Identity Theft Insurance Market Value Projected to Expand by 2029
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 offerin...