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Global Telecommunication Insurance Market Outlook Forecast 2024 - 2033

5 Dec, 2024

What Is The Definition Of The Global Telecommunication Insurance Market?

Telecommunication insurance is a specialized type of coverage designed to protect companies within the telecommunications industry from various risks and liabilities. This insurance can encompass various aspects of the telecom business, including equipment, network infrastructure, cyber risks, and operational liabilities.

Telecommunication Insurance Global Market Report 2024 provides data on the global telecommunication insurance market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The telecommunication insurance market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.

How Is The Global Telecommunication Insurance Market Size Expected To Change, And What Are The Growth Rate Projections?

The telecommunications insurance market is expanding rapidly, expected to grow from $9.34 billion in 2023 to $10.84 billion in 2024 at a CAGR of 16.0%. The growth is driven by the increased deployment of 4G networks, rising liability risks, and growing cyber threats. The market is projected to reach $19.85 billion by 2028 at a CAGR of 16.3%, due to expanding networks, natural disasters, and regulatory changes. Trends include advanced technology integration, insurance product development, and IoT incorporation.

Which Drivers Are Accelerating Growth In The Telecommunication Insurance Market?

The growing telecommunications sector is expected to drive the growth of the telecommunication insurance market. The expansion of telecommunications services is fueled by increased data consumption, smartphone penetration, and internet usage. Insurance in this sector helps protect companies against risks such as property damage, liability, and cyber threats. In July 2024, Ofcom reported a rise in retail revenues from mobile services, indicating strong growth in the telecommunications sector. This growth will further drive the demand for telecommunication insurance.

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What Are The Core Segments Of The Global Telecommunication Insurance Market?

The telecommunication insurance market covered in this report is segmented –
1) By Coverages: General Liability, Commercial Liability, Professional Liability Insurance, Other Coverages
2) By Enterprise Size: Large Enterprises, Small And Medium-Sized Enterprises
3) By Application: Equipment Manufacturer, Service Provider, Consultant

Which Emerging Trends Are Reshaping The Telecommunication Insurance Market Size?

In the telecommunication insurance market, companies are developing specialized insurance policies, such as satellite in-orbit third-party liability insurance. For example, in May 2024, Tata AIG launched satellite in-orbit third-party liability insurance, which protects satellite operators from liabilities related to damages caused by their satellites while in orbit. This policy is tailored to the unique challenges of the space industry.

What Is The Largest Region In The Telecommunication Insurance Market?

North America was the largest region in the telecommunication insurance market in 2023. The regions covered in the telecommunication insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.