ROCKVILLE, Md., March 14, 2022 (GLOBE NEWSWIRE) — According to a recently published Fact.MR report, the global usage insurance market is projected to grow at a compound annual rate (CAGR) of 17% between 2021 and 2031. The market is expected to reach US$150 Bn by the end of 2031.
the use insurance claim it is expected to rise during the forecast period and the market is projected to gain a global market size worth US$30 billion by the end of 2020.
Based on historical market performance, usage insurance adoption posted an impressive 10% CAGR that was valued at $30 billion as of 2020. The outlook temporarily plummeted in the first half of 2020, when the COVID-19 pandemic stopped. automobile manufacturing and distribution operations. Fortunately, the growing popularity of electric vehicles sustained demand.
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In the long term, insurance providers are looking to leverage telematics as an effective technology to deliver their services. Telematics-based insurance is highly accurate as driving data can be collected instantly, allowing insurance providers to provide feedback on vehicle and driver performance on the road. Several developments are being witnessed, such as the recent acquisition of TrueMotion by Cambridge Mobile Telematics in June 2021. Following the combination, Cambridge Mobile will provide telematics services to 21 of the 25 largest auto insurers in the US.
How good driving practices pave the way for user insurance?
Incentives to improve driving habits will increase drivers’ motivation to improve their driving behaviour. It leads to fewer traffic violations and accidents, resulting in fewer claims for insurance companies. This could prevent most drivers from paying more in fares and therefore save them some money.
The implementation of tools to track drivers’ driving behavior using telematics is gaining significant momentum. The adoption of various technologies, including odometers, smartphones, and OBD dongles, have profoundly affected the driving behavior of consumers.
Coverage provided by usage-based insurance can provide current and ongoing details about driving habits, allowing for proper calculation of rates and discounts quickly. The maximum discount offered is 25 percent, but most drivers receive a five to ten percent discount after registering to drive.
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Key Segments Covered in the User Insurance Industry Survey
- Pay How You Drive (PHYD)
- Pay to Drive (PAYD)
- Manage How You Drive (MHYD)
- black box
- OBD dongle
- passenger vehicle
- commercial vehicle
Strategic collaborations allow insurance industries to increase revenue and market share. New products and technologies will enable the growth of usage-based insurance in the insurance industry.
- To accelerate expansion in Europe, insurance technology company bolttech acquired i-surance, a next-generation B2B2C digital insurance platform. Boltech now covers 26 countries in North America, Asia, and Europe following the i-surance acquisition, including Switzerland, Belgium, Germany, France, Liechtenstein, Monaco, Luxembourg, the Netherlands, Portugal, Poland, Spain, and the United Kingdom.
- Bolttech intends to expand its insurance exchange services in Europe to provide more choice for both partners and customers.
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Key players in the insurance market
- Insure the box limited
- Allstate insurance company
- state farm
- Uniqa AG Insurance Group
- General Group
- UnipolSai Assicurazioni SpA
Key takeaways from the market study
- The global market for use insurance will multiply by five until 2031 compared to 2021
- Pay-as-you-drive (PAYD) demand will account for 55% of global market revenue
- Smartphone-based usage insurance likely to expand at 9% CAGR through 2031
- Per vehicle, commercial use insurance to gain a significant boost, growing at a CAGR of 7%
- The US will capture half of the world’s demand for usage insurance over the decade
- Europe is likely to post a 10% expansion rate in value CAGR through 2031
- Asia will account for a staggering 15% growth rate between 2021 and 2031
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