Usage-Based Insurance Market is valued at USD 21.48 Bn in 2020 and expected to reach USD 102.45 Bn by 2025 with the CAGR of 25.52 % over the forecast period.
Usage-based insurance (UBI), also known as telematics, works by tracking driving behavior through devices installed in a vehicle or through smart phones. UBI is mainly used to monitored driver’s behavior directly while the person drives, allowing insurers to more closely align driving behaviors with premium rates. Usage-based insurance (UBI) is a type of vehicle insurance by which the costs are dependent upon type of vehicle used, measured against time, distance, behavior and place. Usage-based insurance contains different services such as pay-as-you-drive (PAYD), pay-how-you-drive (PHYD) and manage-how-you-drive (MHYD). The devices can measure informative data that collected data is then used by the insurer to help determine premiums. UBI programs provide many advantages to consumers, insurers and society. UBI is often powered by in-vehicle telecommunication devices (telematics)-technology that is available in a vehicle that is self-installed using a plug in-device or already integrated in original equipment installed by car manufactures.
News: APRIL 15, 2020 – Progressive Insurance and Toyota Insurance Management Solutions (TIMS) announced partnership to provide owners of connected Toyota vehicles with an opportunity to seek insurance discounts from Progressive. This profit extended to any Toyota client who purchased a 2020 or newer Toyota Camry, RAV4, or other vehicle model equipped with the most recent connected vehicle technology.
Usage-based insurance market report covers prominent players are, AXA S.A., Insure The Box Ltd., Toyota, Allianz SE, Metromile, Aviva Plc, Generali group, Mapfre S.A., Progressive Corporation, Allstate Corporation, Desjardins Insurance and Others.
Usage-Based Insurance Market Segmentation:
By Type: Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), Manage-How-You-Drive (MHYD)
By Technology: OBD-II, Smartphone, Hybrid, Black-Box
By Industry Vertical: Banking, Financial Services and Insurance (BFSI), Media & Communication Services, Manufacturing and Natural Resources, Aerospace and Defence, Transportation and Logistics, Government and Utilities, Others (Food & Beverages, Oil & Gas, Real Estate)
Usage-Based Insurance Market Dynamics
Increasing awareness of telematics and its associated insurance benefits including flexible insurance premium, lower accident & vehicle theft possibilities, accurate & timely data collection and lower fuel consumption are some major impacting factor driving the growth of the global usage-based insurance market. According to National Association of Insurance Commissioners, Progressive Insurance Company and General Motors Assurance Company (GMAC) began to offer mileage-linked discounts through combined GPS technology and cellular systems that tracked miles driven. These discounts are often combined with ancillary benefits like roadside assistance and vehicle theft recovery.
Usage-Based Insurance Market Regional Analysis:
North America is dominating the usage-based insurance market with the potential rate due to increasing smartphone users rapidly, increasing adoption of Mobility as a service and increasing collaborations between telematics and insurance companies in the region. According to the PewResearchCenter, estimates that 92 percent of Americans have cell phones and 45 percent have access to a tablet computing device. For instance, Progressive Casualty Insurance Co is a leading property and casualty insurance provider in US.
The Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period with due to increasing internet users the rising number of smart connection devices, adoption of smart phones and presence of insurance providers in the region. For instance, Toyota Insurance Management Solutions (TIMS), an independent P&C insurance agency under Toyota’s Financial Services umbrella launched a usage-based insurance (UBI) program for owners of their cars. Moreover, developing strong internet infrastructure and high penetration of IT solutions in industry verticals in developing countries such as China, Japan and India. Moreover, increasing government initiative towards usage-based insurance will increase demand for usage-based insurance in forecast period.
Key Benefits for Usage-Based Insurance Market Reports:
Global Market report covers in depth historical and forecast analysis.
Global Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
Global Market report helps to identify opportunities in market place.
Global Market report covers extensive analysis of emerging trends and competitive landscape.
