Identity Theft Insurance Market Scope
Identity theft insurance is specifically designed to cover some of the costs related to identity theft. It reimburses victims for money spent on reclaiming their financial identities and repairing their credit reports. Those costs can range from phone bills to legal help. Policies often provide specialists who can help guide victims through the identity restoration process. Furthermore, the identity theft is the fastest growing theft across the globe. For instance, the Consumer Sentinel Network maintained by the Federal Trade Commission (FTC) (United States), tracks consumer fraud and identity theft complaints that have been filed with federal, state and local law enforcement agencies and private organizations. Of the 3 million identity theft and fraud reports received in 2018, 1.4 million were fraud-related, and 25 percent of those cases reported money was lost. Therefore, the market is expected to propel with the highest CAGR during the projected period.
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Identity Theft Insurance market throughout the predicted period.
Erie Indemnity Co. (United States), The Hartford (United States), Chubb Limited (United States), Allstate (United States), American Family (United States), American International Group (AIG) (United States), Hanover Insurance (United States), AXA (France), Allianz SE (Germany), The Travelers Companies (United States) and Liberty Mutual (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are MetLife (United States), Nationwide Mutual Insurance Company (United States), State Farm (United States), USAA (United States), Esurance (United States) and GEICO (United States).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
The study have segmented the market of Global Identity Theft Insurance market by Type (Credit Card Fraud, Employment or Tax-Related Fraud, Phone or Utility Fraud and Bank Fraud), by Application (Consumer and Enterprise) and Region with country level break-up.
On the basis of geography, the market of Identity Theft Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
On 6 April 2020, Allstate is providing a Shelter-in-Place Payback to help its personal auto insurance customers in these challenging times. Allstate is also offering free identity protection to all Americans.
On 27 Aug 2018, The Allstate Corp. has agreed to acquire InfoArmor, a provider of employee identity protection, for USD 525 million in cash. The insurer said it sees “significant opportunity to cross sell” the new product through its own Allstate Benefits customer relationships and will consider future expansion through Allstate’s businesses.
- An Emergence of Artificial Intelligence
- Rising Complaint Levels and the Increasing Propensity for Large-Scale Data Breaches Have Boosted Consumer Awareness of Coverage
- The Growing Credit Cards Fraud across the Globe
- The Increasing Digital Payments is Likely to Increase the Fraud Cases Worldwide
- Identity Theft is the Fastest Growing Theft Worldwide
- The Growing Demand from the Developing Countries
- Lack of Awareness among the People
Key Target AudienceIdentity Theft Insurance Companies, Research & Consulting Firms, Regulatory & Government Bodies, End Users and Others