Identity Theft Insurance in the US - Industry Market Research Report

Identity Theft Insurance in the US - Industry Market Research Report

  • June 2018 •
  • 36 pages •
  • Report ID: 5103951 •
  • Format: PDF
Identity crisis: The growing number of identity theft incidents will support industry growth

Abstract

Identity Theft Insurance
Rising complaint levels and the increasing propensity for large-scale data breaches have boosted consumer awareness of coverage offered by the Identity Theft Insurance industry. Policies offered by industry operators provide coverage for the cost of reclaiming one’s financial identity; this includes the cost associated with required paperwork, wages lost due to identity theft and the expense of hiring an attorney. Alternatively, industry policies do not prevent an individual from becoming a victim of identity theft or cover the direct monetary losses caused by identity theft. The number of identity theft cases rose rapidly in the early 2000s as more individuals used their personal information online to complete a variety of services. Identity theft complaints have continued to rise since then, albeit at a more gradual pace in more recent years. Despite the increasing awareness of the problems associated with identity theft, a key threat to the industry’s performance involves the rising number of articles that question the benefits of industry offerings.

This industry includes companies that underwrite insurance policies for identity theft. Policies offered by industry operators provide coverage for the cost of reclaiming one’s financial identity; this includes the costs associated with required paperwork, wages lost due to identity theft and the expense of hiring an attorney. Industry policies do not prevent an individual from becoming a victim of identity theft or cover the direct monetary losses caused by identity theft.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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