Telecommunication Insurance Market Report 2024

This Telecommunication Insurance market report covers industry characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The telecommunications insurance market size has grown rapidly in recent years. It will grow from $9.34 billion in 2023 to $10.84 billion in 2024 at a compound annual growth rate (CAGR) of 16%. The growth during the historic period can be attributed to the expanding deployment of 4G and long-term evolution (LTE) networks, the rising risk of liability claims within the telecommunications sector, the growth of telecommunication services, the increasing frequency and sophistication of cyber attacks, and heightened competition.

The telecommunications insurance market size is expected to see rapid growth in the next few years. It will grow to $19.85 billion in 2028 at a compound annual growth rate (CAGR) of 16.3%. The growth during the forecast period can be attributed to the increase in the number of cellular stations, rising incidents of extreme weather events and natural disasters, regulatory changes, growing consumer awareness and concern over data, and expanding infrastructure development. Key trends in this period include the integration of advanced technologies, the development of new insurance products, the deployment of 5G networks, the integration of the Internet of Things (IoT), and advancements in the telecommunications sector.

The anticipated expansion of the telecommunications sector is expected to drive growth in the telecommunication insurance market. The telecommunications sector includes a range of companies and services that facilitate the transmission of data, voice, audio, and video over long distances. This sector's growth is fueled by increasing data consumption, expanding smartphone usage, and rising internet access. Telecommunication insurance plays a crucial role in protecting telecommunications companies from various risks by offering comprehensive coverage for property, liability, employee protection, and cyber threats. For example, 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, marking a £227.7 million ($247.54 million) increase, or a 7.2% rise compared to 2023. This sector expansion is consequently propelling the growth of the telecommunication insurance market.

Leading companies in the telecommunication insurance market are focusing on developing innovative insurance policies, such as satellite in-orbit third-party liability insurance, to cover risks associated with satellite launches, operations, and potential failures. Satellite in-orbit third-party liability insurance is a specialized policy designed to address financial liabilities and damages that may arise if a satellite operator's satellite causes harm to third-party properties or individuals while in orbit. For instance, in May 2024, Tata AIG, an India-based insurance company, introduced its Satellite In-Orbit Third-Party Liability Insurance. This policy is tailored to provide extensive protection throughout a satellite's lifecycle, addressing the unique challenges of the space industry and supporting the growth of emerging markets. It offers comprehensive protection against third-party claims, ensuring that satellite manufacturers and operators are financially protected in the event of incidents causing harm or property damage.

In September 2023, The Clear Group, a UK-based independent insurance broker, acquired Bluestone Insurance Services Limited for an undisclosed amount. This acquisition is intended to enhance The Clear Group's presence and capabilities within the insurance sector by expanding its portfolio of insurance solutions, broadening its client base, and potentially increasing its industry expertise and resources. Bluestone Insurance Services Limited, also based in the UK, provides insurance solutions across various sectors, including telecommunications.

Major companies operating in the telecommunication insurance market are 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.

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.

The countries covered in the telecommunication insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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

The main coverages in telecommunication insurance include general liability, commercial liability, professional liability insurance, and others. General liability insurance for telecommunications businesses protects against claims of bodily injury, property damage, and personal injury that may arise during their operations. This insurance is applicable to different enterprise sizes, including large enterprises, small and medium-sized enterprises, and is relevant to various applications such as equipment manufacturers, service providers, and consultants.

The telecommunication insurance market research report is one of a series of new reports that provides telecommunication insurance market statistics, including telecommunication insurance industry global market size, regional shares, competitors with a telecommunication insurance market share, detailed telecommunication insurance market segments, market trends, and opportunities, and any further data you may need to thrive in the telecommunication insurance industry. This telecommunication insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The telecommunication insurance market consists of sales of property insurance, business interruption insurance, cyber liability insurance, and employers' liability insurance. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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