Gadget insurance in the UK just hit a new record. Policies jumped from 7.87 mn in 2023 to 8.46 mn this year, a 7.5% leap that tracks closely with the relentless rise in smartphone, tablet, and wearable prices.
Broadstone’s latest data paints a clear picture – people now see these gadgets as essentials, not luxuries, and they’re insuring them accordingly.
Premium income followed the same trajectory, climbing from £496m to £604m – a 22% spike in a single year. Few lines in UK general insurance can boast that kind of consistency while keeping payout ratios stable.
Add-on coverage held steady at 41.8%, while stand-alone policy payouts dipped from 59.3% to 42.9%.
Broadstone’s analysts think that drop signals pricing recalibration, not consumer retreat. Claims frequency also fell across both categories, hinting at healthier utilisation patterns.
Smartphones, tablets, wearables – they’ve become the tools people rely on for work and life
Cormac Bradley, Senior Actuarial Director at Broadstone
He pointed out that gadget insurance has managed to stay relevant and valuable even as other niche products fade. “It’s delivering consistent consumer benefit and adapting to the realities of rising device costs,” said Cormac Bradley.”
Bradley also sees a generational shift playing out. “Younger consumers are buying in,” he said.
It’s one of the few insurance products closing the age gap while still delivering fair value. Insurers that meet young users where they are today will be the ones building trust that lasts beyond a phone upgrade.
The outlook stays bright but not without caution. Insurers, Bradley warned, need to stay alert to shifting risks, tech inflation, and changing device behaviours.
The opportunity’s big – a stable regulatory landscape, strong demand, and steady growth. But the market’s moving fast, and dynamic pricing may soon be the only way to keep pace.
We think this surge isn’t a blip. It’s a sign that insurance is finally syncing with the rhythm of consumer tech – and maybe, just maybe, winning back a generation that once tuned out.
