Usage based Insurance Market is valued at 28 billion in 2020 and is expected to reach USD 130 Billion growing at a CAGR of 19% during the forecasted period 2020 to 2027.
The report provides in-depth forecast and analysis on the Usage Based Insurance market on a global and regional level. The research study provides historical data from 2016 to 2019 along with forecast data from 2020 to 2027. This research study on Usage Based Insurance Market includes drivers and restraints along with the impact they have on the demand over the forecast period. Also, this research study provides the opportunities available in Usage Based Insurance market on global level.
Our Analyst predicts, the Usage Based Insurance market is expected to reach USD 130 Billion till 2027 with ample of opportunities that drives the market. With Increase in growth of Automobile Industry, increasing in the number of connected cars bringing new UBI opportunities. With rapid use of Usage Based Insurance by many insurance companies to improve profitability.
February 2021: Progressive Corporation and Protective Insurance Corporation announced that they have entered into a definitive agreement under which Progressive has agreed to acquire all of the outstanding Class A and Class B common shares of Protective Insurance Corporation
December 2020: Progressive Corporation now offers Snapshot ProView, a voluntary UBI and fleet management program for small business owners. Snapshot ProView joins Smart Haul®, Progressive’s industry UBI program for commercial truck drivers, which uses Electronic Logging Device (ELD) data to provide safe driving discounts. Snapshot ProView is for all other Commercial Auto customers not required by federal law to have an ELD.
October 2020: Liberty Mutual Insurance announced it has been selected by Lyft to provide coverage for drivers using it rideshare platforms throughout Arizona, Michigan, New Mexico, Texas and Utah, effective today. Under the program, Liberty Mutual provides specific coverages in five states from the time a driver has their Lyft app on to app off.
The global Usage Based Insurance Market is segmented By Package, By Technology, By Vehicle Type and By Region.
By Package, the report is further bifurcated into PHYD, PAYD. By Technology the report is further bifurcated into OBD-II, Smartphone, Black Box, Embedded Telematics, By Vehicle type the report is further bifurcated into Passenger Vehicle, Commercial Vehicle.
Based on geography, the Usage Based Insurance Market is divided into North America, Europe, Asia-Pacific, South America and Middle East and Africa. North America is further divided into the US, Canada, Mexico whereas Europe consists of the UK, Germany, France, Italy and Rest of Europe. Asia-Pacific is segmented into Japan, South Korea, India, China and Rest of Asia-Pacific. The South America region includes Brazil, Argentina and the Rest of South America, while the Middle East and Africa is categorized into GCC Countries, Egypt, South Africa and Rest of Middle East and Africa.
Key Players operating in Usage Based Insurance Market Allianz SE, Allstate Insurance Company, ASSICURAZIONI GENERALI S.P.A., AVIVA Plc, AXA, Cambridge Mobile Telematics, Danlaw, Inc., Desjardins Group, Insure The Box Limited, Intelligent Mechatronic Systems Inc., Liberty Mutual Insurance, Mapfre, S.A., Metromile Inc., Nationwide, Octo Technology, Progressive Casualty Insurance Company, Sierra Wireless, State Farm Mutual Automobile Insurance Company, TomTom International BV, UnipolSai Assicurazioni S.p.A., Verizon Communication Inc., Vodafone Automotive SpA, and Zubie, Inc.
Global Usage Based Insurance Market Report Segmentation.
- Black Box
- Embedded Telematics
By Vehicle type
- Passenger Vehicle
- Commercial Vehicle
- North America (US, Canada, Mexico)
- Europe (UK, Germany, France, Italy and Rest of Europe)
- Asia-Pacific (Japan, South Korea, India, China and Rest of Asia-Pacific)
- South America (Brazil, Argentina and the Rest of South America)
- Middle East and Africa (GCC Countries, Egypt, South Africa and Rest of Middle East and Africa)
By Key Players
- Allianz SE
- Allstate Insurance Company
- ASSICURAZIONI GENERALI S.P.A.
- AVIVA Plc
- Cambridge Mobile Telematics
- Danlaw, Inc.
- Desjardins Group
- Insure The Box Limited
- Intelligent Mechatronic Systems Inc.
- Liberty Mutual Insurance
- Mapfre, S.A.
- Metromile Inc.
- Octo Technology
- Progressive Casualty Insurance Company
- Sierra Wireless
- State Farm Mutual Automobile Insurance Company
- TomTom International BV
- UnipolSai Assicurazioni S.p.A.
- Verizon Communication Inc.
- Vodafone Automotive SpA
- Zubie, Inc.