Table of Contents:
Report Overview: It includes major players of the global Usage-Based Insurance market covered in the research study, research scope, and market segments by type, market segments by application, years considered for the research study, and objectives of the report.
Global Growth Trends: This section focuses on industry trends where market drivers and top market trends are shed light upon. It also provides growth rates of key producers operating in the global Usage-Based Insurance market. Furthermore, it offers production and capacity analysis where marketing pricing trends, capacity, production, and production value of the global Usage-Based Insurance market are discussed.
Market Share by Manufacturers: Here, the report provides details about revenue by manufacturers, production and capacity by manufacturers, price by manufacturers, expansion plans, mergers and acquisitions, and products, market entry dates, distribution, and market areas of key manufacturers.
Market Size by Type: This section concentrates on product type segments where production value market share, price, and production market share by product type are discussed.
Market Size by Application: Besides an overview of the global Usage-Based Insurance market by application, it gives a study on the consumption in the global Usage-Based Insurance market by application.
Brandessence Market Research and Consulting Pvt Ltd
Brandessence market research publishes market research reports & business insights produced by highly qualified and experienced industry analysts. Brand Essence Market Research report will be best fit for senior executives, business development managers, marketing managers, consultants, CEOs, CIOs, COOs, and Directors, governments, agencies, organizations and Ph.D. Students. We have a delivery center in Pune, India and our sales office is in London
Genome Editing Market is valued at USD 5052.2 Million in 2020 and expected to reach USD 15072.3 Million by 2025 with a CAGR of 16.9% over the forecast period.
Medical Oxygen Gas Cylinder Market Size, in terms of revenue, was worth of USD 15.41 Billion in 2020 and is expected to reach USD 23.64 Billion in 2027, growing at a CAGR of 6.3% from 2020 to 2027.
Molecular Diagnostics Market is valued at USD 14.97 Billion in 2020 and expected to reach USD 32.08 Billion by 2027 with a CAGR of 11.5% over the forecast period.
Market Overview:
Usage-Based Insurance Market is valued at USD 21.48 Bn in 2020 and expected to reach USD 102.45 Bn by 2025 with the CAGR of 25.52 % over the forecast period.
Usage-based insurance (UBI), also known as telematics, works by tracking driving behavior through devices installed in a vehicle or through smart phones. UBI is mainly used to monitored driver’s behavior directly while the person drives, allowing insurers to more closely align driving behaviors with premium rates. Usage-based insurance (UBI) is a type of vehicle insurance by which the costs are dependent upon type of vehicle used, measured against time, distance, behavior and place. Usage-based insurance contains different services such as pay-as-you-drive (PAYD), pay-how-you-drive (PHYD) and manage-how-you-drive (MHYD). The devices can measure informative data that collected data is then used by the insurer to help determine premiums. UBI programs provide many advantages to consumers, insurers and society. UBI is often powered by in-vehicle telecommunication devices (telematics)-technology that is available in a vehicle that is self-installed using a plug in-device or already integrated in original equipment installed by car manufactures.
News: APRIL 15, 2020 – Progressive Insurance and Toyota Insurance Management Solutions (TIMS) announced partnership to provide owners of connected Toyota vehicles with an opportunity to seek insurance discounts from Progressive. This profit extended to any Toyota client who purchased a 2020 or newer Toyota Camry, RAV4, or other vehicle model equipped with the most recent connected vehicle technology.
Usage-based insurance market report covers prominent players are, AXA S.A., Insure The Box Ltd., Toyota, Allianz SE, Metromile, Aviva Plc, Generali group, Mapfre S.A., Progressive Corporation, Allstate Corporation, Desjardins Insurance and Others.
