Telecommunication companies are open to a wide range of risks, including damage, theft or vandalism of equipment, damage to customers’ property, mistakes in specification or installation, and accidents or injury to employees who carry out installation and maintenance of equipment. Moreover, liability claims can lead to significant financial damage, from legal costs and compensation to reputational damage which can be far reaching. Having adequate telecom insurance in place can offer protection in the event of such claims. Furthermore, the telecommunication industry has seen drastically increased competition in recent years due to technological advances within the sector. Technologies, products and services are continually evolving, so it is important to have telecommunications insurance in place that can grow and adapt with the business. Furthermore, telecom insurance can include property insurance, business interruption, technology E&O insurance, goods in transit cover, public and products liability, professional indemnity insurance, cyber liability, employers’ liability, personal accident insurance, contractors’ liability insurance.
The telecommunication sector has grown rapidly across the globe in the recent years, and with the growth of the sector, the demand for telecommunication insurance has also grown. Furthermore, telecom insurance plays a unique role in the telecommunications business, mainly because telecom contractors and firms face a unique set of risks in the course of their everyday work. This is in addition to the normal risks that businesses face over the course of time. In addition, there are various risks associated with the telecommunication industry such as property damage, cyber thefts, and workers compensation. Moreover, there is a growing risk of liability claims in the telecommunication business and telecommunication insurance protects telecom businesses from liability exposures, such as independent contractors and completed operations. These are some of the major factors propelling the growth of telecommunication insurance market. However, high insurance premium for the telecommunication insurance is a major factor limiting the growth of the market. On the contrary, advances in technology and adoption of 5G in the telecommunication industry is expected to provide lucrative growth opportunities in the coming years.
The telecommunication insurance market is segmented on the basis of coverage, enterprise size, application, and region. By coverage, it is segmented into general liability, commercial liability, professional liability insurance (E&O), and others. The professional liability insurance (E&O) is further divided into lawyer liability insurance and medical liability insurance. The lawyer liability insurance is further bifurcated into D & O insurance, and E & O insurance. Based on enterprise size, it is segregated into large enterprises, and small and medium-sized enterprises. Based on application, the telecommunication insurance market is bifurcated into equipment manufacturer, service provider, and consultant. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the telecommunication insurance market such as Allianz, ANDERSON LLOYD INTERNATIONAL, Aon plc., Bluestone Insurance Services Ltd., CapriCMW Insurance Services Ltd., Chubb, Employers Mutual Casualty Company, Farmers Union Insurance, Arthur J. Gallagher & Co., The Hartford, Insureon, McGriff Insurance Services, Inc., Sompo International Holdings Ltd., Tower Street Insurance, The Travelers Indemnity Company, CoverWallet, and TechInsurance. These players have adopted various strategies to increase their market penetration and strengthen their position in the telecommunication insurance industry.
The telecommunication sector has grown rapidly across the globe in the recent years, and with the growth of the sector, the demand for telecommunication insurance has also grown. Furthermore, telecom insurance plays a unique role in the telecommunications business, mainly because telecom contractors and firms face a unique set of risks in the course of their everyday work. This is in addition to the normal risks that businesses face over the course of time. In addition, there are various risks associated with the telecommunication industry such as property damage, cyber thefts, and workers compensation. Moreover, there is a growing risk of liability claims in the telecommunication business and telecommunication insurance protects telecom businesses from liability exposures, such as independent contractors and completed operations. These are some of the major factors propelling the growth of telecommunication insurance market. However, high insurance premium for the telecommunication insurance is a major factor limiting the growth of the market. On the contrary, advances in technology and adoption of 5G in the telecommunication industry is expected to provide lucrative growth opportunities in the coming years.
