Global Jewelry Insurance Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Jewelry Insurance Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Buying jewelry insurance can provide compensation, when your jewelry is loss, theft, damage and disappearance.

Market Overview:

The latest research study on the global Jewelry Insurance market finds that the global Jewelry Insurance market reached a value of USD 4417.37 million in 2022. It’s expected that the market will achieve USD 6915.22 million by 2028, exhibiting a CAGR of 7.76% during the forecast period.

Fierce competition

Jewelry Insurance industry is facing fierce competition. Increases in buyers within the industry will pose a threat to existing market share.

Price Rises of Labor Cost

In a whole, the price of labor cost will be in arises state, is affected by trade policies, and prices have changed increased greatly, which is about the cost of the industry.

Rising consumerism is driving the demand for Jewelry products

Rising consumerism is driving the demand for Jewelry products. Increase in income levels is likely to boost the per capita consumption of Jewelry products in emerging economies. Thereby promoting the rapid growth of the Jewelry Insurance industry.

Stand-alone jewelry insurance is better than homeowner insurance

Some insurers offer stand-alone jewelry insurance that is more comprehensive than the coverage you’d get from your homeowner insurance policy. While useful, home insurance policies with floaters only cover certain risks, such as theft. If you instead lose your jewelry, chip a stone, or if a favorite necklace breaks, you likely aren’t covered. With specialized jewelry insurance, there are fewer gaps in coverage.

Region Overview:

Geographically, United States held the largest market share – 56.59% in 2022.

Company Overview:

Jewelers Mutual Insurance Company is one of the major players operating in the Jewelry Insurance market, holding a share of 5.79% in 2023.

Jewelers Mutual Insurance Company

Jewelers Mutual Insurance Company operates as an insurance company. The Company provides insurance coverage for the loss, theft, and damage of any jewelry products.

Chubb

Chubb is a company incorporated in Zurich, Switzerland, headquartered in the United States and is the parent company of Chubb, a global provider of insurance products covering property and casualty, accident and health, reinsurance and life insurance. With operations in 54 countries and territories and the Lloyd's Insurance Market in London, Chubb is the world's largest publicly traded property and casualty insurance company.

Segmentation Overview:

Among different product types, Lost & Theft segment is anticipated to contribute the largest market share in 2028.

Damaged

Under jewelry insurance, if the jewelry is seriously damaged, people have the right to file a claim with the insurance company. If an insurance jewelry item needs to be repaired or replaced, the policy should allow people to work with a local jeweler or have someone choose someone from the list of preferred jewelers. Some insurance companies require people to use only their jewelers, who often focus on repairing or replacing jobs as cheaply as possible.

Lost & Theft

Under jewelry insurance, when people’s jewelry is lost & theft, people have the right to file a claim with the insurance company.

Disappearance

Sometimes jewelry just disappears—it could be lost, stolen or hanging out in a drainpipe somewhere. people may not be able to explain how, where or when it vanished.

Application Overview:

The market's largest segment by application is the segment Personal, with a market share of 71.86% in 2022.

Key Companies in the global Jewelry Insurance market covered in Chapter 3:

American International Group
Wexler Insurance Agency
Siaci Saint Honore
American Family Insurance
Jewelers Mutual Insurance Company
Erie Insurance
Liberty Mutual
Chubb
Lavalier Insurance
Aon
GEICO
Ping An Insurance
Nationwide
JIBNA Personal Jewelry Insurance
Zurich Insurance Group
Travelers Insurance

In Chapter 4 and Chapter 14.2, on the basis of types, the Jewelry Insurance market from 2018 to 2029 is primarily split into:

Damaged
Lost & Theft
Disappearance

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Jewelry Insurance market from 2018 to 2029 covers:

Commercial
Personal

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)