Usage-Based Insurance Market Segmentation:
By Type: Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), Manage-How-You-Drive (MHYD)
By Technology: OBD-II, Smartphone, Hybrid, Black-Box
By Industry Vertical: Banking, Financial Services and Insurance (BFSI), Media & Communication Services, Manufacturing and Natural Resources, Aerospace and Defence, Transportation and Logistics, Government and Utilities, Others (Food & Beverages, Oil & Gas, Real Estate)
Usage-Based Insurance Market Dynamics
Increasing awareness of telematics and its associated insurance benefits including flexible insurance premium, lower accident & vehicle theft possibilities, accurate & timely data collection and lower fuel consumption are some major impacting factor driving the growth of the global usage-based insurance market. According to National Association of Insurance Commissioners, Progressive Insurance Company and General Motors Assurance Company (GMAC) began to offer mileage-linked discounts through combined GPS technology and cellular systems that tracked miles driven. These discounts are often combined with ancillary benefits like roadside assistance and vehicle theft recovery.
Usage-Based Insurance Market Regional Analysis:
North America is dominating the usage-based insurance market with the potential rate due to increasing smartphone users rapidly, increasing adoption of Mobility as a service and increasing collaborations between telematics and insurance companies in the region. According to the PewResearchCenter, estimates that 92 percent of Americans have cell phones and 45 percent have access to a tablet computing device. For instance, Progressive Casualty Insurance Co is a leading property and casualty insurance provider in US.
The Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period with due to increasing internet users the rising number of smart connection devices, adoption of smart phones and presence of insurance providers in the region. For instance, Toyota Insurance Management Solutions (TIMS), an independent P&C insurance agency under Toyota’s Financial Services umbrella launched a usage-based insurance (UBI) program for owners of their cars. Moreover, developing strong internet infrastructure and high penetration of IT solutions in industry verticals in developing countries such as China, Japan and India. Moreover, increasing government initiative towards usage-based insurance will increase demand for usage-based insurance in forecast period.
Key Benefits for Usage-Based Insurance Market Reports:
Global Market report covers in depth historical and forecast analysis.
Global Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
Global Market report helps to identify opportunities in market place.
Global Market report covers extensive analysis of emerging trends and competitive landscape.
Table of Contents:
Report Overview: It includes major players of the global Usage-Based Insurance market covered in the research study, research scope, and market segments by type, market segments by application, years considered for the research study, and objectives of the report.
Global Growth Trends: This section focuses on industry trends where market drivers and top market trends are shed light upon. It also provides growth rates of key producers operating in the global Usage-Based Insurance market. Furthermore, it offers production and capacity analysis where marketing pricing trends, capacity, production, and production value of the global Usage-Based Insurance market are discussed.
Market Share by Manufacturers: Here, the report provides details about revenue by manufacturers, production and capacity by manufacturers, price by manufacturers, expansion plans, mergers and acquisitions, and products, market entry dates, distribution, and market areas of key manufacturers.
Market Size by Type: This section concentrates on product type segments where production value market share, price, and production market share by product type are discussed.
Market Size by Application: Besides an overview of the global Usage-Based Insurance market by application, it gives a study on the consumption in the global Usage-Based Insurance market by application.
Brandessence Market Research and Consulting Pvt Ltd
Brandessence market research publishes market research reports & business insights produced by highly qualified and experienced industry analysts. Brand Essence Market Research report will be best fit for senior executives, business development managers, marketing managers, consultants, CEOs, CIOs, COOs, and Directors, governments, agencies, organizations and Ph.D. Students. We have a delivery center in Pune, India and our sales office is in London
Genome Editing Market is valued at USD 5052.2 Million in 2020 and expected to reach USD 15072.3 Million by 2025 with a CAGR of 16.9% over the forecast period.
Medical Oxygen Gas Cylinder Market Size, in terms of revenue, was worth of USD 15.41 Billion in 2020 and is expected to reach USD 23.64 Billion in 2027, growing at a CAGR of 6.3% from 2020 to 2027.
Molecular Diagnostics Market is valued at USD 14.97 Billion in 2020 and expected to reach USD 32.08 Billion by 2027 with a CAGR of 11.5% over the forecast period.
