGR) of 11.9%. The growth in the forecast period can be attributed to the growing adoption of IoT devices, increasing penetration of smartphones, increasing number of liquid damage claims, rising urbanization and disposable incomes, and rising electronics market. Major trends in the forecast period include technological advancements, integration of AI for predictive analytics, adoption of blockchain for transparent claims, integration of telematics for device monitoring, and integration of subscription-based insurance models.
Download Your Free Sample PDF:
https://www.thebusinessresearchcompany.com/sample.aspx?id=22037&type=smp
What are the major drivers contributing to the growth of the liquid damage insurance market?
The increasing reliance on electronic devices is expected to propel the growth of the liquid damage insurance market going forward. Electronic devices refer to any devices or machines that use electricity to perform specific tasks or functions. The increasing reliance on electronic devices is due to their ability to enhance productivity, and facilitate instant communication making them essential in both personal and professional life. Liquid damage insurance helps to protect electronic devices by covering the cost of repairs or replacement when devices are damaged due to exposure to liquids. For instance, according to the Mobility Report of Ericsson, a Sweden-based telecommunications company, in 2024, global smartphone subscriptions reached 7,160 million units, up from 6,930 million units in 2023. Therefore, the increasing reliance on electronic devices is driving the growth of the liquid damage insurance market.
What are the major market segments driving the growth of the liquid damage insurance industry?
The liquid damage insurance market covered in this report is segmented –
1) By Policy Duration: Monthly, Annual, Multi-Year
2) By Claim Process: Instant Claim Processing, Traditional Claim Processing, Third-Party Claim Handling
3) By Target Customer: Individuals, Small Businesses, Large Corporations
4) By Distribution Channel: Direct Sales, Online Platforms, Retail Partnerships
Subsegments:
1) By Monthly: Basic Liquid Damage Coverage, Standard Liquid Damage Coverage, Premium Liquid Damage Coverage
2) By Annual: Essential Annual Coverage, Comprehensive Annual Coverage, Customizable Annual Coverage
3) By Multi-Year: 2-Year Fixed Coverage, 3-Year Fixed Coverage, Customized Multi-Year Coverage
View The Full Market Report:
https://www.thebusinessresearchcompany.com/report/liquid-damage-insurance-global-market-report
What are the most notable trends influencing investment in the liquid damage insurance sector?
Major companies operating in the liquid damage insurance market are focusing on implementing innovative programmes such as all-in-one protection programme to provide comprehensive coverage for liquid damage, device repairs, and replacements under a single plan. An all-in-one protection program is a comprehensive security or risk management solution that integrates multiple protective measures into a single package. These programs are commonly used in cybersecurity, insurance, financial services, and physical security to provide holistic protection against various threats. For instance, in March 2023, Aeon Co. (M), a Malaysia-based retail brand, partnered with Bolttech Management Limited, a Singapore-based insurance company, launched Aeon Safeguard. It provides insurance coverage and support services for mobile devices and home appliances purchased at AEON stores. The insurance, underwritten by tune insurance malaysia berhad, covers accidental and liquid damage, as well as an extended warranty for insured devices.
Who are the key market players contributing to the growth of the liquid damage insurance industry?
Major companies operating in the liquid damage insurance market are Progressive Casualty Insurance Company, The Chubb Corporation, American International Group Inc., Singapore Telecommunications Limited, Assurant Inc., Allianz Partners, Asurion LLC, HL Assurance, Bajaj Allianz Life Insurance Co. Ltd., Bolttech Management Limited, SquareTrade Inc., AmTrust Financial, OneAssist Consumer Solutions Pvt. Ltd., Gadget Cover, Securranty, Insurance2go, Worth Ave. Group, AT&T Intellectual Property, O2 Insurance, Brightstar Corp.
Which regions are leading the growth of the liquid damage insurance market globally?
North America was the largest region in the liquid damage insurance market in 2024. The regions covered in the liquid damage insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
How Can Companies Use The Liquid Damage Insurance Market Report to Drive Business Results?
This report provides actionable insights tailored for business use—not academic analysis. Companies can leverage the data to:
• Time market entry or expansion using growth forecasts and CAGR trends.
• Develop competitive products by tracking key technology shifts and user preferences.
• Tailor regional strategies with in-depth geographic data and local market dynamics.
• Benchmark and plan partnerships using competitive landscape insights.
Purchase The Report And Get A Swift Delivery:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=22037
Need Customized Data On Liquid Damage Insurance Market?
For companies needing more tailored intelligence, The Business Research Company offers customized consulting and data services. Whether you’re entering new regions, launching innovative products, or assessing M&A opportunities, our experts can develop actionable insights specific to your business objectives.
Request Customized Data:
https://www.thebusinessresearchcompany.com/customise?id=22037&type=smp
About The Business Research Company:
With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead.
Our flagship product, the Global Market Model, is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making.
Contact Us:
The Business Research Company
https://thebusinessresearchcompany.com/
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company