Global Usage-Based Insurance Market – Industry Trends and Forecast to 2025

Usage-Based Insurance industry is largely based on the driver and the usage of his vehicle and the way he drives. The premium is calculated on these factors which induces lower insurance premium and motivates the user to drive safer. These factors are driving the market and growing the market value from an estimated value of USD 21 billion in 2017 to an estimated value of USD 87.32 billion by 2025, also registering a CAGR of 19.5%.
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Market Definition: Global Usage-Based Insurance Market
Usage-Based Insurance is a method of calculating the insurance premium. Premium is decided on the vehicle usage, average speed and location. On the basis of these factors, driving score is allotted, from which the insurance companies offer discounted premium rather than a fixed premium. This discounted premium is flexible on the driving score.
Segmentation:
The global market for Usage-Based Insurance by the following sub-categories is presented
By Package Type
• PAYD
• PHYD
• MHYD
By Technology
• OBD-II
• Smartphone
• Embedded System
• Black Box
By Device
• BYOD
• Company Provided
By Vehicle Age
• New Vehicles
• On-Road Vehicles
By Electric & Hybrid Vehicles
• HEV
• PHEV
• BEV
By Geography
• North America
• South America
• Europe
• Asia-Pacific
• Middle East and Africa
Market Drivers:
• Reduced Premium costs in comparison to normal automotive insurance, also increase in the vehicle sales has raised the demand for insurance of vehicles
• Technology is projected to advance in the coming years and hence, Usage-Based insurance which is majorly dependent on the technological aspect is projected to register significant market growth
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Market Restraint:
• Usage-Based Insurance is dependent on the driving score. The technology used to calculate these driving scores is expected to be expensive in future, therefore, increasing the cost of the insurance will be a major restraining factor
• Government regulations are not clear on Usage-Based Insurance, which makes the whole process complicated as no clear regulations are set for the users
Competitive Analysis:
Global Usage-Based Insurance Market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of Usage-Based Insurance market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
Key Market Competitors:
Few of the major competitors currently working in the Usage-Based Insurance Market are Allianz, AXA, MS&AD Insurance Group Holdings Inc., Progressive Casualty Insurance Company, Allstate Insurance Company, Desjardins Insurance, ASSICURAZIONI GENERALI S.P.A., MAPFRE, Metromile Inc., Aviva, Admiral Group, Ageas, Octo Group S.p.A.
Key Insights:
• Complete and distinct analysis of the market drivers and restraints
• Key Market players involved in this industry
• Detailed analysis of the Market Segmentation
• Competitive analysis of the key players involved
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