In this article, we will cover the 15 best jewelry insurance companies heading into 2024. If you want to skip our detailed analysis of the jewelry insurance market, you can go directly to 5 Best Jewelry Insurance Companies Heading into 2024.
Global Jewelry Insurance Market: An Analysis
Due to the rising awareness of the need to protect valuable personal items and assets, the global jewelry insurance market is expected to expand in the coming years. According to a report by Cognitive Market Research, the global jewelry insurance market was valued at $4.5 billion in 2023. The market is expected to continue growing at a compound annual growth rate (CAGR) of 7.3% during 2024-2030. The North American region is expected to continue to dominate the market in the coming years. The jewelry insurance market holds a distinct place in the world of insurance as it combines financial worth with deep emotional resonance. The growing awareness of the risks associated with buying jewelry and valuable items is expected to provide jewelry insurance providers with growth opportunities in the coming years.
Increasing disposable income combined with the increase in demand for luxury jewelry items, such as diamonds and precious stones, has led to a surge in the importance of insuring jewelry for protection against loss, theft, or damage. More people are ready to invest in jewelry insurance to protect their valuable possessions. Moreover, the increasing availability of online jewelry insurance policies and providing affordable and accessible jewelry insurance that can be purchased easily is expected to further augment market growth.
Key Players in the Jewelry Insurance Market
The global jewelry insurance market is a competitive and dynamic industry. Some of the most prominent names in the jewelry insurance market are AXA SA (EPA:CS), Lemonade Inc. (NYSE:LMND), and Travelers Companies Inc. (NYSE:TRV).
Travelers Companies Inc. (NYSE:TRV), or simply Travelers, is an American insurance company and a major provider of property casualty insurance for auto, home, and business. It is also one of the best auto insurance companies heading into 2024. On January 19, Travelers Companies Inc. (NYSE:TRV) reported strong earnings for the fiscal fourth quarter of 2023, reflecting strong demand for insurance products and services in North America. The company reported earnings per share (EPS) of $7.01, surpassing EPS estimates by $1.92. Travelers Companies Inc.’s (NYSE:TRV) revenue for the quarter grew by 13.11% year-over-year and amounted to $9.97 billion, ahead of market consensus by $26.25 million.
Some of the biggest insurance companies, that offer a diverse range of coverage options, are looking to expand their business and gain a competitive edge in the highly competitive jewelry insurance market. AXA SA (EPA:CS) is a French multinational insurance company that serves over 90 million clients in more than 50 countries around the world. It also offers comprehensive specialty jewelry insurance coverage which can be added to an existing fine art policy or be written as a separate policy. On November 1, 2023, AXA SA (EPA:CS) announced that it has finalized the acquisition of Laya Healthcare Limited, which is a leading insurer in the Irish health insurance market holding approximately 28% market share, serving nearly 700,000 policyholders, and generating around EUR 800 million in premiums annually, as of fiscal year 2022. The company operates as a Managing General Agent with a highly digitalized platform and a robust direct distribution network. AXA SA (EPA:CS) has acquired Laya for a consideration of EUR 650 million and plans to underwrite the business currently handled by a third-party insurer starting from the fourth quarter of 2024, subject to regulatory approvals.
Insurance companies are focusing on introducing innovative coverage options and investing in technology to improve operational efficiency and boost customer satisfaction. Lemonade Inc. (NYSE:LMND) is an American digital insurance company that serves in the United States, the United Kingdom, the Netherlands, Germany, and France. It ranks among the best pet insurance companies heading into 2024 as well. It also offers homeowners and renters insurance with add-on extra coverage endorsement that can cover scheduled jewelry items and collectibles. Lemonade Inc. (NYSE:LMND) uses AI and chatbots to process claims. On November 8, 2023, Lemonade Inc. (NYSE:LMND) announced that it has surpassed 2 million customers. The speed to achieve this milestone was 35% faster than the first million, which was reached in late 2020. The company also said its premium per customer increased by about 70% over the same period. Moreover, net operating loss, as compared to gross earned premium, approximately halved over the same period, indicating the digital insurance company’s technological advantage, scalability, and clear progress toward profitability.
Now that we have discussed what’s going on in the global jewelry insurance market, let’s take a look at the 15 best jewelry insurance companies heading into 2024.
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Methodology
For this article, we compiled a list of the 15 best jewelry insurance companies heading into 2024. We went through multiple reddit threads, and used search terms like “best jewelry insurance companies”, “recommendations on jewelry insurance”, and “favorite jewelry insurance providers” to find relevant threads. To ensure the authenticity and relevance of our research, we focused on companies that were given positive reviews by redditors across various threads and discussions. We looked at several reddit threads and compiled a list of the jewelry insurance companies based on the number of times their name came up in a comment, as well as the upvotes on these comments. This thorough process helped us compile a list of the 15 best jewelry insurance companies heading into 2024.
We then sourced the market cap (as of January 22, 2024) for publicly listed companies from Yahoo Finance. For the private companies, we preferred the latest annual revenue from official company reports. However, for some private jewelry insurance companies, we were unable to source the reported annual revenue. For such companies, we decided to rank them based on the number of employees or associates, which reflects the size and position of a company in the industry. The number of employees may not be entirely accurate to quantify a company’s valuation, but a close depiction of the company’s position in the industry. Finally, we have ranked the 15 best jewelry insurance companies heading into 2024 based on their market capitalization as of January 22, 2024, annual revenues, and number of employees.
