telecommunication insurance market drivers, telecommunication insurance market scope, telecommunication insurance market growth, telecommunication insuranceIndustry size, telecommunication insuranceIndustry insights, telecommunication insuranceIndustry trends
How much is the telecommunication insurance market worth, and how is it expected to expand?
The telecommunication insurance market size has grown rapidly in recent years. It will grow from $10.84 billion in 2024 to $12.63 billion in 2025 at a compound annual growth rate (CAGR) of 16.6%. The growth in the historic period can be attributed to increasing deployment of 4G and long-term evolution (LTE) networks, growing risk of liability claims in the telecommunication business, the expansion of telecommunication services, the increasing frequency and sophistication of cyber attacks, and increasing competition.
The telecommunication insurance market size is expected to see rapid growth in the next few years. It will grow to $23.07 billion in 2029 at a compound annual growth rate (CAGR) of 16.2%. The growth in the forecast period can be attributed to increase in the number of cellular stations, increasing incidences of extreme weather events and natural disasters, regulatory changes, growing consumer awareness and concern over data, and rising infrastructure development. Major trends in the forecast period include integration of advanced technologies, development of insurance products, deployment of 5G networks, integration of internet of things (IoT), and advancements in telecommunications sector.
Get Your Free Sample of The Global Telecommunication Insurance Market Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=18754&type=smp
WhichIndustry factors have accelerated the telecommunication insurance market’s expansion?
The expansion of the telecommunication sector is expected to propel the growth of the telecommunication insurance market going forward. The telecommunications sector encompasses various companies and services facilitating data transmission, voice, audio, and video across significant distances. The expansion of the telecommunication sector is due to increasing data consumption, growing smartphone penetration, and rising internet usage. Telecommunication insurance is instrumental in safeguarding telecommunications companies against risks by providing comprehensive coverage for property, liability, employee protection, and cyber threats. For instance, in July 2024, according to Ofcom, a UK-based government agency, mobile telephony services generated £3.41 billion ($4.36 billion) in retail revenues in the first quarter of 2024, a $ 247.54 million ( £227.7m), a 7.2% increase from 2023. Therefore, the expansion of the telecommunication sector is driving the growth of the telecommunication insurance market.
What are the primary segments of the 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
Subsegments:
1) By General Liability: Bodily Injury Coverage, Property Damage Coverage, Advertising Injury Coverage, Product Liability Coverage
2) By Commercial Liability: Premises Liability, Operations Liability, Completed Operations Liability, Workers’ Compensation Coverage
3) By Professional Liability Insurance: Errors And Omissions (E And O) Insurance, Directors And Officers Liability (D&O), Cyber Liability Insurance
4) By Other Coverages: Equipment Breakdown Insurance, Business Interruption Insurance, Property Insurance, Vehicle Fleet Insurance, Network Infrastructure Insurance
Order your report now for swift delivery
https://www.thebusinessresearchcompany.com/report/telecommunication-insurance-global-market-report
Which firms are leading the telecommunication insurance market?
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 Business & Finance 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
Which market trends are set to define the future of the telecommunication insurance market?
Major companies operating in the telecommunication insurance market are focused on developing innovative insurance policies, such as satellite in-orbit third-party liability insurance, to protect against risks associated with satellite launches, operations, and potential failures. Satellite in-orbit third-party liability insurance is a specialized insurance policy designed to cover the financial liabilities and possible damages that a satellite operator may incur if their satellite causes damage to third-party properties or injuries to individuals while in orbit. For instance, in May 2024, Tata AIG, an India-based insurance company, launched Satellite In-Orbit Third-Party Liability Insurance. It is uniquely designed to provide extensive protection throughout a satellite’s lifecycle, addressing the specific challenges of the spaceIndustry while supporting the growth of emerging markets. The policy offers complete protection against third-party claims, ensuring that satellite manufacturers and operators are financially safeguarded in the event of an incident that causes harm to individuals or property damage.
Which geographic trends are shaping the telecommunication insurance market, and which region has the highest market share?
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.
What Does The Telecommunication Insurance Market Report 2025 Offer?
The telecommunication insurance market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Telecommunication insurance is a specialized type of coverage designed to protect companies within the telecommunicationsIndustry from various risks and liabilities. This insurance can encompass various aspects of the telecom business, including equipment, network infrastructure, cyber risks, and operational liabilities.
Purchase the exclusive report now to unlock valuable market insights:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=18754
About The Business Research Company
With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights fromIndustry leaders, you can get the information you need to stay ahead.
Our flagship product, the Global Market Model, is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making.
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
