Demand of Overall Usage Insurance Is Projected to Reach Nearly US$ 150 Billion, Expanding 5x by 2031

The global Usage Insurance market is anticipated to expand between 2021 and 2031 at a compound annual growth rate (CAGR) of 17%, according to a report recently released by Fact.MR. By the end of 2031, the market is anticipated to reach US$ 150 billion. Usage Insurance demand is anticipated to increase throughout the forecast period, and the market is anticipated to grow to a US$30 Bn worldwide market size by the end of 2020.

Usage insurance uptake recorded an excellent 10% CAGR to be valued at US$ 30 Bn by 2020, according to the market's past performance. As a result of the COVID-19 pandemic, which stopped operations for automobile manufacture and distribution, prospects temporarily declined in the first half of 2020.

𝗙𝗼𝗿 𝗖𝗿𝗶𝘁𝗶𝗰𝗮𝗹 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀 𝗼𝗻 𝗧𝗵𝗶𝘀 𝗠𝗮𝗿𝗸𝗲𝘁, 𝗥𝗲𝗾𝘂𝗲𝘀𝘁 𝗮 𝗦𝗮𝗺𝗽𝗹𝗲 𝗥𝗲𝗽𝗼𝗿𝘁
https://www.factmr.com/connectus/sample?flag=S&rep_id=5352

𝗞𝗲𝘆 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆𝘀 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝗠𝗮𝗿𝗸𝗲𝘁 𝗦𝘁𝘂𝗱𝘆

• Global usage insurance market to surge 5x until 2031 as compared to 2021
• Demand for pay-as-you-drive (PAYD) to account for 55% of global market revenue
• Smartphone-based usage insurance likely to expand at a CAGR of 9% through 2031
• By vehicle, commercial usage insurance to garner significant momentum, growing at 7% CAGR
• U.S to capture half of the global usage insurance demand across the decade
• Europe likely to register an expansion rate of 10% in value CAGR terms through 2031
• Asia to account for a growth rate of a staggering 15% from 2021 to 2031

In the long-run, usage insurance providers are looking to leverage telematics as an effective technology to offer their services. Telematics-based insurance is highly accurate, as driving data can be instantly collected, enabling insurance providers to provide feedback regarding on-road driver and vehicular performance. Several developments are being witnessed, such as the recent takeover of TrueMotion by Cambridge Mobile Telematics in June 2021. After combining, Cambridge Mobile is to provide telematics services to 21 of the 25 largest auto insurers in the U.S.

𝗖𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝘃𝗲 𝗟𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲

Strategic collaborations enable insurance industries to increase revenue and market share. New products and technologies will enable the growth of usage-based insurance in the insurance industry.

To accelerate expansion across Europe, insurance tech company bolttech acquired i-surance, a next-generation B2B2C digital insurance platform. Boltech now covers 26 countries across North America, Asia, and Europe following the acquisition of i-surance - including Switzerland, Belgium, Germany, France, Liechtenstein, Monaco, Luxembourg, Netherlands, Portugal, Poland, Spain, and the United Kingdom.
Bolttech intends to expand its insurance exchange services in Europe to provide both partners and customers with more choices.

𝗞𝗲𝘆 𝗽𝗹𝗮𝘆𝗲𝗿𝘀 𝗶𝗻 𝘁𝗵𝗲 𝗨𝘀𝗮𝗴𝗲 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗠𝗮𝗿𝗸𝗲𝘁

Insure the Box Limited
Allstate Insurance Company
State Farm
Uniqa Insurance Group AG
Groupama
Generali Group
UnipolSai Assicurazioni S.p.A
Liberty Mutual Group
Allianz SE
Progressive Corporation

𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆 𝗦𝘂𝗿𝘃𝗲𝘆

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

• By Product
o Black Box
o OBD Dongle
o Smartphone
o Others

• By Vehicle
o Passenger Vehicle
o Commercial Vehicle

• By Region
o North America
o Latin America
o Europe
o East Asia
o South Asia
o Oceania
o MEA

𝗛𝗼𝘄 𝗮𝗿𝗲 𝗚𝗼𝗼𝗱 𝗗𝗿𝗶𝘃𝗶𝗻𝗴 𝗣𝗿𝗮𝗰𝘁𝗶𝗰𝗲𝘀 𝗣𝗮𝘃𝗶𝗻𝗴 𝗪𝗮𝘆 𝗳𝗼𝗿 𝗨𝘀𝗮𝗴𝗲 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲?

Incentives for better driving habits will increase drivers' motivation to improve their driving behavior. It leads to fewer traffic violations and accidents, resulting in fewer claims for insurance companies. This could prevent most drivers from paying more in rates and thus save them some money.

Implementation of tools for tracking drivers' driving behavior through the use of telematics is acquiring significant traction. The adoption of various technologies, including odometers, smartphones, and OBD dongles, has profoundly affected the driving behavior of consumers.

The coverage provided by usage-based insurance can offer current and ongoing details about driving habits, enabling appropriate calculation of rates and discounts quickly. The maximum discount offered is 25 percent, but most drivers receive a five to ten percent discount after recording driving.

𝗚𝗲𝘁 𝗖𝘂𝘀𝘁𝗼𝗺𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗼𝗻 𝘁𝗵𝗶𝘀 𝗥𝗲𝗽𝗼𝗿𝘁 𝗳𝗼𝗿 𝗦𝗽𝗲𝗰𝗶𝗳𝗶𝗰 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗦𝗼𝗹𝘂𝘁𝗶𝗼𝗻𝘀
https://www.factmr.com/connectus/sample?flag=RC&rep_id=5352?AS 

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This release was published on openPR.