Market Size of UK Electronic Gadgets Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 10.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
UK Electronic Gadgets Insurance Market Analysis
Due to lockdown restrictions in many areas in the UK during the COVID-19 outbreak, people were compelled to stay indoors and instructed to complete all their office work online. The working class and students were educated online, prompting them to acquire pricey equipment such as computers, mobile devices, and tablets to improve the quality of their experience, boosting the market growth.
Electronic Gadget insurance covers various gadgets' accidental damage, liquid or water damage, theft, burglary, and fire damage. This insurance covers cell phones, laptops, digital cameras, and other electronic devices. Furthermore, when a customer's gadget is stolen, damaged, or lost, insurance providers pay them. However, the amount varies by coverage. After depreciation, the client gets paid for the residual value in the case of total loss or theft. With the surge in the purchase of pricey devices like consumers purchasing Drones for agriculture and after applying for work from home in many firms during COVID-19 in the UK, gadget insurance businesses are seeing increased traction, with a quick increase in the number of policies offered, which is projected to drive the UK electronic gadget insurance industry forward shortly.
