According to "research and markets .com", in terms of revenue the global automotive usage based insurance market is expected to grow to US$ 105.12 billion in 2027 from US$ 15.62 billion in 2018. Because of the acceptance and implementation of GPS tracking devices which help in fleet management over the years has shown considerable success in improving the efficiency of the industry there is growing interest for Usage based Insurance.
List of countries:
1) North America
2) Canada
3) Europe
4) United Kingdom
5) Germany
6) Singapore
The global usage-based insurance (UBI) market saw rapid growth in 2018, reaching almost 25 million active UBI policies, according to the latest research from PTOLEMUS Consulting Group. Mobile-based UBI remains the main driver of this growth, increasing by 160% in 2018.
When it comes to technology innovators or providers in the Usage based insurance space we have :
2) IMS
According to the key market finds by Ptolemus from 2018 on- wards, North America and Europe tend to contribute the highest followed by United Kingdom. Other countries like Latin America, India and some countries in Asia like Singapore and Malaysia are also showing some level of participation. Some countries with longer insurance renewal periods and countries which are skeptical about their privacy are showing resistance to Usage based insurance or Pay As You Drive (PAYD) programs.
To understand the technical aspects of Usage Based Insurance, visit us on Traxroot UBI and feel free to contact us if you are interested to know more or partner with us.