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Research delivers insight into the Global usage-based insurance market research report for 2017

Usage-Based Insurance Market is expected to garner $123 billion by 2022, registering a CAGR of 36.4% during the forecast period 2016-2022. Factors driving the usage-based insurance market include flexible insurance premium, lower accident & vehicle theft possibilities, accurate & timely data collection, and lower fuel consumption.

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Usage-based insurance (UBI) is a telematics-based insurance service in which premiums are based on driving behavior of consumers. Type of road used, braking, and cornering pattern are amongst the factors according to which the premiums are charged.

Usage-based insurance includes different services such as pay-as-you-drive (PAYD), pay-how-you-drive (PHYD), and manage-how-you-drive (MHYD). 

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Players have adopted partnership and expansion as their key strategies to increase their market share.

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For instance, Progressive Corporation, entered into a partnership with Zubie, a U.S.

based telematics solution provider. Local companies, such as Admiral Group plc, Allstate Corporation and others primarily in developed markets, offer tough competition to the established players.

Privacy concerns and increase in telematics installation cost have posed major challenges for manufacturers. The key developmental strategies adopted by the companies are discussed in the report. 

The global usage-based insurance market is segmented based on type, technology, and geography. The segmentation by type includes pay-as-you-drive (PAYD), pay-how-you-drive (PHYD), and manage-how-you-drive (MHYD).

On the basis of technology, the market is divided into OBD-II, smartphone, hybrid, and black-box.

Manage-how-you-drive (MHYD) segment is anticipated to grow at the fastest rate during the forecast period, as it provides higher level of flexibility and freedom to the customers. In terms of technology, Black Box dominates the market, accounting for over 60% of the total market revenue.

From a growth perspective, smartphone technology is projected to exhibit the highest CAGR over the forecast period.

Geographically, the market is classified into North America (U.S. and Rest of North America), Europe (Italy, UK, Germany, France and Rest of Europe) Asia-Pacific (Japan, Australia and Rest of Asia-Pacific), and LAMEA (Africa and Rest of LAMEA).

Presently, Europe is the highest Usage-based insurance market, compared to other geographies. 

European countries such as Italy, have high adoption of Usage-based insurance trend. In 2015, Italy usage-based insurance market accounted for one-third of the global usage-based insurance market revenue.

The industry in the country is expected to grow at a CAGR of 33.6% during 2016-2022.

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