CHICAGO, UNITED STATES, July 14, 2023/EINPresswire.com/ -- The 𝐔𝐬𝐚𝐠𝐞-𝐁𝐚𝐬𝐞𝐝 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 is set to witness a rise in revenue from 𝟒𝟕.𝟔𝟕 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝟐𝟎𝟐𝟐 to 𝐔𝐒$ 𝟐𝟒𝟓.𝟖𝟔 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐛𝐲 𝟐𝟎𝟑𝟏, registering a 𝐂𝐀𝐆𝐑 𝐨𝐟 𝟐𝟎.𝟖𝟓% during the forecast period from 𝟐𝟎𝟐𝟑 𝐭𝐨 𝟐𝟎𝟑𝟏.

𝐒𝐚𝐦𝐩𝐥𝐞 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/request-sample/usage-based-insurance-market

A new era in auto insurance has begun with the emergence of telematics-supported usage-based insurance (UBI). This report will examine these technical developments in greater detail, examine the changes in the insurance industry, and thoroughly examine the effects of telematics on insurers, customers, and state regulators.

The usage-based insurance market is likely to increase at a faster rate thanks to the expansion of the automobile industry. Telematics-driven usage-based insurance is appealing to car owners since it offers low premiums for low-risk driving and high premiums for high-risk driving. As a result, people can significantly cut their insurance premiums by changing their driving behaviors. The global automotive industry rose by double digits in 2021, according to the Economist Intelligence Unit, with new car sales up 15% and commercial vehicle sales up 16%.

Government rules for vehicle safety and increased sales of pre-equipped telematics vehicles are two further drivers that are projected to fuel market demand. Telematics has quickly become commonplace in the automotive industry. The Global System for Mobile Communications, predicts that the telematics market will grow to US$ 750 billion by 2030. The telematics sector is expanding for two main reasons. First, governments are becoming more eager to impose telematics regulations, something that is already happening in the European Union and Russia. Second, there is a growing need for automobiles to be more connected and intelligent.

The usage-based insurance market is rising due to technological breakthroughs. In order to increase their market share, major usage-based insurance providers are concentrating on creating technology solutions for usage-based insurance. For instance, in Jan 2021, the US-based insurance company Allstate Corporation acquired National General Holdings Corp. for US$ 4 billion. With a larger market share, the acquisition would allow Allstate Corporation to expand its personal lines insurance.

𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐕𝐞𝐡𝐢𝐜𝐥𝐞𝐬 𝐭𝐨 𝐂𝐚𝐩𝐭𝐮𝐫𝐞 𝐭𝐡𝐞 𝐇𝐢𝐠𝐡𝐞𝐬𝐭 𝐂𝐀𝐆𝐑 𝐨𝐟 𝟐𝟒.𝟓𝟓% 𝐢𝐧 𝐭𝐡𝐞 𝐆𝐥𝐨𝐛𝐚𝐥 𝐌𝐚𝐫𝐤𝐞𝐭

In the usage-based insurance market, electric vehicles (EVs) are anticipated to expand at the highest compound annual growth rate of 24.55% during the projection period. Modern insurance companies have begun providing EV-specific insurance plans as the use of electric vehicles increases. For instance, ACKO offers electric automobile insurance, which has several advantages, such as streamlined processes that require no paperwork, no commissions, and quick claim resolution.

𝐏𝐚𝐲 𝐀𝐬 𝐘𝐨𝐮 𝐃𝐫𝐢𝐯𝐞 𝐏𝐚𝐜𝐤𝐚𝐠𝐞 𝐓𝐲𝐩𝐞𝐬 𝐚𝐫𝐞 𝐆𝐚𝐢𝐧𝐢𝐧𝐠 𝐏𝐨𝐩𝐮𝐥𝐚𝐫𝐢𝐭𝐲 𝐀𝐦𝐨𝐧𝐠 𝐂𝐨𝐧𝐬𝐮𝐦𝐞𝐫𝐬

In 2022, Pay As You Drive held a revenue share of 41%. With this package type, policyholders can significantly tailor their insurance plans, which lowers premiums. Pay-As-You-Drive auto insurance plans are already common in industrialized countries all over the world and are becoming more popular in India. Customers are also using this kind of insurance coverage to discourage risky driving and promote safe driving habits in order to receive incentives and discounts on insurance costs.

𝐄𝐮𝐫𝐨𝐩𝐞 𝐢𝐬 𝐄𝐬𝐭𝐢𝐦𝐚𝐭𝐞𝐝 𝐭𝐨 𝐖𝐢𝐭𝐧𝐞𝐬𝐬 𝐚 𝐑𝐢𝐬𝐞 𝐢𝐧 𝐃𝐞𝐦𝐚𝐧𝐝 𝐟𝐨𝐫 𝐔𝐬𝐚𝐠𝐞-𝐁𝐚𝐬𝐞𝐝 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞

Europe is most likely to produce the highest revenue share. This is a result of strong regulatory backing for the use of car telematics. A law was passed in Italy requiring insurance providers to install telematics devices in all vehicles and base premiums on the real-time information provided by these devices.

Similarly to this, all passenger and cargo vehicles in the European Union and Russia must use the eCall system and ERA-GLONASS. These systems rely on different telematics devices that may, among other things, monitor driving behavior and provide emergency help using real-time driving data. Therefore, these elements will encourage the implementation of automotive usage-based insurance in this region.

