After COVID-19 Slowdown, Device Insurance Market Likely to Rise: Report

The global insurance market for PCs, mobile phones and tablets, home entertainment devices and cameras is expected to reach $193.5 billion by 2031, up from $59.4 billion in 2021, reported Allied Market Research Monday. The research firm cited growing instances of accidental damage, phone thefts, virus infection and device malfunction as drivers, along with a higher standard of living and surge in demand for innovative multiple gadget insurance services. Growth will be offset by a decline in PC sales due to increased penetration of smartphones and tablets, the report said. The COVID-19 pandemic had a negative impact on the growth of the market due to lockdowns designed to reduce the spread of virus, the report said.