About Jewelry Insurance
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.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
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. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Jewelry Insurance market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
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 that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Jewelry Insurance market by Type (Personal Jewelry insurance and Business Jewelry insurance) 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). If we see Market by Jewelry type, the sub-segment i.e. Ring will boost the Jewelry Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Coverages, the sub-segment i.e. Loss will boost the Jewelry Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distribution channel, the sub-segment i.e. Online will boost the Jewelry Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising Awareness About the Jewelry Insurance
Market Growth Drivers:
Increasing Threat Related to Theft and Other Risks
Challenges:
Stiff Competition Among the Major Players
Restraints:
High Costs Associated with the Jewelry Insurance
Opportunities:
Increasing Number of Distribution Channels for Insurance and Increasing Disposable Income Among Consumers
Market Leaders and their expansionary development strategies
In February 2023, Jewelers Mutual Group recently announced its acquisition of jewelry insurtech Luxsurance's core technology, the LUX Digital Vault app.
In 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 Audience
Jewellery Retailers, Jewelry insurance providers, Distributors, Government associations, Research organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.