UK gadget insurance policies hit record high as device prices surge

UK Gadget Insurance Policies Climb to New Heights

The UK has recently witnessed a significant rise in gadget insurance policies, with numbers increasing from 7.87 million in 2023 to 8.46 million in 2024. This rise is attributed primarily to the surging prices of devices such as smartphones, tablets, and wearables.

Key Growth Stats

According to research by independent insurance consultancy Broadstone, the gadget insurance market in the UK experienced an annual growth rate of 7.5%. Along with the increase in the number of policies, the premium income has also risen, reaching £496 million.

Understanding the Trend

The growth in gadget insurance makes sense given the rising costs of technology. As consumers invest more money into these devices, many are turning to insurance as a way to protect their investment. This shift highlights a growing awareness among consumers about the importance of safeguarding their gadgets against loss, theft, or damage.

Who Is Affected?

This trend impacts various stakeholders. Consumers are increasingly seeking coverage to protect their gadgets—a sign of the times as devices become more integral to everyday life. Additionally, insurance providers may see an opportunity to expand their offerings, catering to this demand with tailored policies to meet the specific needs of gadget owners.

Looking Ahead

As technology continues to evolve and device prices remain high, it seems likely that the trend of rising gadget insurance policies will continue. The market appears poised for sustained growth, making it a key area to watch for both consumers and insurers alike.

Original Source: https://fintech.global/2025/11/04/uk-gadget-insurance-policies-hit-record-high-as-device-prices-surge/