Press release
What's Driving the Usage-based Insurance Market Growth? Allianz Insurance, Allstate Insurance Company, AXA, Desjardins Group, Liberty Mutual Insurance, MAPFRE, Nationwide, Sierra Wireless
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The North America usage-based insurance market has been forecast to hold a major share of more than 35% by 2024. The market growth is ascribed to aspects such as increasing connected cars with integral telematics solutions and the implementation of the cloud-based telematics solutions. UBI market growth in the region is led by the presence of many car insurance firms that are using black box technology to track driving habits.
Increasing number of automobiles on roads, innovative technologies and rising insurance premiums have substantially driven usage-based insurance market growth. Usage-Based Insurance (UBI) Market size is set to exceed USD 107 billion by 2024, as per reliable estimates.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Allianz Insurance
2. Allstate Insurance Company
3. AXA
4. Desjardins Group
5. Liberty Mutual Insurance
6. MAPFRE
7. Nationwide
8. Octo Technology
9. Sierra Wireless
10. UnipolSai Assicurazioni S.p.A.
11. Vodafone Automotive SpA
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The Pay-How-You Drive (PHYD) segment has accounted for more than 70% share in usage-based insurance market revenue in 2017 as this insurance model takes the person's driving skills into consideration. PHYD can be installed in the car and analyzes the habits based on several factors like braking, speeding, parking, and positioning to decide premiums. PHYD helps to evade false practices often resorted to by motor insurance companies and takes factors into consideration which can ensure that car owners are charged reasonable premiums. In the years ahead, UBI market outlook from the PHYD segment is expected to depict a major transformation.
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