Usage-Based Insurance Market

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Global Usage-Based Insurance Market 2017 2025

• Published by Accurize Market Research Pvt. Ltd.

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Global Usage-Based Insurance (UBI) Market is
Estimated to Reach 252.8 Billion by 2024, Says
Accurize Market Research

• Global usage-based insurance (UBI) market report
  published by Accurize Market Research forecast
  that the global market is expected to reach
  252.8 billion by 2024 growing at a CAGR of
  38.1 from 2017 to 2025. By geography, the Asia
  Pacific and North America are expected to grow at
  a CAGR of XX and XX, respectively, during the
  forecast period.
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  e-based-insurance-market/sample-request

3
Global Usage-Based Insurance (UBI) Market is
Estimated to Reach 252.8 Billion by 2024, Says
Accurize Market Research

• Lesser accident and vehicle theft possibilities,
  improved customer loyalty, and reduced claims
  costs across the globe to drive the growth of the
  market
• Lesser accident and vehicle theft possibilities,
  improved customer loyalty, and reduced claims
  cost fuels the demand for the global usage-based
  insurance (UBI) market. Moreover, the detection
  of stolen automobiles through a telematics device
  installed in the automobiles to serve consumer
  interests more effectively also boosts the growth
  of the market.

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Market Segmentation

• The global usage-based insurance (UBI) market has
  been bifurcated on the basis of type, technology,
  and geography. By type, the market is segmented
  into pay-as-you-drive (PAYD), pay-how-you-drive
  (PHYD), and manage-how-you-drive (MHYD). By
  technology, the market is bifurcated as OBD-II,
  smartphone, hybrid, and the black box.
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Market Segmentation

• By geography, the market is segmented into North
  America, Europe, Asia-Pacific and Rest of the
  World (RoW).
• North America is further bifurcated in the U.S.,
  and the Rest of North America whereas Europe
  consists of the UK, Germany, France, Italy, and
  the Rest of Europe.
• Asia-Pacific is segmented into Australia, Japan,
  and the Rest of Asia-Pacific while RoW is
  bifurcated into South America, the Middle East,
  and Africa.

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Market Segmentation

• Pay-As-You-Drive (PAYD) accounted for the
  leading market share in the type segment", says
  Accurize
• By type segment, Pay as you drive (PAYD) leads
  the type segment with a 61.4 share in the year
  2017, due to its cost-efficiency. Whereas, manage
  how you drive (MHYD) is the fastest growing
  segment. The growth is mainly attributed
  to driving freedom and flexibility to the
  consumers. Moreover, by technology segment, black
  box accounted for the largest market share in
  2017, accounting for about two-thirds of the
  entire market share, driven by its highly secure
  and reliable system, and capabilities such as
  precise and timely data collection. Further, a
  smart phone is the fastest-growing segment, owing
  to its convenient and accessible features.

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Market Segmentation

• Europe dominated the global market with the
  highest market share over the forecast period",
  says Accurize
• In 2017, Europe generated the highest revenue
  accounting for 42.8 of the entire market share.
  The high growth is mainly seen, owing to growing
  awareness regarding the drivers safety and
  augmented penetration of the services among the
  youth population.
• European countries show an improved penetration
  of usage-based insurance services. Italy
  dominated the European UBI market accounting for
  around two-thirds of the market share in 2017.
  However, Germany is anticipated to grow at the
  fastest CAGR of 39.1 throughout the forecast
  period 2017 2025. The market would be mainly
  driven by the growing awareness among consumers
  regarding the benefits of such insurance services.

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Top players in the market

• The key market players include
• Allstate Corporation,
• AXA S.A.,
• Mapfre S.A.,
• Progressive Corporation,
• Desjardins Insurance,
• Aviva plc.,
• Allianz SE,
• Insure The Box Ltd.,
• Metromile,
• Generali Group among others.

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