Middle East and Africa Usage Based Insurance Market In depth Analysis and business Growth Strategies By 2026 - Key Players are Allianz, AXA, Progressive Insurance, Allstate, Desjardins, Generali, MAPFRE, Metromile, Aviva, Admiral Group Plc,Ageas Group

As name suggested usage based insurance is calculated by how corresponding vehicle is driven. In other words, usage based insurance is a kind of auto-insurance which totally depends on vehicle used, measured against time, distance, behaviour, place and others. These all usages can be measure using telematics technology; the technology is available in from of mobile application, pre-installed in the car’s network or it can be installed in USB port of the vehicle. Usage based insurance and telematics technology has wide range of benefits such as reverse gear indication, tracking of speeding, seat belt use, harsh braking, acceleration control, driver coaching by voice and others. These all benefits have potential to reduce road accidents.
Middle East and Africa usage based insurance market is expected to reach a healthy CAGR of 16.1% in the forecast period of 2019 to 2026.

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Major Companies/ Key Players/ Competitors: Middle East and Africa usage based insurance market

Allianz, AXA, Progressive Insurance, Allstate, Allstate Canada, Desjardins, Generali, MAPFRE, Metromile, Aviva, Admiral Group Plc,Ageas Group, Octo Telematics, TomTom Telematics, Liberty Mutual Insurance, Intelligent Mechatronic Systems – IMS, Mitsui Sumitomo Insurance Co. (Europe) Ltd, Watchstone Group plc, Allianz Australia, Aviva Canada, Allianz Asia Pacific, AXA Insurance Company, AXA US, Aviva Asia, AXA Italia, AXA UK, Ageas UK, Liberty Mutual Insurance Europe Limited

Market Segmentation: Middle East and Africa usage-based insurance market

Middle East and Africa usage-based insurance market is segmented into six notable segments which are package type, vehicle type, device offering, technology, vehicle age, and electric & hybrid vehicle.

On the basis of package type, the market is segmented into

• pay-as-you-drive (PAYD),
• pay-how-you-drive (PHYD), and
• manage-how-you-drive (MHYD)

In 2019, the pay-as-you-drive (PAYD), market is growing at the CAGR of 16.3% in the forecast period of 2019-2026.

In November 2015 Intelligent Mechatronic Systems (IMS) was awarded for excellence in the innovative. This award made Intelligent Mechatronic Systems (IMS) more popular.

On the basis of vehicle type, the market is segmented into

• light-duty vehicle (LDV) and
• heavy-duty vehicles (HDV)

In 2018, light-duty vehicle (LDV) market is growing with the highest CAGR of 16.5% in the forecast period of 2019 to 2026.

In March 2016, TrueMotion has acquired The Canary Project. Due to this acquisition, company has application developer for developing telematics application.

On the basis of device offering, the market is segmented into

• company provided and

• bring your own device (BYOD)

The company provided market is growing at the CAGR of 15.6% in the forecast period of 2019-2026.

In June 2018, Cambridge Mobile Telematics (CMT) was awarded as best auto digital insurance product award from TU-Automotive Detroi for DriveWell. This award made Cambridge Mobile Telematics (CMT) more popular which increases the overall income of the company

On the basis of technology, the market is segmented into

• OBD-II,
• smartphone,
• embedded system,
• black box and others

In 2018, embedded system market is growing with the highest CAGR of 16.5% in the forecast period of 2019 to 2026.

In August 2017, Cambridge Mobile Telematics (CMT) has launched powerful smartphone telematics program for commercial fleets. This launch has improved employee safety, reduce the number of accidents and claims and increase operational efficiency and performance.

On the basis of vehicle age, the market is segmented into

• new vehicles and
• on-road vehicles

In 2018, on-road vehicles market is growing with the highest CAGR of 16.5% in the forecast period of 2019 to 2026.

In September 2017, the company was awarded as the global pioneer in telematics insurance and champion for road safety by UK insurance sector This award made company more popular which further increases the overall sells

On the basis of electric and hybrid vehicle, the market is segmented into

• hybrid electric vehicle (HEV),
• plug-in hybrid vehicle (PHEV) and
• battery electric vehicle (BEV)

In 2018 Battery Electric Vehicle (BEV) market is growing with the highest CAGR of 16.7% in the forecast period of 2019 to 2026.

In September 2017, the Progressive Company has introduced ELD Usage-Based Insurance Program for Commercial Truck Drivers. This launch extended the company’s service portfolio

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Scope of Report:

• CAGR of the market during the forecast period 2019-2026

• Detailed information on factors that will accelerate the growth of the usage based insurance in upcoming years

• Precise estimation of the Middle East and Africa usage based insurance market size, share and its contribution to the Middle East and Africa usage based insurance market

• Accurate predictions on upcoming trends and changes in consumer behavior

• A thorough analysis of the market’s competitive landscape and detailed information on several vendors

• Comprehensive information about factors that will challenge the growth of Middle East and Africa usage based insurance market.

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This release was published on openPR.