The telecommunication insurance market is segmented on the basis of coverage, enterprise size, application, and region. By coverage, it is segmented into general liability, commercial liability, professional liability insurance (E&O), and others. The professional liability insurance (E&O) is further divided into lawyer liability insurance and medical liability insurance. The lawyer liability insurance is further bifurcated into D & O insurance, and E & O insurance. Based on enterprise size, it is segregated into large enterprises, and small and medium-sized enterprises. Based on application, the telecommunication insurance market is bifurcated into equipment manufacturer, service provider, and consultant. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the telecommunication insurance market such as Allianz, ANDERSON LLOYD INTERNATIONAL, Aon plc., Bluestone Insurance Services Ltd., CapriCMW Insurance Services Ltd., Chubb, Employers Mutual Casualty Company, Farmers Union Insurance, Arthur J. Gallagher & Co., The Hartford, Insureon, McGriff Insurance Services, Inc., Sompo International Holdings Ltd., Tower Street Insurance, The Travelers Indemnity Company, CoverWallet, and TechInsurance. These players have adopted various strategies to increase their market penetration and strengthen their position in the telecommunication insurance industry.
Key Market Segments
By Application
- Equipment Manufacturer
- Service Provider
- Consultant
By Coverages
- General Liability
- Commercial Liability
- Professional Liability Insurance (EO)
- Others
By Enterprise Size
- Large Enterprises
- Small and Medium-sized Enterprises
By Region
- North America
- U. S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest Of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Allianz
- ANDERSON LLOYD INTERNATIONAL
- Aon plc.
- Bluestone Insurance Services Ltd.
- CapriCMW Insurance Services Ltd.
- Chubb
- EMC
- Farmers Union Insurance
- Gallagher
- Hartford
- Insureon
- McGriff Insurance Services, Inc.
- Sompo International
- Tower Street Insurance
- Travelers
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Table of Contents
CHAPTER 1: INTRODUCTION1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. Key findings of the study
