Usage Insurance Adoption Is Likely To Be The Highest In The U.S, Accounting For Over 50% Of Global Demand

Market Snapshot
Newly released data from Fact.MR market Analysis shows that global demand of the overall Usage Insurance market accounted for almost US$ 30 Bn in 2020 and is projected to reach nearly US$ 150 Bn by 2031, expanding 5x across the 2021-2031 forecast period.

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Growing complexities in the one-size-fits-all approach associated with general automotive insurance is prompting increased uptake of usage based insurance, which are far more dynamic and accurate in nature. Demand for black box usage insurance is expected to remain most prominent, amid wider connectivity and higher accuracy.

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Key Points Addressed in Usage Insurance Industry Analysis
Market Estimates and Forecasts (2016-2031)
Key Drivers and Restraints Shaping Market Growth
Segment-wise, Country-wise, and Region-wise Analysis
Competition Mapping and Benchmarking
Brand Share and Market Share Analysis
Key Product Innovations and Regulatory Climate
COVID-19 Impact on Usage Insurance and How to Navigate
Recommendation on Key Winning Strategies

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Usage Insurance Consumption Analysis 2016-2020 vs Market Outlook 2021 to 2031
According to Fact.MR- market research and competitive intelligence provider, the global usage insurance industry grew to a value of approximately US$ 30 Bn by 2020. As conventional automotive insurance experiences significant constraints, vehicle owners are increasingly relying on usage-based insurance to optimize costs.

During the COVID-19 pandemic, the global automotive industry experienced a major downswing, attributed to disruptions in the supply chain attributed to the imposition of stringent lockdowns. This led to a drop in usage insurance services sales in the short-term. However, demand remained sustained amidst the increasing popularity of electric vehicles.

A growing trend in automobile insurance is the collection of data about how far individual vehicles have been driven based on the data collected by a particular insurer. Telematics is used in insurance and can either be pre-installed in the vehicle or can be added with a plug-in device. Based on these trends, Fact.MR expects that the global market will surge at a CAGR of over 17% from 2021 to 2031.

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Key Segments Covered

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

Product

Black Box
OBD Dongle
Smartphone
Others

Vehicle

Passenger Vehicle
Commercial Vehicle
Competitive Landscape

Major players with a prominent share in the market are focusing on expanding their customer base.

Earnix, a global provider of advanced rating, pricing, and product personalization solutions for insurers and banks announced its acquisition of AI-Powered telematics provider Driveway Software Corporation’s assets. It will be joined by Driveways’ strong and highly capable team of domain-rich experts.
On June 16, 2020, USAA is expected to acquire Noblr, a digital insurer offering behavior-based auto insurance. Dedicated to military personnel and their families, the company says its acquisition will help make it more competitive by upgrading its services. Financial strength was also cited as a factor as to why the company could acquire companies in this space and accelerate innovation.

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This release was published on openPR.