What are the opportunities for Usage Based Insurance

Usage-Based Insurance Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $123 billion by 2022, registering a CAGR of 36.4% during the forecast period 2016-2022. North America is expected to grow at the fastest pace during the forecast period, owing to the upsurge in demand from the U.S. and Canada.

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Consistent improvements in telematics based data collection and analysis techniques have led to the growth of Usage-based insurance market. Insurance companies are diversifying into the business segment in order to capitalize upon the upcoming business opportunity.