India Electronic Gadget Insurance Market Size

India Electronic Gadget Insurance Market Analysis

During COVID-19, demand for various types of gadgets has been growing exponentially. The majority of the growth contributed to the increased demand for gadgets is attributed to the COVID-19 pandemic. The demand for smartphones and laptops witnessed a sharp rise, which, in turn, positively impacted the growth of the market because activities were operated online. Since the majority of the population are staying home, most of them have started to explore their interests. For instance, many people pursued photography as one of their interests during this lockdown period, and thus the demand for professional cameras gradually increased.

Over eight-in-ten consumers own a mobile phone and over eight-in-ten own electronic gadgets like computers, digital cameras, tablets, games consoles, e-readers, and smartwatches in India, only 16% of consumers who own mobile for personal use own insurance and 7% of gadget owners have gadget insurance. Therefore, there is ample potential to expand the market, although past attempts have clearly not driven penetration to high levels. Most mobile phone and gadget insurance policyholders own a standalone policy, and most policyholders pay for their cover on a monthly basis. However, just under half own insurance cover which is bundled with other financial products (mostly packaged bank accounts for mobile cover and other insurances - most likely home insurance - for gadget cover).