Press release
Usage-Based Insurance Market Size is projected to reach $149.2 billion by 2027, growing at a CAGR of 25.10% from 2020 to 2027
According to a recent report published by Report Ocean, titled, “Usage-Based Insurance Market by Type, Technology, Vehicle Age and Vehicle Type: Opportunity Analysis and Industry Forecast, 2020–2027,” 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 25.10% from 2020 to 2027.GET SAMPLE PAGES @ https://www.reportocean.com/industry-verticals/sample-request?report_id=AMR1343
Usage-based insurance (UBI) is a telematics-based, auto insurance service that monitors cars, trucks, and other commercial or private vehicles, by keeping track of distance covered. The first successfully used telematics was initiated by long-distance truck fleet operators to track and coordinate vehicle movements for operational, maintenance, and other purposes. The premiums are calculated according to the data assessed by the telematics device, which includes miles driven, time of day, where the vehicle is driven, rapid acceleration, and hard braking. Moreover, growing adoption of usage-based insurance among the end user owing to its various features such as providing accurate and timely data collection methods and flexible insurance premiums, boosts the growth of the global usage-based insurance market. In addition, factors such as higher possibility of the vehicle being recovered, in case of stolen, and lower fuel consumption positively impacts the growth of the market. However, high installation cost of telematics and various data security issues are expected to hamper the market growth. On the contrary, adoption of advance technology such as smartphone-based UBI & hybrid-based UBI and increase in concerns regarding driver’s safety across the globe is expected to offer remunerative opportunities for the expansion of the market during the forecast period. Each of these factors is projected to have a definite impact on the growth of the
usage-based insurance market.
The black-box based UBI segment is expected to garner a significant share during the forecast period. This is attributed to penetration of black box-based insurance is increasing among higher risk policy holders, such as a young or new driver, in Europe, which is anticipated to increase the demand for such programs in the region. However, the smartphone-based UBI segment is expected to grow at the highest rate during the forecast period, owing to convenience provided for data collection through smartphone app drives the global smartphone-based UBI services.
Region wise, the usage-based insurance market was dominated by North America in 2019, and is expected to retain its position during the forecast period. The major factors that drive the growth of the market in this region include the presence of key players and rise in purchase of used cars. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing to surge in adoption of mobile telematics technology by insurance companies among the developing nations such as China and India.
The outbreak of COVID-19 has moderately impacted the growth of the global usage-based insurance industry. This is attributed to the fact that travel restrictions by several countries have reduced the kilometers and usage of vehicles on road, which influences policyholders to seek for bailouts, reduced premiums, and refund on premiums. This has led to insurers freezing sales of new coverages for usage-based insurance. Furthermore, usage-based insurance is obligatory in many states. However, owing to travel restrictions and fear of infection, the sale of cars has declined to more than 50%, which states a significant drop in usage-based insurance policies. This acts as a critical challenge faced by insurance providers. To rebound the insurance business, key players are introducing new strategies to enhance the customer experience and to improve their market share in the pandemic situation.
Key Findings Of The Study
By type, the pay-as-you-drive segment generated the highest revenue in 2019.
Region wise, North America generated the highest revenue in 2019.
Depending on technology, the smartphone segment is anticipated to exhibit substantial growth during the forecast period.
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.
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UBI Market Size
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 25.1% from 2020 to 2027. Usage-based insurance is expected to grow rapidly in the coming years. Key drivers of the usage-based insurance market include the growing adoption of telematics technology in the automotive insurance space.
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