January 19, 2022
Covid-19 impact on mobile device insurance sales and claims
Part II: The Road To Recovery
In September 2021 we reported how the first Covid-19 ‘lockdown’ across several European countries had significantly impacted mobile device insurance policy sales.
Largely driven by the closure of mobile operator retail stores and in-turn less customers upgrading their mobile devices, there was an average year on year decrease in new insurance policy sales of approximately 60% during the first lockdown.
Interestingly, but perhaps unsurprisingly, whilst insurance policy sales dropped off a cliff, so too did the number of claims. The average number of claims during the same period decreased 34% as less people were venturing outside their homes where the majority of claims occur.
In the latest and newly updated report by EIP, we look at whether device insurance sales in key European markets have recovered post early lockdowns and if claims are back to pre-Covid levels – with some interesting insights.
Whilst many of us are fortunate enough to live in countries where there is high vaccine availability and adoption, approximately only ~60% of the world’s population has had at least one dose of the Covid-19 vaccine and less than 10% of people in low-income countries*. Meaning that for many countries the impacts of Covid-19 lockdowns on people lives, economies, services etc. will continue for some time.
If you’d like to discuss the details of this report or interested to understand how EIP’s extensive data insight can support your business then please get in touch.
Download our latest report and receive Part I of the report too.