Usage-Based Insurance Market: What Are The Key Industry Insights? What Will Be The Industry Forecasts by 2027?

Usage-Based Insurance Market is valued at USD 21.48 Billion in 2020 and expected to reach USD 102.45 Billion by 2025 with the CAGR of 25.52 % over the forecast period.

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Usage-Based Insurance Companies-

Usage-based insurance market report covers prominent players are,

Usage-based insurance (UBI), also known as telematics, works by tracking driving behavior through devices installed in a vehicle or through smart phones. UBI is mainly used to monitored driver’s behavior directly while the person drives, allowing insurers to more closely align driving behaviors with premium rates. Usage-based insurance (UBI) is a type of vehicle insurance by which the costs are dependent upon type of vehicle used, measured against time, distance, behavior and place. Usage-based insurance contains different services such as pay-as-you-drive (PAYD), pay-how-you-drive (PHYD) and manage-how-you-drive (MHYD). The devices can measure informative data that collected data is then used by the insurer to help determine premiums. UBI programs provide many advantages to consumers, insurers and society. UBI is often powered by in-vehicle telecommunication devices (telematics)-technology that is available in a vehicle that is self-installed using a plug in-device or already integrated in original equipment installed by car manufactures. Also, UBI can be accessible through mobile applications. Usage-based insurance market report is segmented on the basis of type, technology and by regional & country level. Based upon type, global usage-based insurance market is classified into Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD) and Manage-How-You-Drive (MHYD). Based upon technology, global usage-based insurance market is classified into OBD-II, smartphone, hybrid and black-box.

Usage-Based Insurance Market Segmentation –

By Type: Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), Manage-How-You-Drive (MHYD)

By Technology: OBD-II, Smartphone, Hybrid, Black-Box

By Industry Vertical: Banking, Financial Services and Insurance (BFSI), Media & Communication Services, Manufacturing and Natural Resources, Aerospace and Defence, Transportation and Logistics, Government and Utilities, Others (Food & Beverages, Oil & Gas, Real Estate)

By Regional & Country Analysis

North America, U.S., Mexico, Canada , Europe, UK, France, Germany, Italy , Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of Middle East and Africa

Usage-Based Insurance Market Regional Analysis –

North America is dominating the usage-based insurance market with the potential rate due to increasing smartphone users rapidly, increasing adoption of Mobility as a service and increasing collaborations between telematics and insurance companies in the region. According to the PewResearchCenter, estimates that 92 percent of Americans have cell phones and 45 percent have access to a tablet computing device. For instance, Progressive Casualty Insurance Co is a leading property and casualty insurance provider in US.

The Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period with due to increasing internet users the rising number of smart connection devices, adoption of smart phones and presence of insurance providers in the region. For instance, Toyota Insurance Management Solutions (TIMS), an independent P&C insurance agency under Toyota’s Financial Services umbrella launched a usage-based insurance (UBI) program for owners of their cars. Moreover, developing strong internet infrastructure and high penetration of IT solutions in industry verticals in developing countries such as China, Japan and India. Moreover, increasing government initiative towards usage-based insurance will increase demand for usage-based insurance in forecast period.

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