The global identity theft insurance market is anticipated to grow at a considerable CAGR of 13.6% during the forecast period (2024-2031). The market is majorly driven by the increasing identity theft attacks on government agencies, non-profit organizations, and other institutes. According to the Federal Trade Commission (FTC), a total of 5.7 million fraud and identity theft were reported in 2021, of which 1.4 million were consumer identity theft cases, $2.8 billion of losses were from imposter scams, and $392.0 million were from consumer online shopping. Furthermore, fraud cases are up 70.0% in 2021 compared to 2020. Losses from identity theft cost $5.8 billion in 2021 in America. The other factors contributing to the market growth are an increase in the number of credit card users, rising digitalization in developing countries, and accelerating cybercrimes.
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The global identity theft insurance market is segmented based on type (into financial identity theft, tax and employment identity theft, medical identity theft, and others), application (into individuals and businesses), and regions (into North America, Europe, Asia Pacific and Rest of World).
Key Market Highlights
- The business sub-segment is growing during the forecast period, owing to the increasing credit card fraud by hackers and the rising online shopping accounts by various business enterprises. Additionally, the individual segment is growing accounting for an increase in the number of social media accounts, and the rising use of digital payment services.
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- The financial identity theft sub-segment is expected to grow due to the increasing number of online payment systems, rising credit card frauds globally, and the growing e-commerce sector.
- North America is expected to hold a prominent market share in the forecast period. The regional market is largely driven by the rise in the number of social media accounts and the increasing trend of digitalization.
The major players in the global identity theft insurance market include American International Group (AIG), Nationwide Mutual Insurance Co., Experian, Geico, and others. The market players are contributing significantly to the industry growth by the adoption of diverse business strategies. For instance, in September 2022, Aura announced new proactive capabilities that have been added to its platform to protect people from online theft and ensure threats are prevented before they impact finances, identities, or accounts. These features work together to secure potentially at-risk online accounts, protect online privacy while browsing, and prevent spam emails that clutter inboxes.
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