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15 Best Jewelry Insurance Companies Heading into 2024
15. Lavalier Jewelry Insurance
Number of Employees: 11-50
Lavalier Jewelry Insurance ranks among the 15 best jewelry insurance companies heading into 2024. Lavalier Jewelry Insurance has 11-50 employees and it offers personalized jewelry insurance coverage options. Lavalier provides an “all-risk” policy that covers loss, damage, theft, or mysterious disappearance anywhere in the world. With Lavalier Jewelry Insurance, you also get limited coverage for newly purchased jewelry. As one of the best jewelry insurance companies, Lavalier also covers your jewelry in transit for inspection or repair.
14. WAX Insurance
Number of Employees: 11-50
WAX Insurance is a collectibles-focused insurance provider. There are 11-50 individuals employed by the WAX insurance company. It offers a valuable articles policy to insure your engagement ring, fine art collection, watches, trading cards and more. It provides coverage for damage from fire, theft, earthquake, flood, and breakage. With WAX Insurance, appraisals are only required for jewelry valued at $100,000 or more and fine art items valued at $250,000 or more.
13. GemShield
Number of Employees: 11-50
GemShield offers jewelry insurance policies online and it has 11-50 employees. GemShield provides repair and replacement coverage, and the “all-risk” policy covers loss, theft, damage, and mysterious disappearance. With GemShield you get worldwide coverage while traveling and automatic coverage for newly purchased jewelry pieces for up to 30 days.
12. JIBNA
Number of Employees: 11-50
JIBNA (Jewelry Insurance Brokerage of North America) ranks 12th on our list of best jewelry insurance companies heading into 2024. There are 11-50 individuals employed by JIBNA. JIBNA’s Personal Jewelry Insurance is a stand-alone insurance policy that is just for jewelry. With an all-risk coverage, you can have your jewelry protected against loss, theft, damage, and mysterious disappearances. JIBNA’s advanced underwriting process uses proprietary software to make jewelry appraisals and perform insurance-to-value (ITV) calculations to accurately determine how much coverage is required to properly insure the jewelry.
11. BriteCo
Number of Employees: 11-50
BriteCo is an insurance company that ranks second on our list of best jewelry insurance companies heading into 2024. BriteCo has 11-50 employees and offers affordable coverage up to 125% of appraised value. However, BriteCo’s personal jewelry insurance policy has a maximum coverage limit for a single piece of jewelry of $150,000 and a maximum total of $500,000 for a schedule of items. As one of the best jewelry insurance companies, it provides worldwide coverage for loss, theft, damage, and disappearance as well as preventive maintenance.
10. Jewelers Mutual
Number of Employees: 201-500
Jewelers Mutual is one of the most well-respected names in the world of jewelry insurance. With 201-500 employees, Jewelers Mutual ranks among the top 10 on our list of the best jewelry insurance companies heading into 2024. It has been around for over 100 years and it is also recommended by trade groups such as the American Gem Society and Jewelers of America. Jewelers Mutual offers all types of jewelry insurance, including watches, earrings, and engagement ring insurance as well as coverage for loose stones. It offers comprehensive repair and replacement coverage plans, which also include worldwide travel.
9. PURE Insurance
Number of Employees: 501-1000
PURE (Privilege Underwriters Reciprocal Exchange) is an American property insurance company that caters to high-net-worth customers and offers insurance for homes, automobiles, jewelry, art, and other collections. PURE’s jewelry, art & collections insurance policy covers your valuables worldwide and allows you to choose between scheduled coverage for items with known values, blanket coverage for a collection of lower-value items or a combination of both. With PURE, you also get protection against increases in market value. If an item’s market value has reached above your coverage amount at the time of a loss, you can get up to 150% of the item’s scheduled value, subject to the coverage limit for the class to which the item belongs. There are 501-1000 individuals employed by PURE Insurance.
8. Lemonade Inc. (NYSE:LMND)
Market Capitalization: $1.18 Billion
Lemonade Inc. (NYSE:LMND) offers homeowners and renters insurance with add-on jewelry coverage. The extra coverage endorsement can provide worldwide protection against loss, theft, and damage for scheduled jewelry items, collectibles, fine arts, cameras, bikes, and musical instruments. Lemonade Inc. (NYSE:LMND) is known for speedy and hassle-free claims processing powered by AI. As of January 22, 2024, Lemonade Inc. (NYSE:LMND) has a market capitalization of $1.18 billion.
7. Cincinnati Financial Corporation (NASDAQ:CINF)
Market Capitalization: $17.52 Billion
With a market capitalization of $17.52 billion, Cincinnati Financial Corporation (NASDAQ:CINF) ranks 7th on our list of the best jewelry insurance companies heading into 2024. Through the Cincinnati Insurance Company, Cincinnati Financial Corporation (NASDAQ:CINF) offers a wide range of insurance products. Cincinnati’s Capstone Personal Articles Policy (PAP) provides coverage for jewelry, fine arts, furs, collectibles, and firearms. It provides worldwide coverage for accidental loss or damage and automatic jewelry coverage for newly acquired items for up to 90 days. As one of the best jewelry insurance companies, Cincinnati Financial Corporation (NASDAQ:CINF) also provides coverage for jewelry works in progress with protection against loss to jewelry with a commissioned designer.
6. USAA
Annual Revenue (2022): $36.23 Billion
USAA is an American financial services company that provides insurance and banking products to members of the military, veterans, and their families. With an annual revenue of $36.23 billion in 2022, it ranks high among the best jewelry insurance companies heading into 2024. USAA offers Valuable Personal Property (VPP) Insurance for many types of jewelry and valuable items. It can help protect engagement rings, heirloom jewelry, rings, earrings, necklaces, bracelets, watches, smartwatches, musical instruments, cameras, guns, and other items. With USAA, jewelry insurance can pay to repair or replace your covered jewelry if it is damaged, lost, or stolen.
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Disclosure: None. 15 Best Jewelry Insurance Companies Heading into 2024 is published on Insider Monkey.