2.2. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pockets
3.3. Porter’s five forces analysis
3.4. Top player positioning
3.5. Market dynamics
3.5.1. Drivers
3.5.2. Restraints
3.5.3. Opportunities
3.6. COVID-19 Impact Analysis on the market
CHAPTER 4: TELECOMMUNICATION INSURANCE MARKET, BY COVERAGES
4.1 Overview
4.1.1 Market size and forecast
4.2 General Liability
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market analysis by country
4.3 Commercial Liability
4.3.1 Key market trends, growth factors and opportunities
4.3.2 Market size and forecast, by region
4.3.3 Market analysis by country
4.4 Professional Liability Insurance (E&O)
4.4.1 Key market trends, growth factors and opportunities
4.4.2 Market size and forecast, by region
4.4.3 Market analysis by country
4.5 Others
4.5.1 Key market trends, growth factors and opportunities
4.5.2 Market size and forecast, by region
4.5.3 Market analysis by country
CHAPTER 5: TELECOMMUNICATION INSURANCE MARKET, BY ENTERPRISE SIZE
5.1 Overview
5.1.1 Market size and forecast
5.2 Large Enterprises
5.2.1 Key market trends, growth factors and opportunities
5.2.2 Market size and forecast, by region
5.2.3 Market analysis by country
5.3 Small and Medium-sized Enterprises
5.3.1 Key market trends, growth factors and opportunities
5.3.2 Market size and forecast, by region
5.3.3 Market analysis by country
CHAPTER 6: TELECOMMUNICATION INSURANCE MARKET, BY APPLICATION
6.1 Overview
6.1.1 Market size and forecast
6.2 Equipment Manufacturer
6.2.1 Key market trends, growth factors and opportunities
6.2.2 Market size and forecast, by region
6.2.3 Market analysis by country
6.3 Service Provider
6.3.1 Key market trends, growth factors and opportunities
6.3.2 Market size and forecast, by region
6.3.3 Market analysis by country
6.4 Consultant
6.4.1 Key market trends, growth factors and opportunities
6.4.2 Market size and forecast, by region
6.4.3 Market analysis by country
CHAPTER 7: TELECOMMUNICATION INSURANCE MARKET, BY REGION
7.1 Overview
7.1.1 Market size and forecast
7.2 North America
7.2.1 Key trends and opportunities
7.2.2 North America Market size and forecast, by Coverages
7.2.3 North America Market size and forecast, by Enterprise Size
7.2.4 North America Market size and forecast, by Application
7.2.5 North America Market size and forecast, by country
7.2.5.1 U. S.
7.2.5.1.1 Market size and forecast, by Coverages
7.2.5.1.2 Market size and forecast, by Enterprise Size
7.2.5.1.3 Market size and forecast, by Application
7.2.5.2 Canada
7.2.5.2.1 Market size and forecast, by Coverages
7.2.5.2.2 Market size and forecast, by Enterprise Size
7.2.5.2.3 Market size and forecast, by Application
7.3 Europe
7.3.1 Key trends and opportunities
7.3.2 Europe Market size and forecast, by Coverages
7.3.3 Europe Market size and forecast, by Enterprise Size
7.3.4 Europe Market size and forecast, by Application
7.3.5 Europe Market size and forecast, by country
7.3.5.1 UK
7.3.5.1.1 Market size and forecast, by Coverages
7.3.5.1.2 Market size and forecast, by Enterprise Size
7.3.5.1.3 Market size and forecast, by Application
7.3.5.2 Germany
7.3.5.2.1 Market size and forecast, by Coverages
7.3.5.2.2 Market size and forecast, by Enterprise Size
7.3.5.2.3 Market size and forecast, by Application
7.3.5.3 France
7.3.5.3.1 Market size and forecast, by Coverages
7.3.5.3.2 Market size and forecast, by Enterprise Size
7.3.5.3.3 Market size and forecast, by Application
7.3.5.4 Italy
7.3.5.4.1 Market size and forecast, by Coverages
7.3.5.4.2 Market size and forecast, by Enterprise Size
7.3.5.4.3 Market size and forecast, by Application
7.3.5.5 Spain
7.3.5.5.1 Market size and forecast, by Coverages
7.3.5.5.2 Market size and forecast, by Enterprise Size
7.3.5.5.3 Market size and forecast, by Application
7.3.5.6 Netherlands
7.3.5.6.1 Market size and forecast, by Coverages
7.3.5.6.2 Market size and forecast, by Enterprise Size
7.3.5.6.3 Market size and forecast, by Application
7.3.5.7 Rest of Europe
7.3.5.7.1 Market size and forecast, by Coverages
7.3.5.7.2 Market size and forecast, by Enterprise Size
7.3.5.7.3 Market size and forecast, by Application
7.4 Asia-Pacific
7.4.1 Key trends and opportunities
7.4.2 Asia-Pacific Market size and forecast, by Coverages
7.4.3 Asia-Pacific Market size and forecast, by Enterprise Size
7.4.4 Asia-Pacific Market size and forecast, by Application
7.4.5 Asia-Pacific Market size and forecast, by country
7.4.5.1 China
7.4.5.1.1 Market size and forecast, by Coverages
7.4.5.1.2 Market size and forecast, by Enterprise Size
7.4.5.1.3 Market size and forecast, by Application
7.4.5.2 India
7.4.5.2.1 Market size and forecast, by Coverages
7.4.5.2.2 Market size and forecast, by Enterprise Size
7.4.5.2.3 Market size and forecast, by Application
7.4.5.3 Japan
7.4.5.3.1 Market size and forecast, by Coverages
7.4.5.3.2 Market size and forecast, by Enterprise Size
7.4.5.3.3 Market size and forecast, by Application
7.4.5.4 Australia
