Usage-Based Insurance Global Market Report 2022 – By Vehicle Type (Light-Duty Vehicle (LDV), Heavy-Duty Vehicle (HDV)), By Technology (OBD-II-Based UBI Programs, Smartphone-Based UBI Programs, Hybrid-Based UBI Programs, Black-Box-Based UBI Programs), By Package Type (Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), Manage-How-You-Drive (MHYD)) – Market Size, Trends, And Global Forecast 2022-2026
What is the definition of the usage-based insurance market?
The usage-based insurance (UBI) market consists of sales of usage-based insurance services by entities (organizations, sole traders, and partnerships) that provide auto insurance services by placing monitoring devices in the vehicle. UBI is frequently powered by telematics technology, which is accessible in vehicles via a plug-in device or is pre-installed in the car system, and that can also be accessed via mobile apps and delivers insurers with a variety of data, including how far vehicle is driven, how it is driven, and where it is driven.
How will the usage-based insurance market drivers and restraints affect usage-based insurance market dynamics? What forces will shape the usage-based insurance industry going forward?
The usage-based insurance market growth is aided by the expansion of the automobile industry.
What is the forecast market size of the usage-based insurance market?
The usage-based insurance market is expected to reach $132.02 billion in 2026 at a rate of 24.9%.
How is the usage-based insurance segmented?
The global usage-based insurance market is segmented -
1) By Vehicle Type: Light-Duty Vehicle (LDV), Heavy-Duty Vehicle (HDV) 2) By Technology: OBD-II-Based UBI Programs, Smartphone-Based UBI Programs, Hybrid-Based UBI Programs, Black-Box-Based UBI Programs 3) By Package Type: Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), Manage-How-You-Drive (MHYD)
Which region has largest share, and what is the market size and growth by geography according to the usage-based insurance global market report?
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Who are the key players of the usage-based insurance market?
Top competitors in the usage-based insurance market are Allianz SE, Assicurazioni Generali S.p.A., Aviva plc, Insure The Box Limited, Liberty Mutual Group, Mapfre S.A., Metromile Inc., Nationwide Mutual Insurance Company, Progressive Casualty Insurance Company, and The Allstate Corporation.
What are the key trends in the usage-based insurance market?
Major trends influencing the usage-based insurance market include technological advancements. Major companies operating in the usage-based insurance sector are focused on developing technological solutions for usage-based insurance to strengthen their position in the market.
What are the major opportunities in the usage-based insurance market and the approaches companies can take to take advantage of them?
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How does the usage-based insurance market relate to the overall economy and other similar markets?
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