What is Jewelry Insurance Market?
Jewelry insurance is the insurance which covers theft of jewelry, accidental loss, burglary and damage which is kept in fixed bank lockers. Also, some of the insurance offers the protection to jewelry worn in person as well. In general, there is a sub-limit on the jewelry to be insured. However, some of the policies provide a separate all-risk cover for valuables and jewelry where the individual can choose a suitable sum assured. These benefits offered by the insurers are increasing the demand which is fuelling the market growth.
The market study is being classified by Type (Personal Jewelry insurance and Business Jewelry insurance) and major geographies with country level break-up.
Jewelers Mutual Insurance Group (United States), JIBNA Personal Jewelry Insurance (United States), Chubb (United States), GemShield (United States), Zillion Insurance (United States), Lavalier (United States), GEICO (United States), Wexler (United States), Berkshire Insurance Group (United States) and Liberty Mutual (United States) are some of the key players profiled in the study.
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Jewelry Insurance market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Jewelry Insurance market by Type, Application and Region.
On the basis of geography, the market of Jewelry 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). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Increasing Threat Related to Theft and Other Risks
- Rising Awareness About the Jewelry Insurance
- High Costs Associated with the Jewelry Insurance
- Increasing Number of Distribution Channels for Insurance
- Increasing Disposable Income Among Consumers
- Stiff Competition Among the Major Players
On August 2019, Geico has launched a standalone jewelry insurance policy for customers offers coverage for the entire value of a piece of jewelry or entire collection in the case of loss, damage or theft.
Key Target AudienceJewellery Retailers, Jewelry insurance providers, Distributors, Government associations, Research organizations and Others
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