7.4.5.4.1 Market size and forecast, by Coverages
7.4.5.4.2 Market size and forecast, by Enterprise Size
7.4.5.4.3 Market size and forecast, by Application
7.4.5.5 Singapore
7.4.5.5.1 Market size and forecast, by Coverages
7.4.5.5.2 Market size and forecast, by Enterprise Size
7.4.5.5.3 Market size and forecast, by Application
7.4.5.6 Rest of Asia-Pacific
7.4.5.6.1 Market size and forecast, by Coverages
7.4.5.6.2 Market size and forecast, by Enterprise Size
7.4.5.6.3 Market size and forecast, by Application
7.5 LAMEA
7.5.1 Key trends and opportunities
7.5.2 LAMEA Market size and forecast, by Coverages
7.5.3 LAMEA Market size and forecast, by Enterprise Size
7.5.4 LAMEA Market size and forecast, by Application
7.5.5 LAMEA Market size and forecast, by country
7.5.5.1 Latin America
7.5.5.1.1 Market size and forecast, by Coverages
7.5.5.1.2 Market size and forecast, by Enterprise Size
7.5.5.1.3 Market size and forecast, by Application
7.5.5.2 Middle East
7.5.5.2.1 Market size and forecast, by Coverages
7.5.5.2.2 Market size and forecast, by Enterprise Size
7.5.5.2.3 Market size and forecast, by Application
7.5.5.3 Africa
7.5.5.3.1 Market size and forecast, by Coverages
7.5.5.3.2 Market size and forecast, by Enterprise Size
7.5.5.3.3 Market size and forecast, by Application
CHAPTER 8: COMPANY LANDSCAPE
8.1. Introduction
8.2. Top winning strategies
8.3. Product Mapping of Top 10 Players
8.4. Competitive Dashboard
8.5. Competitive Heatmap
8.6. Key developments
CHAPTER 9: COMPANY PROFILES
9.1 Allianz
9.1.1 Company overview
9.1.2 Company snapshot
9.1.3 Operating business segments
9.1.4 Product portfolio
9.1.5 Business performance
9.1.6 Key strategic moves and developments
9.2 ANDERSON LLOYD INTERNATIONAL
9.2.1 Company overview
9.2.2 Company snapshot
9.2.3 Operating business segments
9.2.4 Product portfolio
9.2.5 Business performance
9.2.6 Key strategic moves and developments
9.3 Aon plc.
9.3.1 Company overview
9.3.2 Company snapshot
9.3.3 Operating business segments
9.3.4 Product portfolio
9.3.5 Business performance
9.3.6 Key strategic moves and developments
9.4 Bluestone Insurance Services Ltd.
9.4.1 Company overview
9.4.2 Company snapshot
9.4.3 Operating business segments
9.4.4 Product portfolio
9.4.5 Business performance
9.4.6 Key strategic moves and developments
9.5 CapriCMW Insurance Services Ltd.
9.5.1 Company overview
9.5.2 Company snapshot
9.5.3 Operating business segments
9.5.4 Product portfolio
9.5.5 Business performance
9.5.6 Key strategic moves and developments
9.6 Chubb
9.6.1 Company overview
9.6.2 Company snapshot
9.6.3 Operating business segments
9.6.4 Product portfolio
9.6.5 Business performance
9.6.6 Key strategic moves and developments
9.7 EMC
9.7.1 Company overview
9.7.2 Company snapshot
9.7.3 Operating business segments
9.7.4 Product portfolio
9.7.5 Business performance
9.7.6 Key strategic moves and developments
9.8 Farmers Union Insurance
9.8.1 Company overview
9.8.2 Company snapshot
9.8.3 Operating business segments
9.8.4 Product portfolio
9.8.5 Business performance
9.8.6 Key strategic moves and developments
9.9 Gallagher
9.9.1 Company overview
9.9.2 Company snapshot
9.9.3 Operating business segments
9.9.4 Product portfolio
9.9.5 Business performance
9.9.6 Key strategic moves and developments
9.10 Hartford
9.10.1 Company overview
9.10.2 Company snapshot
9.10.3 Operating business segments
9.10.4 Product portfolio
9.10.5 Business performance
9.10.6 Key strategic moves and developments
9.11 Insureon
9.11.1 Company overview
9.11.2 Company snapshot
9.11.3 Operating business segments
9.11.4 Product portfolio
9.11.5 Business performance
9.11.6 Key strategic moves and developments
9.12 McGriff Insurance Services, Inc.
9.12.1 Company overview
9.12.2 Company snapshot
9.12.3 Operating business segments
9.12.4 Product portfolio
9.12.5 Business performance
9.12.6 Key strategic moves and developments
9.13 Sompo International
9.13.1 Company overview
9.13.2 Company snapshot
9.13.3 Operating business segments
9.13.4 Product portfolio
9.13.5 Business performance
9.13.6 Key strategic moves and developments
9.14 Tower Street Insurance
9.14.1 Company overview
9.14.2 Company snapshot
9.14.3 Operating business segments
9.14.4 Product portfolio
9.14.5 Business performance
9.14.6 Key strategic moves and developments
9.15 Travelers
9.15.1 Company overview
9.15.2 Company snapshot
9.15.3 Operating business segments
9.15.4 Product portfolio
9.15.5 Business performance
9.15.6 Key strategic moves and developments
Executive Summary
