In a recent published report, Kenneth Research has updated the market report for Usage-Based Insurance Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Usage-Based Insurance Market products.
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According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
As per the latest report published by Variant Market Research, Global Usage-Based Insurance Market is estimated to reach $252.8 Billion by 2024; growing at a CAGR of 38.1% from 2016 to 2024. Usage-based insurance (UBI) also termed as pay-as-you-drive, pay-how-you-drive, and manage-how-you-drive, is a telematic based insurance, where premiums are based on the driving performance of the customers, comprising type of vehicle used, measured against time, distance, and place. They pose various advantages promoting the usage-based insurance market, such as more responsible and less unnecessary driving causing to social and environmental benefits, potential cost-savings for customers, and commercial reimbursements to the insurance company from better alignment of insurance with actual risk.
Lower risk associated with accidents and vehicle theft possibilities, enhancing customer loyalty, and reducing claims costs are the primary factors that drives the growth of global usage-based insurance market. Although, privacy concerns, and high telematics installation cost are the major restraints which are limiting the market growth. Nonetheless, advancement in technology to make process easier coupled with reduced service rate would unfold attractive business opportunities for the market in the given forecast timeframe.
Type, technology, and geography, are the major segments considered in the global usage-based insurance market. On the basis of type, the classification is given as pay as you drive (PAYD), pay how you drive (PHYD), and manage how you drive (MHYD). On the basis of technology, the categorization comprises OBD-II, hybrid, smartphone, and black box.
Based on geography, usage-based insurance is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., and Rest of North America whereas Europe consists of UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into Australia, Japan, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
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The leading companies profiled in the report include Allianz SE, Allstate Corporation, Aviva plc., Etiqa, Insure The Box Ltd, Generali Group AXA S.A., Mapfre S.A., Progressive Corporation, and Desjardins Insurance, among others.
The key takeaways from the report
The report will provide detailed analysis of Global Usage-Based Insurance Market with respect to major segments such as type, technology
The report will include the qualitative and quantitative analysis with market estimation over 2015 – 2024 and compound annual growth rate (CAGR) between 2016 and 2024
Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
An exhaustive regional analysis of Global Usage-Based Insurance Market has been included in the report
Profile of the key players in the Global Usage-Based Insurance Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of the Global Usage-Based Insurance Market
Type Segments
Pay-As-You-Drive (PAYD)
Pay-How-You-Drive (PHYD)
Manage-How-You-Drive (MHYD)
Technology Segments
OBD-II
Hybrid
Smartphone
Black Box
Geographical Segments
North America
U.S.
Rest of North America
Europe
UK
Germany
France
Italy
Rest of Europe
Asia-Pacific
Australia
Japan
Rest of Asia-Pacific
RoW
South America
Middle East
Africa
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