Usage-Based Insurance Market Size to Hit $149.22 Billion by 2027 | Business Growth Strategies Allianz SE, Allstate Corporation, Aviva, AXA, Insurethebox, Liberty Mutual Insurance, Mapfre S.A

Insurance industry plays a major role in economic growth by providing financial protection to individuals, assets, and businesses against uncertain events. Hence, the business of insurance has become a massive contributor toward the development of a country. However, the auto insurance industry has been largely affected due to the outbreak of the COVID-19 pandemic leading to economic instability.

As per the report published by Allied Market Research, the global usage-based insurance market generated $28.75 billion in 2019, and is estimated to reach $149.22 billion by 2027, witnessing a CAGR of 25.1% from 2020 to 2027.

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The key players profiled in the usage-based insurance market analysis are Allianz SE, Allstate Corporation, Aviva, AXA, Insurethebox, Liberty Mutual Insurance, Mapfre S.A., Nationwide Mutual Insurance Company, Progressive Corporation and UNIPOLSAI ASSICURAZIONI S.P.A. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

Key Benefits For Stakeholders

• The study provides an in-depth analysis of global usage-based insurance market forecast along with the current & future trends to elucidate the imminent investment pockets.
• Information about key drivers, restraints, and opportunities and their impact analysis on global usage-based insurance market is provided in the report.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
• The quantitative analysis of the market from 2020 to 2027 is provided to determine the market potential.

Increase in economic strength of the developing nations such as China and India is expected to provide lucrative opportunities for the market growth. North America occupied a major share in the auto insurance market in 2019, owing to the presence of major market players such as Allstate Corporation and Allianz. They are offering advanced coverages such as comprehensive, underinsured, and uninsured motorist, due to the extensive adoption of cars.

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Furthermore, technological advances such as telematics, including black box, navigation & direction, OBD2 devices, and other connected devices in vehicles, propel the growth of the market, by giving an opportunity to auto insurance companies to provide products linked to in-vehicle telematics along with the liability coverage. Moreover, emerging countries in Asia-Pacific and Latin America are projected to offer significant growth opportunities during the forecast period. The global players are focusing toward product development and increasing their geographical presence, owing to increase in competition among local vendors, in terms of features, quality, and price.

The global usage-based insurance market is divided into policy type, technology, vehicle age, vehicle type, and region. Based on policy type, the pay-as-you-drive segment dominated the market in 2019, accounting for more than half of the market. However, the manage-how-you-drive segment is expected to manifest the highest CAGR of 29.7% during the forecast period.

On the basis of technology, the black-box segment held the largest share in 2019, contributing to more than three-fifths of the market. However, the smartphone segment is projected to portray the highest CAGR of 30.3% during the forecast period.

Based on vehicle age, the new vehicles segment held the lion’s share in 2019, accounting for nearly three-fifths of the market. However, the used vehicle segment is anticipated to manifest the highest CAGR of 25.9% from 2020 to 2027.

On the basis of vehicle type, the light-duty vehicle (LDV) segment held the largest share in 2019, contributing to around three-fourths of the market. However, the heavy-duty vehicle (HDV) segment is expected to register the highest CAGR of 26.3% during the forecast period.

The global usage-based insurance market is analyzed across various regions such as North America, Asia-Pacific, Europe, and LAMEA. The market across North America held the largest share in 2019, contributing to nearly two-fifths of the market. However, the market across Asia-Pacific is anticipated to manifest the highest CAGR of 27.6% from 2020 to 2027.

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Covid-19 impact:

• Since the outbreak of the Covid-19 pandemic, people have been reevaluating traditional auto insurance policies and opting for usage-based insurance.
• As most of the governments have imposed lockdown across the country, most of the companies opted for work-from-home culture. This has decreased the short trips, and therefore, need for mile-based coverage across the globe.

Key Market Segments

By Type

• Pay-as-you-drive (PAYD)
• Pay-how-you-drive (PHYD)
• Manage-how-you-drive (MHYD)

By Technology

• OBD-II-based UBI programs
• Smartphone-based UBI programs
• Hybrid-based UBI programs
• Black-box-based UBI programs

By Vehicle Age

• New Vehicles
• Used Vehicles

By Vehicle Type

• Light-Duty Vehicle (LDV)
• Heavy-Duty Vehicle (HDV)

By Region

• North America

o U.S.
o Canada

• Europe

o Germany
o France
o UK
o Italy
o Spain
o Belgium
o Rest of Europe

• Asia-Pacific

o China
o Japan
o Australia
o Singapore
o Thailand
o Rest of Asia-Pacific

• LAMEA

o Latin America
o Middle East
o Africa

Report Summary: https://www.alliedmarketresearch.com/usage-based-insurance-market

CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: USAGE BASED INSURANCE MARKET BY POLICY TYPE
CHAPTER 5: USAGE BASED INSURANCE MARKET BY TECHNOLOGY
CHAPTER 6: USAGE BASED INSURANCE MARKET BY VEHICLE AGE
CHAPTER 7: USAGE BASED INSURANCE MARKET BY VEHICLE TYPE
CHAPTER 8: USAGE BASED INSURANCE MARKET BY REGION
CHAPTER 9: COMPANY PROFILES

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