Over 12 million people own mobile phone insurance
20 May 2021
24% of mobile phone owners have insurance cover
IRN Research estimates that in 2021 around 12.1 million adults were covered by mobile phone insurance and 5.7 million by gadget insurance. Between 2012 and 2021, the number of people owning mobile insurance increased by 21%, with the rate of growth slowing in recent years as ownership of mobiles reaches saturation levels. These findings come from the IRN Research Report Mobile Phone & Gadget Insurance Consumer Research Report 2021.
While 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 smart watches, only 24% of consumers who own a mobile for personal use own insurance and 11% 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.
About the mobile phone and gadget insurance report
This report examines the motivations, experiences and opinions of UK consumers who own mobile phone and/or gadget insurance. It identifies and analyses consumer attitudes towards mobile phone and gadget insurance, looks at the claims experience of policyholders, and investigates why they choose one route to purchase over another. In addition, it explores how price sensitivity is impacting the market. Similar research was run in 2019 for mobile phone customers and the report compares and contrasts findings for mobile phone insurance between 2019 and 2021.
For this report, IRN Research commissioned research from MIS Group’s UK panel. The research was structured so that 2,002 nationally representative consumers aged 18+ were asked if they owned an insurance policy. This generated 457 individuals who stated that they owned a mobile phone insurance policy and 215 who owned gadget insurance. Similar research in 2019 generated responses from 462 individuals who owned mobile phone insurance.