Press release
Usage Based Insurance Global Market Worth $166.88 Billion at a CAGR of 25.2% By 2027 | Major Players: Allianz SE, Aviva plc, Liberty Mutual Group, Mapfre S.A., Metromile Inc.
Usage Based Insurance Market
The Business Research Company's Usage Based Insurance Global Market Report 2023 identifies the expansion of the automobile industry is expected to propel the growth of the usage based insurance market in the coming years. The automotive industry is made up of a diverse group of businesses and organizations that are involved in the design development, production, marketing, and sale of automobiles.
The global usage based insurance market size will grow from $54.25 billion in 2022 to $67.92 billion in 2023 at a compound annual growth rate (CAGR) of 25.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global usage based insurance is expected to grow to $166.88 billion in 2027 at a CAGR of 25.2%.
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Major players in the usage based insurance market are Allianz SE, Assicurazioni Generali S.p.A., Aviva plc, Insure The Box Limited, Liberty Mutual Group, Mapfre S.A., Metromile Inc., Nationwide Mutual Insurance Company, Progressive Casualty Insurance Company, The Allstate Corporation, Cambridge Mobile Telematics, Esurance Insurance Services Inc., Modus Group LLC, Octo Group, Safeco Insurance, State Farm Automobile Mutual Insurance Company, and TrueMotion Inc.
Technological advancements are shaping the usage based insurance market. Major companies operating in the usage-based insurance sector are focused on developing technological solutions for usage-based insurance to strengthen their position in the market.
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The Usage Based Insurance Market Is Segmented -
• By Vehicle Type: Light-Duty Vehicle (LDV), Heavy-Duty Vehicle (HDV)
• By Technology: OBD-II-Based UBI Programs, Smartphone-Based UBI Programs, Hybrid-Based UBI Programs, Black-Box-Based UBI Programs
• By Package Type: Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), Manage-How-You-Drive (MHYD)
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Usage Based Insurance market.
The Business Research Company's "Global Usage Based Insurance Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Usage Based Insurance Market Include:
1. Executive Summary
2. Usage Based Insurance Market Characteristics
3. Usage Based Insurance Market Trends And Strategies
4. Usage Based Insurance Market - Macro Economic Scenario
5. Usage Based Insurance Market Size And Growth
.....
26. Africa Usage Based Insurance Market
27. Usage Based Insurance Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Usage Based Insurance Market
29. Usage Based Insurance Market Future Outlook and Potential Analysis
30. Appendix
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