Worldwide Usage-Based Insurance Industry to 2030 - Featuring Allianz, Aviva and Liberty Mutual Among Others - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Sep 10, 2021--
The “Usage-Based Insurance Global Market Report 2021: COVID-19 Implications and Growth” report has been added to ResearchAndMarkets.com’s offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global usage-based insurance market.
This report focuses on usage-based insurance market which is experiencing strong growth. The report gives a guide to the usage-based insurance market which will be shaping and changing our lives over the next ten years and beyond, including the market’s response to the challenge of the global pandemic.
The global usage-based insurance (UBI) market is expected to grow from $34.53 billion in 2020 to $43.31 billion in 2021 at a compound annual growth rate (CAGR) of 25.4%. The change in growth trend can be attributed to the growing demand from the end-user industry. The market is expected to reach $104.79 billion in 2025 at a CAGR of 24.7%.
- 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
- The Allstate Corporation
- Cambridge Mobile Telematics
- Esurance Insurance Services Inc.
- Modus Group LLC
- Octo Group
- Safeco Insurance
- State Farm Automobile Mutual Insurance Company
- TrueMotion Inc.
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North America was the largest region in the usage-based insurance (UBI) market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Technological advancements are shaping the usage-based insurance market. 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. For instance, in June 2020, TATA AIG, an India-based general insurance company launched an AutoSafe device based on telematics technology. AutoSafe will be included in all policies and would provide personal accidental coverage of approximately $0.02 million for both the owner and the driver. The Auto Safe device is GPS-enabled and connected to a mobile app that saves all data, monitors distance traveled, and creates reports regarding the car health and driving behaviors of the policy holder.
In January 2021, The Allstate Corporation a US-based insurance company has acquired National General Holdings Corp for a deal amount of $4 billion. The acquisition would enable The Allstate Corporation to grow their personal lines insurance with an increase in market share. The accident and health business of National General will further expand Allstate circle of protection. National General Holdings Corp is a US-based personal line insurance company that provides personal and commercial automobile insurance, health insurance, and other niche insurance products.
The expansion of the automobile industry is expected to propel the growth of the usage-based insurance market in the coming years. The automotive industry is made up of a diverse group of businesses and organizations that are involved in the design development, production, marketing, and sale of automobiles. Car owners are interested in telematics-driven usage-based insurance since it provides low premiums for low-risk driving and high premiums for high-risk driving. As a result, by correcting their driving habits, individuals can drastically lower their insurance premiums. According to the Economist Intelligence Unit (The EIU), in 2021, the global automotive sector is expected to grow rapidly, with new car sales increasing by 15% and commercial vehicle sales increasing by 16%. Electric vehicle sales are expected to increase from 2.5 million in 2020 to 3.4 million in 2021. Therefore, the growth in the automobile industry drives the growth of the usage-based insurance market.
The countries covered in the usage-based insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
For more information about this report visit https://www.researchandmarkets.com/r/i7z5fr
View source version on businesswire.com:https://www.businesswire.com/news/home/20210910005447/en/
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INDUSTRY KEYWORD: INSURANCE PROFESSIONAL SERVICES
SOURCE: Research and Markets
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PUB: 09/10/2021 12:21 PM/DISC: 09/10/2021 12:21 PM