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Global Usage-Based Insurance Market Is Expected to Reach $252.8 Billion, Says Variant Market Research

Tuesday, November 14, 2017 5:23
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(Before It's News)

 Usage-Based Insurance Market Report, published by Variant Market Research, forecast that the global market is expected to reach $252.8 Billion by 2024 from $19.1 Billion in 2016; growing at a CAGR of 38.1% from 2016 to 2024. By geography, North America and Asia-Pacific are expected to grow at a CAGR of 40.6% and 38.2%, respectively, during the forecast period.

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Usage-Based Insurance Market (By Type: Pay As You Drive (PAYD), Pay How You Drive (PHYD), and Manage How You Drive (MHYD); By Technology: OBD-II, Smartphone, Hybrid, Black Box; By Geography: North America, Europe, Asia-Pacific, and RoW) Global Scenario, Market Size, Outlook, Trend And Forecast, 2015 – 2024

Usage-based insurance (UBI) is a form of vehicle insurance, where the premiums are reliant on the type of vehicle used, distance covered, and driving behavior of consumers. These insurance services totally differ from traditional insurance, and proves a better assessment of risk, as the vehicles are tracked by the insurance companies through GPS.

To browse the complete report, visit at https://www.variantmarketresearch.com/report-categories/banking-financial-services-insurance-bfsi/usage-based-insurance-market

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Lower accident and vehicle theft possibilities drives the global usage-based insurance market

The growth of the global usage-based insurance market is driven by factors such as lower accident and vehicle theft possibilities, reduced claims costs, and enhance customer loyalty. Additionally, providing personalized revenue generating value added services in insurance plans to serve customer interests more effectively have fueled the market growth. Though, high telematics installation cost, and privacy concerns, as it tracks all the journey information of consumers, are the major hindrance for the growth for the market. Furthermore, technological advancement to make the process easier with reduced service rate is expected to open up new growth opportunities for the market in the coming years.

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Market Segmentation

Classification of global usage-based insurance market consists of type, technology, and geography. By type, the classification contains pay as you drive (PAYD), pay how you drive (PHYD), and manage how you drive (MHYD). On the basis of technology, the categorization includes OBD-II, smartphone, hybrid, and black box. Furthermore, by geography, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Country wise analysis has been also included in the report.

Pay-As-You-Drive accounted for the leading market share in the type segment

Pay as you drive (PAYD) dominated the type segment with 61.4% share in the year 2016, due to its cost efficiency. While, manage how you drive (MHYD) is the fastest growing segment. The growth is majorly attributed to driving freedom and flexibility to the consumers.

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Black Box generated maximum market revenue in the technology segment

In the technology segment, black box held for the largest market share in 2016, accounting for about two third of the total market share, driven by its highly secure and reliable system, and capabilities such as accurate and timely data collection. While, smartphone is the fastest growing segment, owing to its convenient and accessible features.

Europe dominated the UBI market with largest market share in 2016

In the year 2016, Europe generated the maximum revenue accounting for 42.8% of the total market share. The high growth is majorly seen, owing to growing awareness regarding driver’s safety and augmented penetration of these services among the youth population. European countries show an increased penetration of usage-based insurance services. Italy dominated the European UBI market accounting for around two third of the market share in 2016. However, Germany is projected to grow at the fastest CAGR of 39.1%, during the forecast period 2016 – 2024. The market would be majorly driven by growing awareness among consumers regarding the benefits of such insurance services.

Download Free Sample PDF of This Report @ http://bit.ly/2zWTBjy

 Competitive Landscape

On June 2017, Etiqa launched a usage-based car insurance “eprotect smiles” providing 50% premium savings upfront and potentially saving customers close to $500 annually. Prominent players operating in the market include Allianz SE, Allstate Corporation, AXA S.A., Mapfre S.A., Aviva plc., Insure The Box Ltd, Metromile, Desjardins Insurance, Generali Group, and Progressive Corporation among others.

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

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