Jewelry insurance specifically covers jewelry items, such as rings, bracelets, necklaces, and watches. This insurance protects against loss, damage, or theft of the covered items . Jewelry insurance can be purchased as a standalone policy or as an add-on to an insurance policy by homeowners or renters. Several types of jewelry insurance coverage are available, including all-risk coverage, which covers all types of loss or damage; and specified-peril coverage, which only covers specific types of loss or damage, such as theft or loss in transit. Some policies also include coverage for loss or damage while traveling.
Increase in purchasing power of consumers is one of the major drivers for the jewelry insurance market growth. As people have more disposable income, they are more likely to purchase high-value jewelry items, which, in turn, increases need for jewelry insurance. Further, growing popularity of luxury jewelry is another major driver for growth of the jewelry insurance market. Luxury jewelry items such as designer watches, diamond rings, and high-end gemstones are becoming increasingly popular. As a result, demand for insurance to protect these items is also increasing. For instance, according to McKinsey, the high-end watch market is experiencing strong growth, driven by increasing demand from affluent consumers, particularly in Asia. This increased demand for luxury watches drives growth in the jewelry insurance market as these watches often require specialized coverage.
However, limited coverage is a significant challenge for the jewelry insurance market as it can make it difficult for consumers to find a policy that fully meets their needs. Some insurance policies may have limits on the amount of coverage available for certain types of jewelry, such as high-end watches or diamond rings, which can be restrictive for consumers looking to insure these items. In addition, some policies may have limits on the types of loss covered, such as loss due to natural disasters, which can leave consumers uninsured in certain situations. This can make it difficult for consumers to find a policy that fully meets their needs and can deter them from purchasing insurance.
Moreover, low penetration of insurance propels growth of the jewelry insurance market. In many countries, the insurance market is still developing, and there is a low penetration of insurance products. This creates opportunities for insurance companies to enter these markets and offer new products such as jewelry insurance. For instance, in Africa, the insurance market is relatively underdeveloped and there is a significant potential for growth in the jewelry insurance market. As the economies of these countries continue to grow, more people will be able to afford high-value jewelry items, which will drive demand for insurance to protect these items.Merger & Acquisition is flourishing the market growth
In January 2023, Acrisure, a Grand Rapids-based fintech company, announced it is in the process of acquiring Affinity Brokers Limited, a commercial insurance broker based in Glasgow, Scotland that specializes in jewelry and jewelers block insurance. The deal is expected to close pending regulatory approvals and terms have not been disclosed. The acquisition will allow Acrisure to expand its presence in the UK and provide more specialized coverage for jewelry and jewelers block insurance. Affinity's technology-enabled offering for point-of-sale and embedded insurance products across various sectors will also help Acrisure to drive organic and inorganic growth using a unique digital affinity capability.Segmental Overview
By Jewelry Type: The jewelry insurance market is divided into gold, silver, platinum, and others. Gold jewelry is a popular and valuable type of jewelry; therefore, it is one of the largest segments of the jewelry insurance market. Silver jewelry is also a popular type of jewel and o has a significant market share in the jewelry insurance market. Platinum jewelry is a luxury type of jewelry that is becoming increasingly popular and has a market share in the jewelry insurance market.
By Coverage: The jewelry insurance market is divided into theft coverage, repair and replacement coverage, preventive maintenance, and others. Theft Coverage protects against the loss or theft of jewelry items. Repair and Replacement Coverage provides protection for damage or loss that occurs to a jewelry item. Preventive Maintenance protects regular maintenance and cleaning of jewelry items.
By Distribution Channel: The jewelry insurance market is divided into insurance companies, banks, and agents and brokers. Jewelry insurance policies are primarily sold through insurance companies. Banks also offer jewelry insurance policies to their customers as an added service. Agents and Brokers are intermediaries who work on behalf of insurance companies to sell insurance policies to customers.
By Region: The Jewelry insurance market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America is a mature market for jewelry insurance, with a high penetration of insurance products and a large number of established insurance companies.
Competitive analysis and profiles of major players such as BriteCo, GemShield, Jewelers Mutual, Lavalier, GEICO, Digit Insurance, AXA XL, Chubb, Assetsure, Direct Line, Lloyds Bank, USSA, Jewelry Insurance Brokerage of North America, SEGURIO, and CANDERE.COM in the Jewelry insurance market,. These companies have adopted key strategies such as product launches and acquisitions to improve their product portfolios and stay competitive.
Jewelry Insurance Market Report Highlights
| Aspects || Details |
| By Jewelry Type || |
| By Coverage || |
- Theft Coverage
- Repair and Replacement Coverage
- Preventive Maintenance
| By Distribution Channel || |
- Insurance Companies
- Agents and Brokers
| By Region || |
- North America (U.S., Canada, Mexico)
- Europe (France, Germany, Italy, Spain, UK, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific)
- LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)
| Key Market Players || BriteCo, GemShield, Jewelers Mutual, Lavalier, GEICO, Digit Insurance, AXA XL, Chubb, Assetsure, Direct Line |
| || Lloyds Bank, USSA, Jewelry Insurance Brokerage of North America, SEGURIO, CANDERE.COM |