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.
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.
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Market Coverage
- The market number available for – 2021-2029
- Base year- 2021
- Forecast period- 2023-2029
Segment Covered-
- By Type
- By Application
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape –include American International Group (AIG), Nationwide Mutual Insurance Co., Experian, Geico, and others.
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
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East and Africa
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.
- Sontiq, Inc.
- The Hanover Insurance Group
- The Travelers Companies, Inc.
- Zander Insurance Group
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