With 8 million policies, Italy is by far the largest UBI market in Europe. This accounts for 70% of all connected active insurance policies in Europe. Italy has a connected insurance penetration on all of its active vehicle insurance plans that is nearly 25%, which can be due to the long-standing success of black boxes in lowering the country's theft and fraud problems.

With 1.3 million active policies and an 11% market share, the U.K. is the second-largest UBI market in Europe. It is primarily recognized for its youthful clientele. In fact, numerous motor insurers started insurance plans specifically for young drivers owing to extremely high insurance costs.

𝐓𝐨𝐩 𝟏𝟎 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐂𝐨𝐥𝐥𝐞𝐜𝐭𝐢𝐯𝐞𝐥𝐲 𝐆𝐞𝐧𝐞𝐫𝐚𝐭𝐞 𝟕𝟓% 𝐨𝐟 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐒𝐡𝐚𝐫𝐞

The top 10 prominent players in the global market control a sizeable portion of the market—roughly 65-75%—as a whole. About 25 to 35 percent of the market's revenue comes from the remaining firms. Allianz, AXA, All State Insurance, Cambridge Mobile Telematics, Liberty Mutual Insurance, Metromile Inc., Nationwide Group, Root Insurance, and Travelers Group are a few of the top 10 competitors in this market. These businesses have made a name for themselves as major players in the usage-based insurance sector.

𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐨 𝐌𝐨𝐫𝐞 𝐅𝐮𝐥𝐥 𝐃𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/industry-report/usage-based-insurance-market

Additionally, the market's participants are concentrating on improving their market presence by implementing various growth strategies. These tactics assist companies in strengthening their regional offers and geographically expanding their business. Moreover, as part of their growth plan, businesses place more emphasis on delivering an enhanced customer experience.

𝐋𝐢𝐬𝐭 𝐨𝐟 𝐏𝐫𝐨𝐦𝐢𝐧𝐞𝐧𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬

• Allianz
• AllState Insurance Company
• ASSICURAZIONI GENERALI S.P.A.
• AXA
• Cambridge Mobile Telematics
• Liberty Mututal Insurance Company
• Metromile Inc.
• Nationwide Corp. Group
• Progressive Casualty Insurance Company
• Root Insurance
• Sierra Wireless
• State Farm Automobile Mutual Insurance Company
• The Hartford
• Travelers Group
• Verizon
• Webfleet Solutions
• Other Prominent Players

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐎𝐮𝐭𝐥𝐢𝐧𝐞

𝐓𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐮𝐬𝐚𝐠𝐞-𝐛𝐚𝐬𝐞𝐝 𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐬𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐟𝐨𝐜𝐮𝐬𝐞𝐬 𝐨𝐧 𝐓𝐞𝐥𝐞𝐦𝐚𝐭𝐢𝐜𝐬 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬, 𝐏𝐚𝐜𝐤𝐚𝐠𝐞 𝐓𝐲𝐩𝐞, 𝐃𝐢𝐬𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧 𝐂𝐡𝐚𝐧𝐧𝐞𝐥, 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐓𝐲𝐩𝐞, 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧, 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐎𝐰𝐧𝐞𝐫𝐬𝐡𝐢𝐩, 𝐚𝐧𝐝 𝐑𝐞𝐠𝐢𝐨𝐧.

𝐁𝐲 𝐓𝐞𝐥𝐞𝐦𝐚𝐭𝐢𝐜𝐬 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬

• On-board Diagnostics (OBD-II)
• Smartphones
• GPS Device
• Embedded System
• Black Box
• Others
𝐁𝐲 𝐏𝐚𝐜𝐤𝐚𝐠𝐞 𝐓𝐲𝐩𝐞
• Pay-as-you-Drive (PAYD)
• Pay-how-you-Drive (PHYD)
• Pay-as-You-Go
• Distance-based Insurance
𝐁𝐲 𝐃𝐢𝐬𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧 𝐂𝐡𝐚𝐧𝐧𝐞𝐥
• Direct
• Agency
• Bank
• Brokers & Insurance Marketplaces
𝐁𝐲 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐓𝐲𝐩𝐞
• ICE Vehicles
o Petrol
o Diesel
o Others
• Electric Vehicles
o Battery Electric Vehicle (BEV)
o Plug-in Hybrid Vehicle (PHEV)
o Fuel-cell Electric Vehicle (FCEV)
• Hybrid
𝐁𝐲 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧
• Personal
o 2-Wheelers
o 4-Wheelers
• Commercial
o Passenger
o Heavy Vehicles
• Off-road Vehicles
𝐁𝐲 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐎𝐰𝐧𝐞𝐫𝐬𝐡𝐢𝐩
• New Vehicles
• Used Vehicles
𝐁𝐲 𝐑𝐞𝐠𝐢𝐨𝐧
• North America
o The U.S.
o Canada
o Mexico
• Europe
• Western Europe
 The UK
 Germany
 France
 Italy
 Spain
• Rest of Western Europe
Eastern Europe
 Poland
 Russia
• Rest of Eastern Europe
Asia Pacific
• China
• India
• Japan
• South Korea
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
Middle East & Africa
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
South America
• Argentina
• Brazil
• Rest of South America

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/request-sample/usage-based-insurance-market

𝐀𝐛𝐨𝐮𝐭 𝐀𝐬𝐭𝐮𝐭𝐞 𝐀𝐧𝐚𝐥𝐲𝐭𝐢𝐜𝐚:

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