Press release
Global Usage-Based Insurance Market: Lower Accident and Vehicle Theft Possibilities Will Drive the Global Market
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Reduced claims costs to drive the global usage-based insurance market
The global usage-based insurance trends are reduced claims costs and improved customer loyalty, lower accident and vehicle theft possibilities, providing personalized revenue generating value added services in insurance plans. High telematics installation cost as well as privacy concerns, as it tracks all the journey information of consumers may hamper the market growth. Furthermore, technological improvement to make the process easier with low service rate would provide an opportunity for market players of usage-based insurance market.
Market Segmentations
The global usage-based insurance market is classified into type, technology, and geography. Type segment includes pay how you drive (PHYD), pay as you drive (PAYD), and manage how you drive (MHYD). smartphone, OBD-II, hybrid, and black box are covered under the technology sub segment. North America (United States., Mexico, and Canada), Europe (France, Germany, UK, Italy, and Rest of Europe), Asia-Pacific (Japan, Australia, and Rest of Asia-Pacific) and RoW (Middle East, South America, and Africa) are the key geographical regions included in the global usage-based insurance market.
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Pay as you drive (PAYD), by type, is estimated to dominated the global market in 2016
Pay as you drive (PAYD), held for the highest market share in 2016, and expected to continue its dominance over the forecast period, 2016 – 2024, due to its cost efficacy.
Black Box, by technology, is estimated to dominated the global market in 2016
Black Box held for the highest market share in 2016, and expected to continue its dominance over the forecast period, 2016 – 2024, due to its capabilities such as accurate and timely data collection and highly secure and reliable system.
Europe is estimated to dominated the global market in 2016
In the year 2016, Europe usage based insurance market share held the maximum with 42.8% of the total market share. This is owing to rising awareness regarding driver’s safety and improved penetration of these services among the youth population, in this region. North America usage based insurance market growth rate is highest compare to the growth rates of other regions.
Competitive Landscape
The key market players of the market are Allianz SE, AXA S.A., Aviva plc., Insure The Box Ltd, Metromile, Desjardins Insurance, Mapfre S.A., Generali Group, and Progressive Corporation, and Allstate Corporation, among others.
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Scope of the Global Usage-Based Insurance Market
Type Segments
• Pay-As-You-Drive (PAYD)
• Pay-How-You-Drive (PHYD)
• Manage-How-You-Drive (MHYD)
Technology Segments
• OBD-II
• Smartphone
• Hybrid
• Black Box
Geographical Segments
• North America
o U.S.
o Rest of North America
• Europe
o UK
o Germany
o France
o Italy
o Rest of Europe
• Asia-Pacific
o Australia
o Japan
o Rest of Asia-Pacific
• RoW
o South America
o Middle East
o Africa
Related Topics
1. Cards and Payments Market :- https://www.variantmarketresearch.com/report-categories/banking-financial-services-insurance-bfsi/cards-and-payments-market
About Variant Market Research
Variant Market Research offers syndicated and customized reports to fulfill clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.
For further information, visit https://www.variantmarketresearch.com
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