Global Usage-Based Insurance Market 2018-2024: A USD 107 Billion Opportunity
Usage-Based Insurance Market is projected to exhibit an accelerated growth between 2018 and 2024 as the usage of insurance models such as PAYD and PHYD is rapidly growing
Selbyville, Delaware – January 31, 2019 /MarketersMedia/ —
One of the major factors driving the UBI market growth is an increase in the production of passenger & commercial vehicles that is embedded with telematics or the use of external tracking systems to capture data about the vehicle’s health & the driving behavior. Car makers and the insurance companies then use telematics data for calculating the insurance premium for clients in accordance with the usage rate of the vehicle. The insurance telematics enables customers to lessen their premium rates by adopting safe driving.
Request for Sample Copy of This Report @ https://www.gminsights.com/request-sample/detail/3020
The PHYD segment held a dominant share of over 70% of the UBI market in 2017 as this telematics-driven insurance model takes into consideration how a person drives. The insurance companies can assess the driving skills by installing telematics devices in the car to record the driving habits. PHYD analyzes the habits based on several parameters such as speeding, braking, positioning, and parking to decide premiums. This helps in addressing the unfair practices of motor insurance and considers the factors to ensure that car owners are charged fair premiums.
Commercial insurance has been a major spending area for not only individual truck owners but also for fleet managers, dealerships and for services like taxi or ride-sharing. Fortuitously for the usage-based insurance industry, worldwide estimates suggest there would be tremendous growth in the commercial sector over the next few years, promising a large target segment. Commercial vehicle premiums for trucks could go quite high due to the vehicle’s value as well as greater risk and severity of damages. Although tightened rules regarding driver qualification and safety training have lowered the rate of accidents, trucks still contribute a large number to road-related deaths in North America.
All in all, with the continuously growing efforts by insurers to boost the adoption of telematics in commercial vehicles worldwide, the commercial vehicle segment in the global usage-based insurance market is anticipated to grow with a rate of 18% from 2018 to 2024.
Make an Inquiry for purchasing this Report @ https://www.gminsights.com/inquiry-before-buying/3020
The OBD II technology held a major share of over 48% in the UBI market in 2017 and is expected to dominate the market with a share of around xx% in 2024. Vehicles equipped with telematics devices allow insurance companies to get a more precise information to rate a driver’s premium. The traditional UBI programs use OBD II, which allows car owners to manage and remove engine malfunctions and improve vehicle reliability while reducing the fleet operations cost. By implementing OBD II fleet management telematics systems, which track driver performance and allow vehicle utilization, the companies can reduce their fleet insurance premiums.
The North America UBI market is projected to hold a majority market share of over 35% by 2024. The market growth is attributed to the factors such as the growth in the number of connected cars with inbuilt telematics solutions and the adoption of the cloud-based telematics solutions. The region is dominated by the presence of various car insurance companies that are using black box technology to track driving habits. The telematics-based black box devices provide detailed information to car insurance companies and let them calculate insurance risk levels more accurately.
The insurance companies operating in the usage-based insurance market are entering into strategic partnerships with automakers and other car insurance service providers to jointly offer new insurance telematics solutions to the customers. For instance, in September 2016, Generali and Progressive collaborated to develop a new generation of customized car telematics solutions, which reward safe drivers based on their driving patterns. These solutions also help the companies to improve their individual data capabilities and boost product offerings. The insurance companies are adopting product differentiation strategies and introducing new UBI products and services to stay ahead of their competitors.
Browse in detail key industry insights of Usage-Based Insurance Market @ https://www.gminsights.com/industry-analysis/usage-based-insurance-ubi-market
The usage-based insurance market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2024, for the following segments:
UBI Market, By Package
o Pay-How-You-Drive (PHYD)
o Pay-As-You-Drive (PAYD)
• Device-based
• Telematics-based
UBI Market, By Technology
o OBD-II
o Smartphone
o Blackbox
o Embedded Telematics
UBI Market, By Vehicle Type
o Passenger Vehicle
o Commercial Vehicle
Browse Complete Table of Content @ https://www.gminsights.com/toc/detail/usage-based-insurance-ubi-market
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Contact Info:
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights, Inc.
Address: 4 North Main Street Selbyville, Delaware 19975 USA
Phone: 1-888-689-0688
Website: https://www.gminsights.com/pressrelease/usage-based-insurance-ubi-market
Source: MarketersMedia
Release ID: 477799
Copyright © 1999-2013 SproutNews.com
