Usage-Based Insurance (UBI) Market by Policy Type [Pay-As-You-Drive Insurance (PAYD), Pay-How-You-Drive Insurance (PHYD), and Manage-How-You-Drive Insurance (MHYD)], Technology (OBD-II-Based UBI Programs, Smartphone-Based UBI Programs, Hybrid-Based UBI Pr

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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Trends Influencing the Global Usage Based Insurance Market

Technological advancements

The rapid integration of telematics has created huge opportunities for insurance companies. The in-vehicle monitoring of total distance traveled, driver behavior, braking, cornering, acceleration has allowed insurers to align the premium rates with driver and vehicle safety. This promotes safe driving, reduces pollution, fuel consumption, congestion, and accidents. Consumers are benefitted as lesser use of vehicles will typically reduce premium costs. This provides an incentive to drivers to prevent rash driving. These factors will ultimately propel the growth of the usage-based insurance market during the forecast period. The accurate pricing based on proper analysis provides convenience to insurance companies and attracts customers.

Problems related to driver safety

As per WHO(World Health Organization), about 1.3 million people die globally every year due to road crashes, accidents, and rash driving. This causes a significant loss to human lives and vehicle damage. Hence there is an urgent need for mitigating risks related to driver behavior. Usage-based insurance promotes safe driving behavior as statistics related to miles driven, phone use while driving, acceleration, hard braking, etc are analyzed. Safe driving reduces insurance costs and improves the overall driving score. UBI basically provides an incentive to reduce human errors. This in turn is expected to drive the growth of the usage-based insurance market in the coming years.

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UBI Market Share

Based on type, the pay as you drive segment is expected to dominate in the usage-based insurance market share as consumers are incentivized to drive safe, green, and less which reduces cost thereby increasing adoption.

Based on region, North America will provide huge scope for growth in the usage-based insurance market share due to flexible driving and roadside assistance.

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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)

UBI Market Players
• Allianz SE
• AXA S.A.
• Insure The Box Ltd
• Progressive Corporation
• Allstate Corporation
• Desjardins Insurance
• Generali Group
• Mapfre S.A.
• Metromile
• Aviva plc.

Other Players
• Admiral Group Plc.
• Ageas S.A./NV
• AI Insurance Holdings Pty Ltd.
• Aioi Nissay Dowa Insurance (ADI)
• Allstate Corporation
• Box Innovation Group Ltd.

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