According to the latest report published by Variant Market Research, the global usage-based insurance market size is estimated to reach $252.8 Billion by 2024, from $19.1 Billion in 2016; at a CAGR of 38.1% from 2016 to 2024.

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Reduced claims costs to drive the global usage-based insurance market

The global usage-based insurance trends are reduced claims costs and improved customer loyalty, lower accident and vehicle theft possibilities, providing personalized revenue generating value added services in insurance plans. High telematics installation cost as well as privacy concerns, as it tracks all the journey information of consumers may hamper the market growth. Furthermore, technological improvement to make the process easier with low service rate would provide an opportunity for market players of usage-based insurance market.

Market Segmentations

The global usage-based insurance market is classified into type, technology, and geography. Type segment includes pay how you drive (PHYD), pay as you drive (PAYD), and manage how you drive (MHYD). smartphone, OBD-II, hybrid, and black box are covered under the technology sub segment. North America (United States., Mexico, and Canada), Europe (France, Germany, UK, Italy, and Rest of Europe), Asia-Pacific (Japan, Australia, and Rest of Asia-Pacific) and RoW (Middle East, South America, and Africa) are the key geographical regions included in the global usage-based insurance market.

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Pay as you drive (PAYD), by type, is estimated to dominated the global market in 2016
Pay as you drive (PAYD), held for the highest market share in 2016, and expected to continue its dominance over the forecast period, 2016 – 2024, due to its cost efficacy.

Black Box, by technology, is estimated to dominated the global market in 2016
Black Box held for the highest market share in 2016, and expected to continue its dominance over the forecast period, 2016 – 2024, due to its capabilities such as accurate and timely data collection and highly secure and reliable system.

Europe is estimated to dominated the global market in 2016
In the year 2016, Europe usage based insurance market share held the maximum with 42.8% of the total market share. This is owing to rising awareness regarding driver’s safety and improved penetration of these services among the youth population, in this region. North America usage based insurance market growth rate is highest compare to the growth rates of other regions.

Competitive Landscape

The key market players of the market are Allianz SE, AXA S.A., Aviva plc., Insure The Box Ltd, Metromile, Desjardins Insurance, Mapfre S.A., Generali Group, and Progressive Corporation, and Allstate Corporation, among others.

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Scope of the Global Usage-Based Insurance Market
Type Segments
• Pay-As-You-Drive (PAYD)
• Pay-How-You-Drive (PHYD)
• Manage-How-You-Drive (MHYD)

Technology Segments
• OBD-II
• Smartphone
• Hybrid
• Black Box

Geographical Segments
• North America
o U.S.
o Rest of North America

• Europe
o UK
o Germany
o France
o Italy
o Rest of Europe

• Asia-Pacific
o Australia
o Japan
o Rest of Asia-Pacific

• RoW
o South America
o Middle East
o Africa
Related Topics

1. https://www.variantmarketresearch.com/report-categories/banking-financial-services-insurance-bfsi/cards-and-payments-market

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