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  • 1 August 2019 15:19

Usage-based Insurance Market Value,Volume,Trends, Forecast 2019 - 2026

According to Acumen Research and Consulting, the global usage-based insurance market is expected to grow at noteworthy CAGR around 29 % throughout the forecast period and reach around US$ 190 billion by 2026.

The global usage-based insurance market is expected to grow at noteworthy CAGR around 29 % throughout the forecast period and reach around US$ 190 billion by 2026.

Introduction Usage-based insurance (UBI) also known as pay as you drive (PAYD) and pay how you drive (PHYD) and mile-based auto insurance is a type of vehicle insurance whereby the costs are dependent upon type of vehicle used, measured against time, distance, behavior and place.

This differs from traditional insurance, which attempts to differentiate and reward "safe" drivers, giving them lower premiums and/or a no-claims bonus. However, conventional differentiation is a reflection of history rather than present patterns of behaviour. This means that it may take a long time before safer (or more reckless) patterns of driving and changes in lifestyle feed through into premiums.

CONCEPT

1.The simplest form of usage-based insurance bases the insurance costs simply on distance driven. However, the general concept of pay as you drive includes any scheme where the insurance costs may depend not just on how much you drive but how, where, and when one drives.

2.Pay as you drive (PAYD) means that the insurance premium is calculated dynamically, typically according to the amount driven. There are three types of usage-based insurance:

3.Coverage is based on the odometer reading of the vehicle. Coverage is based on mileage aggregated from GPS data, or the number of minutes the vehicle is being used as recorded by a vehicle-independent module transmitting data via cellphone or RF technology.

4.Coverage is based on other data collected from the vehicle, including speed and time-of-day information, historic riskiness of the road, driving actions in addition to distance or time traveled.

Market Segmentation

Global Usage-based Insurance Market, By Policy Type: MHYD,PAYD,PHYD

Global Usage-based Insurance Market, By Device Type:OBD Dongle,Black Box,Smartphone,Others

Global Usage-based Insurance Market, By Vehicle Type:Commercial,Passenger

Global Usage-based Insurance Market, By Geography:North America.,Europe,Asia-Pacific,Latin America,Middle East and Africa (MEA)

Key Players Progressive, AllState Insurance Company, AXA, AA, Allianz, Uniqa, Generali, MAIF, Groupama, Aviva, Uniposai, Insure the Box, State Farm and Liberty Mutual are key players in the global UBI market.

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