Usage Based Insurance Market Size & Regional Growth Share is Expected to Reach USD 154.89 Billion by 2032, to grow at a CAGR of 20.8% | PMR

According to Polaris Market Research predictions, the Usage Based Insurance Market size was valued at USD 28.70 billion in 2023. The market is anticipated to grow to USD 154.89 million by 2032, exhibiting a CAGR of 20.8% during the forecast period.

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The market growth is primarily fuelled by a growing move of consumers from conventional insurance models to usage based insurance will push the market growth. Additionally, the growing production and dispensation of vehicles, together with the growing demand for tailored insurance plans, are also bringing about market growth. The potential to observe and inspect driving bearings in real-time with the assistance of smartphone pivotal solutions assists in the market growth. Additionally, the advantage of usage-dependent insurance to curtail economizing for the policyholders is alluring an extensive population pool towards the insurance.

Usage-based insurance computes the insurance premium relying on the driving instead of a set amount, such as traditional car insurance. Space traversed, and the driving bearing is two crucial factors that determine the car insurance premium. The insurer utilizes data such as driving momentum, speeding rate, braking motif, and if one uses the phone while driving to compute insurance premiums. Such insurance recompenses adequate driving bearing and permits one to save on premiums if one does not drive the car frequently.

Company Profile

The market is integrated. The growing concentration of firms towards the initiation of contemporary usage based insurance policies and escalated alliances between market players are the elements accountable for aggressive ambiance in the market.

Major Companies In The Usage Based Insurance Market Are
Noted Below:

• Aioi Nissay Dowa Insurance UK Ltd (UK)
• Allianz (Germany)
• Allstate Insurance Company (U.S.)
• Bridgestone Mobility Solutions B.V. (Netherlands)
• Liberty Mutual Insurance (U.S.)
• MAPFRE (Spain)
• Progressive Casualty Insurance Company (U.S.)
• State Farm Mutual Automobile Insurance Company (U.S.)
• UNIPOLSAI ASSICURAZIONI S.P.A. (Italy)
• Verisk Analytics, Inc. (U.S.)
• Verizon (U.S.)

𝐁𝐮𝐲 𝐭𝐡𝐢𝐬 𝐏𝐫𝐞𝐦𝐢𝐮𝐦 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.polarismarketresearch.com/buy/3538/2

Segmental Overview

By Policy Type

• Pay-As-You-Drive (PAYD)
• Pay-How-You-Drive (PHYD)
• Manage-How-You-Drive (MHYD)

By Technology

• OBD (On-Board Diagnostics)-II
• Smartphone
• Embedded Telematics
• Others

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Regional Insights

• North America dominated the usage based insurance market. The region's growth is primarily fuelled by growing approval of usage-based insurance due to distinct advantages offered by them and the growth in the aggregate of vehicles sold.

• Owing to the towering rates of car possessions in this region, together with the growing requirement for economical insurance solutions, it is anticipated to fuel the market growth.

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