According to this report, titled, 'Telecommunication Insurance Market,' the telecommunication insurance market was valued at $8.5 billion in 2021, and is estimated to reach $41.6 billion by 2031, growing at a CAGR of 17.5% from 2022 to 2031.The modern-day telecom industry is facing a broad landscape of significant business challenges. Over the past few years, the industry witnessed a heavy decline of revenue streams in core areas like voice and text messaging along with severe competition from over-the-top service providers. The telecom industry is focused to undergo a digital transformation to stay competitive in 2022. Moreover, the telecom industries are leveraging technologies such as Mobile Edge Computing (MEC), IoT, and 5G to recover from the COVID-19 crisis and position themselves in the future. Their services need to be customer-centric, improve efficiency, and add high-value margins by gradually moving from traditional services. Moreover, telecom business owners face increased exposure to risk due to the constant change within this competitive industry. Consequently, it is vital that telecommunication contractors along with paging and security system companies have the appropriate insurance coverage in place. Furthermore, insurance for telecommunications companies plays a unique role in the telecommunications business, mainly because telecom contractors and firms face a unique set of risks in the course of their everyday work. This is in addition to the normal risks that businesses face over the course of time. Therefore, these were some of the major telecommunication insurance market trends.
Furthermore, major market players are undertaking various strategies to increase the competition and offer enhance services to their customers. For instance, in May 2022, International Insurtech, bolttech, announced its partnership with one of Vietnam’s leading telecommunications network operators, Viettel Telecom. The partnership launched an insurance offering, powered by bolttech’s insurance exchange platform, on Viettel’s customer app MyViettel with products including health, travel, home, car, and motorbike. In addition, by embedding an insurance platform into the Viettel customer experience, the company can reach more customers in Vietnam with a choice of insurance to meet their needs and the convenience to access these products in a simple, easy way. These strategies are projected to provide major lucrative opportunities for the telecommunication insurance market growth.
On the basis of application, the equipment manufacturer segment is the highest growing segment. This is attributed to the fact that equipment manufacturers require telecommunication insurance as they are exposed to several risks in the telecom insurance industry. Risk of loss due to a faulty equipment, or short circuit in an equipment may cause bodily injury to the worker or any other person near it. Thus, a general liability insurance is required by the equipment manufacturers which comes under the telecommunication insurance policy.
On the basis of region, North America attained the highest growth in 2021 for the telecommunication insurance industry. This is attributed to the rise in the exponential growth of telecommunication industry across the North America. Moreover, the communication industry is driven by massive developments in telecommunicates industry as a result of increasing deployment of 4G and LTE networks. In addition, the market is expected to grow due to an increase in number of cellular stations and the demand for telecommunication insurance for the next generation ready network equipment brought on by introduction of 5G networks.
COVID-19 had a positive impact on the telecommunication insurance market as there were several data breaches and cyber-attacks on the telecommunication industry for which the businesses adopted telecommunication insurance to cover such risk. Moreover, employees demanded workers compensation for hospitalization fees for which the businesses adopted telecommunication insurance. Therefore, the pandemic had a positive impact on the telecommunication insurance market.
Key findings of the study
By coverage, the general liability segment led the telecommunication insurance market size in terms of revenue in 2021.By enterprise size, the large enterprises segment accounted for the highest telecommunication insurance market share in 2021.
By region, North America generated the highest revenue in 2021.
The key players profiled in the telecommunication insurance market analysis Allianz, ANDERSON LLOYD INTERNATIONAL, Aon plc., Bluestone Insurance Services Ltd. , CapriCMW Insurance Services Ltd., Chubb, Employers Mutual Casualty Company, Farmers Union Insurance, Arthur J. Gallagher & Co., The Hartford, Insureon, McGriff Insurance Services, Inc., Sompo International Holdings Ltd., Tower Street Insurance, The Travelers Indemnity Company, CoverWallet, and TechInsurance. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Companies Mentioned
- Allianz
- Anderson Lloyd International
- Aon PLC.
- Bluestone Insurance Services Ltd.
- Capricmw Insurance Services Ltd.
- Chubb
- Emc
- Farmers Union Insurance
- Gallagher
- Hartford
- Insureon
- Mcgriff Insurance Services, Inc.
- Sompo International
- Tower Street Insurance
- Travelers
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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