The Global Automotive Usage Based Insurance Market Will Be Driven by the Benefits of Usage Based Insurance (UBI) During the Forecast Period 2022-2027

Expert Market Research’s new report titled “Global Automotive usage-based insurance market Report and Forecast 2022-2027′, gives an in-depth analysis of the global automotive usage-based insurance market, assessing the market based on its segments such as packages, vehicle types, technologies and major regions . The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.

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Key highlights of the report include:

Market Overview (2017-2027)

• Forecast CAGR (2022-2027): 21.4%

The benefits of usage-based insurance (UBI) include improved driving, possibly lower premiums, possible reduction in road accidents, improved road safety and better insurance products using the right kind of data. These advantages are driving the growth of the global market. The growing popularity of smartphones has provided insurers with access to ways to improve and strengthen their relationships with their customers, thus propelling the growth of the market. Rising production and sales of automobiles, especially in developing countries, changing demographic trends, changing driving habits, and a growing number of affluent middle-class people are a few of the major factors driving the rise of global usage-based auto insurance.

Industry definition and major segments

Usage-based insurance (UBI) is a type of insurance in which the premium is proportional to the duration of use of the insured product or service. Telematics insurance is another name for usage-based insurance in the auto insurance industry. In industrialized countries, usage-based insurance is very common for automobiles. In a usage-based insurance plan, the auto insurance company keeps track of how one drives; if his driving gets a good score, it can lead to cheaper car insurance costs.

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By package, the market is segmented into:

• Pay-as-you-go (PAYD)
• Pay-How-You-Drive (PHYD)
• Manage your driving (MHYD)

By Vehicle Type, the market is split into:

• Passenger vehicles
• Light utility vehicle
• Heavy utility vehicle

By Technology, the market is classified into:

• Black Box
• Smartphone
• Embedded telematics
• On-board diagnostics (OBD)
• Others

On the basis of region, the market is segmented into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Market trends

The advancement and development of the Internet of Things (IoT) has generated a wave of connectivity, which has influenced almost every industry vertical. The same wave also created a significant impact on the automotive and insurance industry. Insurance companies are increasingly using IoT data to improve the accuracy of risk assessment, pricing policies, and estimating other required reserves. The advancement of IoT has led to the introduction of insurance policies, such as automobile usage-based insurance (UBI). The market is also expanding owing to the presence of telematics providers in various regions. The presence of robust telecommunications infrastructure and mobile communication technology globally is further driving the growth of the market.

Main market players

Major market players include Allianz SE, TomTom International BV, Vodafone Automotive SpA, Assicurazioni Generali SpA, Travelers Indemnity Company, Esurance Insurance Services, Inc., Trak Global Group, and AXA SA, among others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.

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* At Expert Market Research, we always strive to give you the latest information. The figures in the article are only indicative and may differ from the actual report.

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