Identity crisis: The growing number of identity theft incidents will support industry growth

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...purchase to read more.

Industry Statistics & Market Size
Revenue
$277m
Annual Growth 13-18
14.7%
Forecast Growth 18-23
Profit
Employment
1,756
Businesses
43

Industry Threats & Opportunities

  • A threat to industry performance is the rising number of articles that question the benefits of industry offerings
  • The majority of identity theft incidents fall outside the scope of the industry
  • The number of identity theft complaints is forecast to rise over the period
  • Industry Report - Industry Investment Chapter

    The Identity Theft Insurance industry operates with a low level of capital intensity. In 2018, IBISWorld estimates that for every $1.00 spent on wages, the industry will allocate $0.03 to capital investment, representing a slight decrease from the industry's level of capital intensity in 2013. Capital is used for various reasons, including for information technology as advanced systems are used to track policies, payments and claims. Systems are also used by actuaries to model insurance risk, ensuring operators have proper reserves in case of an increase in claims rates. Companies have continued to improve their technology to provide better customer service, such as efficient customer responses and user-friendly websites. How...purchase to read more.

    Additional Insights for the Identity Theft Insurance Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Identity Theft Insurance Industry are

  • Ensure pricing policy is appropriate
  • Management of a high quality assets portfolio
  • Ability to effectively manage risk
  • IBISWorld analysts also discuss how external factors such as External competition and Crime rate in the Identity Theft Insurance industry impact industry performance..

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    What's in this report

    What is the Identity Theft Insurance Industry?

    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.

    Industry Products
  • Government document or benefits fraud
  • Credit card fraud
  • Phone or utilities fraud
  • Bank fraud
  • Employment-related fraud
  • Loan fraud
  • Other identity theft
  • Industry Activities
  • Underwriting identity restoration insurance policies
  • Paying benefits related to identity theft restoration paperwork
  • Paying benefits related to lost wages
  • Paying benefits related to legal expenses
  • Investing premiums in financial assets
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • External competition
  • Crime rate
  • Percentage of services conducted online
  • Access to credit

  • Current Performance
  • Prevalence of identity theft
  • Characteristics of industry customers
  • Impact of data breaches on demand
  • Chart: Revenue Growth

  • Industry Outlook
  • Impact of identity theft
  • Product acceptance
  • Table: Identity Theft Insurance Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Identity Theft Insurance Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Consumers

  • Key Selling Industries
  • Private Equity, Hedge Funds & Investment Vehicles
  • Real Estate Investment Trusts
  • Reinsurance Carriers
  • Stock & Commodity Exchanges
  • Venture Capital & Principal Trading

  • Products & Services
  • Employment-related fraud
  • Credit card fraud
  • Other identity theft
  • Phone or utilities fraud
  • Bank fraud
  • Loan fraud
  • Government document or benefits fraud
  • Chart: Identity Theft Insurance Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Individuals aged 50 to 64
  • Individuals aged 35 to 49
  • Individuals aged 25 to 34
  • Individuals aged 65 and older
  • Individuals aged 24 and younger
  • Chart: Major Market Segmentation for the Identity Theft Insurance Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Claims expenses
  • Wages
  • Other
  • Chart: Cost Structure Benchmarking – Sector vs Identity Theft Insurance

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Identity Theft Insurance Industry

  • Industry Globalization
    Nationwide Mutual Insurance Company, State Farm, The Travelers Companies Inc., The Allstate Corporation,
  • Table: Nationwide Mutual Insurance Company - financial performance
  • Table: State Farm - financial performance
  • Table: The Travelers Companies Inc. - financial performance
  • Table: The Allstate Corporation - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Identity Theft Insurance Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Identity Theft Insurance Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Industry Gross Product (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • Percentage of services conducted online (2009-2023)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Data Breach
  • The intentional or unintentional release of secure information to an untrusted environment.
  • Identity Theft
  • The fraudulent acquisition and use of a person's private identifying information.
  • Underwriting
  • The process where insurers assess the risks to insure and decide how much to charge for those risks.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s industry research report on Identity Theft Insurance contains five-year forecasts and data analysis that can help you identify and mitigate risks in potential new markets. Position yourself as an expert with internal stakeholders by using our comprehensive industry research to inform your reports, proposals and presentations. Our business information will save you money by helping you make better decisions, faster.

    IBISWorld industry market research reports enable you to:
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    • Identify threats and opportunities
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    This report on Identity Theft Insurance:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Identity Theft Insurance market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Identity Theft Insurance, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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