Usage-based Insurance Market for PAYD segment to grow at 19% CAGR To 2024

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UBI Market in LAMEA to grow at 25 CAGR from 2018
to 2024
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Key Insights from UBI Market

• 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 vehicles
  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 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.
• 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 drivers premium.

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Continued
The commercial vehicles segment in the
usage-based insurance (UBI) market is projected
to register an excellent growth rate of over 18
from 2018 to 2024. The commercial vehicles
segment is widely deploying telematics solutions
to analyze vehicle and driver data to assess the
risks and restore profit margins. Telematics
insurance data is used by the insurers to review
driving behavior and promote safe driving through
insurance incentives. The technology is playing a
key role in commercial logistics and supply
chains as it helps in addressing the challenges
related to driver monitoring, insurance, and
safety.
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U.S. Usage-based Insurance (UBI) Market Revenue,
By Technology, 2017 2024 (USD Million)

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Major Companies in UBI Market

• Progressive,
• Allstate,
• State Farm,
• AXA,
• Allianz,
• Liberty Mutual,
• Nationwide,
• Vodafone Automotive,
• UnipolSai, Generali, Octo, Metromile, TomTom,
  Insure The Box, Mapfre

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Industry Coverage

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Regional Insights in UBI Market

• 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.

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