Press release
Usage-Based Insurance Market Size, Share, Growth and Trends, Forecast 2024-2031
Usage-Based Insurance Market || 2024-2031
Usage-Based Insurance (UBI) provides customers with discounts based on their driving behavior and parameters such as speed, acceleration, average driving time and distance, and night driving. Safe or infrequent drivers can benefit from lower premiums or discounts. UBI employs telematics to monitor real-world driving patterns, which helps create detailed risk profiles for customers.
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Market Dynamics:
Increasing Road Traffic Accidents
The rising incidence of road traffic accidents is a significant driver for the growth of the usage-based insurance (UBI) market. According to the World Health Organization (WHO), road traffic crashes claim approximately 1.35 million lives annually and cause non-fatal injuries to around 20-50 million people each year. Many of these individuals suffer from long-term disabilities. The economic impact is also substantial, with road traffic crashes costing up to 3% of a country's gross domestic product in some regions. This high rate of accidents drives the need for more effective insurance solutions, including UBI.
Segment Covered in the Usage-Based Insurance Market:
By Type: Pay-as-You-Drive (PAYD), Pay-How-You-Drive (PHYD), Manage-How-You-Drive (MHYD), Distance-Based Insurance, Others.
By Vehicle Type: Passenger Vehicles, Commercial Vehicles.
By Technology: OBD I-II, Smartphones, Black Box, Hybrid, Others.
By Application: IoT Based Fleet Management, Semi-Autonomous & Autonomous Car, Artificial Intelligence and HMI in Transportation, Others.
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Key players involved in Usage-Based Insurance Market:
• Cambridge Mobile Telematics
• Allianz SE
• AXA
• Aviva
• Allstate Corporation
• Insure The Box Limited
• Liberty Mutual Insurance
• Progressive Corporation
• UNIPOLSAI ASSICURAZIONI S.P.A
• Nationwide Mutual Insurance Company
*Note:
• Additionally, I wanted to highlight that the full version of the report includes an in-depth analysis of emerging players and startups, which will provide valuable insights into the evolving market landscape and key strategies being adopted.
Regional Analysis:
The Usage-Based Insurance Market report focuses on six major regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. The report offers detailed insight into new product launches, new technology evolutions, innovative services, and ongoing R&D. The report discusses a qualitative and quantitative market analysis, including PEST analysis, SWOT analysis, and Porter's five force analysis. The Usage-Based Insurance Market report also provides fundamental details such as raw material sources, distribution networks, methodologies, production capacities, industry supply chain, and product specifications.
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Contact Person: Sai Kiran
Email: Sai.k@datamintelligence.com
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About Us -
DataM Intelligence is a Market Research and Consulting firm that provides end-to-end business solutions to organizations from Research to Consulting. We, at DataM Intelligence, leverage our top trademark trends, insights and developments to emancipate swift and astute solutions to clients like you. We encompass a multitude of syndicate reports and customized reports with a robust methodology.
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