Press release
Usage-Based Insurance Market at a Highest CAGR of 26.2% with Top Players | Aviva Life Insurance, AXA, Mapfre S.A, Liberty Mutual Insurance Company and More
Global Usage-Based Insurance Market is projected to reach $268.4 billion and growing at a CAGR of 26.2% to Forecast 2031, this insurance utilizes technologies like onboard diagnostic (OBD) II, black boxes, and smartphones to analyze how a vehicle is driven. By effortlessly evaluating factors like accident causes, telematics insurance enhances customer satisfaction, fosters loyalty, and mitigates claim fraud.Get Free Sample Report@ https://www.theresearchinsights.com/request_sample.php?id=559027
The increasing popularity of usage-based insurance among consumers is driving growth in the global market. This is due to its features, including precise and prompt data collection methods, as well as adaptable insurance premiums. Moreover, factors such as increased chances of recovering stolen vehicles and reduced fuel consumption contribute positively to market expansion. Nevertheless, challenges such as the high initial costs of telematics installation and concerns about data security are anticipated to impede market growth.
Usage-Based Insurance Market Dynamics:
Technological Advancements Propel Growth of Usage-Based Insurance Market.
Privacy Concerns and Data Security Risks Hamper UBI Market Growth
Global Expansion Opportunities as Emerging Markets Embrace Telematics Technology.
Pricing Model Complexity and Variability Pose Challenges for Insurers and Consumers.
Global Usage-Based Insurance Market Top Players:
UNIPOLSAI ASSICURAZIONI S.P.A,
Nationwide Mutual Insurance Company,
Aviva Life Insurance,
AXA,
Mapfre S.A,
Liberty Mutual Insurance Company,
Allstate Corporation,
Progressive Casualty Insurance Company,
Insurethebox,
Allianz SE and Others.
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The study segmentations of usage based insurance market:
By Package Type
Pay-As-You-Drive (PAYD)
Pay-How-You-Drive (PHYD)
Manage-How-You-Drive (MHYD)
By Vehicle Type
Light-duty Vehicle (LDV)
Heavy-duty Vehicle (HDV)
By Electric Vehicle Type
Battery Electric Vehicle (BEV)
Plug-in Hybrid Vehicle (PHEV)
Fuel-cell Electric Vehicle (FCEV)
By Technology Type
OBD-II
Smartphone
Embedded Telematics Box
Other Technologies
Recent Developments:
In 2022, State Farm Mutual Automobile Insurance Company introduced a usage-based insurance (UBI) initiative leveraging data obtained from a vehicle's telematics system to monitor driving patterns and mileage. Through this program, drivers who demonstrate safe driving practices and drive fewer miles are eligible for discounts on their insurance premiums. The service entails the provision of a small device by the agent, which plugs into the vehicle's diagnostic port to gather data from its telematics system and transmit it to State Farm.
In Feb 2021, Progressive Corporation and Protective Insurance Corporation announced a significant agreement, with Progressive undertaking the acquisition of all outstanding Class A and Class B ordinary shares of Protective Insurance Corporation, as per a legally binding agreement.
Table of Contents of Usage-Based Insurance Market:
Executive Summary
Market Introduction
Research Methodology
Market Dynamics
Usage-Based Insurance Market ANALYSIS by SEGMENT (COUNTRY LEVEL ANALYSIS)
NORTH AMERICA Usage-Based Insurance Market analysis
EUROPE Usage-Based Insurance Market analysis
Rest of the World Usage-Based Insurance Market analysis
Company Profiles
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