Global Liquid Damage Insurance Market Forecasted to Grow Steadily at 11.8% CAGR Between 2025 and 2029
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What Is the Forecasted Market Size of the Liquid Damage Insurance Market by 2029?
The liquid damage insurance market size has grown rapidly in recent years. It will grow from $11.08 billion in 2024 to $12.37 billion in 2025 at a compound annual growth rate (CAGR) of 11.7%. 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 $19.31 billion in 2029 at a compound annual growth rate (CAGR) of 11.8%. 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.
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What Are the Major Growth Drivers for 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.
Which Key Segments Are Included in the Liquid Damage Insurance Market Analysis?
The liquid damage insurancemarket 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
What Are the Most Prominent Trends Impacting the Liquid Damage Insurance Market?
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 Leading Market Participants in the Liquid Damage Insurance Market?
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.
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Which Regions Are Driving the Highest Demand in the Liquid Damage Insurance Market?
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.
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