The telecommunications insurance market size has experienced significant growth in recent years, projected to increase from $9.34 billion in 2023 to $10.84 billion in 2024, at a compound annual growth rate (CAGR) of 16.0%. This historical growth can be attributed to factors such as the rising deployment of 4G and long-term evolution (LTE) networks, the increasing risk of liability claims within the telecommunications sector, the expansion of telecommunication services, a rise in the frequency and sophistication of cyber attacks, and heightened competition. Looking ahead, the market is expected to continue its rapid expansion, reaching $19.85 billion in 2028 with a CAGR of 16.3%. The anticipated growth during this forecast period will be driven by the increasing number of cellular stations, a rise in extreme weather events and natural disasters, regulatory changes, heightened consumer awareness regarding data privacy, and ongoing infrastructure development. Major trends influencing this market will include the integration of advanced technologies, the development of new insurance products, the deployment of 5G networks, the incorporation of the Internet of Things (IoT), and advancements in the telecommunications sector.
Global Telecommunication Insurance Market Key Driver
The expansion of the telecommunications sector is projected to propel the growth of the telecommunication insurance market in the foreseeable future. This sector includes various companies and services that enable data transmission, voice communication, audio, and video across extensive distances. The growth of the telecommunications sector is fueled by rising data consumption, increasing smartphone penetration, and the surging usage of the internet. Telecommunication insurance provides essential protection for telecommunications companies against various risks, offering comprehensive coverage for property, liability, employee safety, and cyber threats. For instance, in July 2024, Ofcom, a UK-based government agency, reported that mobile telephony services generated £3.41 billion ($4.36 billion) in retail revenues during the first quarter of 2024, reflecting a $247.54 million (£227.7 million) increase, or a 7.2% growth compared to 2023. Therefore, the expansion of the telecommunications sector is significantly driving the growth of the telecommunication insurance market through 2023, into 2024, and projected to continue into 2028.
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Global Telecommunication Insurance Market Segments
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
By Geography:The regions covered in the telecommunication insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the telecommunication insurance market in 2023.
Major Telecommunication Insurance Industry Players
Allianz SE, Zurich Insurance Group Ltd., Liberty Mutual Insurance Company, The Travelers Companies Inc., Sompo International Holdings Ltd., Aon PLC, CNA Financial Corporation, Arthur J. Gallagher & Co., Chubb Limited, McGriff Insurance Services Inc., EMC Insurance Group Inc. , The Hartford Financial Services Group Inc., QBE Insurance Group Limited, Acera Insurance, Farmers Union Insurance Company, CoverWallet Inc., Insureon, Tech Insurance, Bluestone Insurance Services Ltd., Anderson Lloyd International Ltd., Tower Street Insurance
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Telecommunication Insurance Market Overview
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 2023 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.
