Usage-based Insurance Market Size | COVID-19 Impact Analysis | Forecast to 2027

The global usage-based insurance market size was valued at $28.7 billion in 2019, and is projected to reach $149.2 billion by 2027, growing at a CAGR of 24.5% from 2020 to 2027. Usage-based insurance is a type of insurance policy where the premium of the policy is directly linked with the usage of the vehicle. This type of insurance is mainly available in developed countries owing to which majority of the key players of the market are expanding their business in developing countries of Asia-Pacific and LAMEA. Furthermore, insurers utilize UBI plans to align driving behavior of individuals with the premium charged by them. The telematics device—a system installed in the vehicles—monitors the speed, time, and distance covered by the vehicle, which is later transmitted to the insurance company, charging insurance premiums accordingly.

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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.

Market Segmentation

By Package

• PHYD
• PAYD
• Device-based
• Telematics-based

By Technology

• OBD-II
• Smartphone
• Black Box
• Embedded Telematics

By Vehicle Type

• Passenger Vehicle

o OBD-II
o Smartphone
o Black Box
o Embedded Telematics

• Commercial Vehicle

o OBD-II
o Smartphone
o Black Box
o Embedded Telematics

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Recent Developments

o Market Overview and growth analysis
o Import and Export Overview
o Volume Analysis
o Current Market Trends and Future Outlook
o Market Opportunistic and Attractive Investment Segment

Geographic Coverage

o North America Market Size and/or Volume
o Latin America Market Size and/or Volume
o Europe Market Size and/or Volume
o Asia-Pacific Market Size and/or Volume
o Rest of the world Market Size and/or Volume

Key Questions Answered by Usage-based Insurance Market Report

• What was the Usage-based Insurance Market in 2020 and 2021; what are the estimated growth trends and market forecast (2021-2027).
• What will be the CAGR of Usage-based Insurance Market during the forecast period (2021-2027)?
• Which segments (product type/applications/end-user) were most attractive for investments in 2018? How are these segments are expected to grow during the forecast period (2021-2027)?
• Which manufacturer/vendor/players in the Usage-based Insurance Market was the market leader in 2018?
• Overview on the existing product portfolio, products in the pipeline, and strategic initiatives taken by key vendors in the market.

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This release was published on openPR.