A new report has been published by Transparency Market Research titled, “Usage-based Insurance Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027.” As per the report, the global usage based insurance market is projected to exceed US$ 200 Bn by 2027, expanding at a CAGR of more than 30% during the forecast period.

According to the report, increasing claims and fraud regarding the motor premium have resulted in increasing demand for accurate quotation of motor insurance among consumers, which is further driving the usage-based insurance market. The report states that the penetration of UBI is significantly high in Italy and South Africa, owing to high motor insurance cost due to high rate of theft/fraud in these countries. Insurance players are taking active methods with pilot programs launched across the globe to fuel the penetration of UBI.

The TMR report has segmented the usage-based insurance market in terms of policy type, device type and region. On the basis of policy type, the pay-as-you-drive (PAYD) segment dominated the global market with majority of the market share. PAYD is a simple UBI model that is based on miles driven and therefore, is commonly accepted. Rising adoption of telematics and advanced driver assistance features is further anticipated to boost the pay-how-you-drive (PHYD) segment. PHYD considers numerous parameters such as time of ride, acceleration, route of ride, and sudden braking, and is more effective in gauging the risk of the driver.

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In terms of device type, the black box segment held a dominant share of the global usage-based insurance market. But, the smartphone segment is also projected to expand in the near future, due to its low-cost solution with no extra investment. From a regional perspective, the global usage-based insurance market is divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Among these, North America and Europe are anticipated to dominate the global usage-based insurance market, thanks to higher adoption of telematics supporting the UBI working and consumer awareness.
Some of the major players operating in the global usage-based insurance market are profiled in this report to give a better competitive analysis of the market and these include Progressive, AllState Insurance Company, AXA, AA, Allianz, Uniqa, Generalli, MAIF, Groupama, Aviva, Uniposai, Insure the Box, State Farm, and Liberty Mutual.

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