Identity Theft Insurance Market Increasing Demand, Growth Analysis...

Identity Theft Insurance Market Increasing Demand, Growth Analysis and Future Outlook by 2031

Posted 2024-07-10 12:11:43

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The global identity theft insurance market is anticipated to grow at a considerable CAGR of 13.7% during the forecast period. According to the Federal Trade Commission (FTC), 1,434,695 complaints of identity theft were registered in 2021, 410,399 were of online shopping and negative reviews, and 106,246 were of Internet services across the globe. Moreover, credit card fraud, was the second-most common form of identity theft in 2021, with 389,845 reported incidents. Norton Cyber Safety Insights Report 2021, 45% of Indian adults have experienced online identity theft, this means that over 27 million Indians experienced identity theft. Rising incidences of identity theft globally, along with various initiatives such as partnership, launches, and acquisitions, taken by market players which includes Aura, Liberty Mutual, and Mcafee LLC are the major factor that positively impacts the market growth.

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For instance, in July 2020, Aura, acquired Pango, to expand Aura's offerings to provide greater identity protection and security for customers. The addition of Pango bolsters Aura's security suite by bringing together world-class products, including Hotspot Shield, that uses military-grade encryption and security protocols to keep people safe from hackers and scams. In addition, in November 2020, Sontiq partnered with Breach Clarity, to offer a wide variety of solutions that empowers individuals in the fight against identity vulnerabilities and data breaches with unprecedented personalized breach risk intelligence.

Global Identity Theft Insurance Market Report Segment

By Type

Financial Identity Theft
Tax and Employment Identity Theft
Medical Identity Theft
Others (estate identity theft, synthetic identity theft)

By Application

Individual
Business

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Identity Theft Insurance Market Report Segment by Region

North America

United States
Canada

Europe

Germany
United Kingdom
France
Spain
Italy
Rest of Europe

Asia-Pacific

China
Japan
India
Rest of Asia-Pacific

Rest of the World

Middle East & Africa
Latin America

Company Profiles

· Alliance Insurance Group

· Aura Sub, LLC

· Chubb Group of Insurance Co.

· Equifax Inc.

· Experian Information Solutions, Inc.

· Geico Corp.

· Liberty Mutual Group

· McAfee Corp.

· MetLife, Inc.

· NortonLifeLock Inc.

· Prepaid Legal Services, Inc.

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