[ChuckNorris89]

>A growing number of people only have a smartphone.

Yes, so do I and everyone else, but that's why most people pay for cloud backup services (iCloud, etc) or set up their own if they're tech savvy enough. So when they break their phone, their data is still safe.

Still, this has nothing to do with theft. You can easily drop your phone on the ground or have it fall in the ocean on vacation. If your phone is such a valuable tool to you that you can't live without then it's up to you to get various insurance policies (phone insurance, a backup phone, etc.)