DUBLIN, November 30, 2021--(BUSINESS WIRE)--The "Usage-Based Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The global usage-based insurance market exhibited strong growth during 2015-2020. Looking forward, the publisher expects the global usage-based insurance market to grow at a CAGR of 24.2% during the forecast period (2021-2026).
Aioi Nissay Dowa Insurance UK Ltd
Allstate Insurance Company
American International Group Inc.
Assicurazioni Generali S.p.A.
Liberty Mutual Insurance Company
Progressive Casualty Insurance Company
State Farm Automobile Mutual Insurance Company
TomTom International BV.
UnipolSai Assicurazioni S.p.A. (Unipol Gruppo S.p.A).
Usage-based insurance (UBI), or telematics insurance, is a form of a specialized automobile insurance policy that calculates the premium based on the usage of the vehicle or the consumer driving behavior. It is commonly available in the form of pay-how-you-drive (PHYD) and pay-per-mile formats (PPM). The premium is calculated according to the readings obtained from the telematics device installed in the vehicle to monitor the speed, time and distance covered and observe the driving pattern. In comparison to the conventional insurance policies, UBI is more personalized, aids in promoting good driving practices, minimizes the instances of road accidents and offers enhanced satisfaction to the policy holder.
Significant growth in the automotive industry across the globe is one of the key factors creating a positive outlook for the market. Moreover, the widespread adoption of remote diagnostics to monitor consumer driving behavior is providing a thrust to the market growth. Automobile manufacturers are embedding advanced telematics-based platforms in light-duty vehicles (LDV) to monitor driving habits and prevent any sudden failures or accidents on the road. These systems also minimize the requirement of installing an additional black-box in the vehicles to record vehicular data, thereby favoring the market growth.
Additionally, the development of connected vehicles and increasing concerns for driver safety, are also contributing to the growth of the market. Other factors, including a significant reduction in UBI insurance premium rates, along with the implementation of favorable government policies promoting the use of telematics, are anticipated to drive the market toward growth.
Key Questions Answered in This Report:
How has the global usage-based insurance market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global usage-based insurance market?
What are the key regional markets?
What is the breakup of the market based on the type?
What is the breakup of the market based on the technology?
What is the breakup of the market based on the vehicle type?
What is the breakup of the market based on the vehicle age?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global usage-based insurance market and who are the key players?
What is the degree of competition in the industry?
Key Topics Covered:
2 Scope and Methodology
3 Executive Summary
4.2 Key Industry Trends
5 Global Usage-Based Insurance Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Type
7 Market Breakup by Technology
8 Market Breakup by Vehicle Type
9 Market Breakup by Vehicle Age
10 Market Breakup by Region
11 SWOT Analysis
12 Value Chain Analysis
13 Porters Five Forces Analysis
14 Price Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
For more information about this report visit https://www.researchandmarkets.com/r/vsuofl
View source version on businesswire.com: https://www.businesswire.com/news/home/20211130005679/en/
Laura Wood, Senior Press Manager
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