ROCKVILLE, Md., March 14, 2022 (GLOBE NEWSWIRE) — According to a recently released Fact.MR report, the global usage insurance market is expected to grow at a compound annual rate (CAGR) of 17% between 2021 and 2031. The market is expected to reach US$150 billion by the end of 2031.
the usage insurance request is expected to increase over the forecast period and the market is expected to reach a global market size of US$30 billion by the end of 2020.
According to historical market performance, usage assurance underwriting registered an impressive CAGR of 10% to be valued at US$30 billion as of 2020. The outlook saw a temporary decline in the first half of 2020, as the COVID-19 pandemic has come to a halt. automotive manufacturing and distribution activities. Fortunately, the growing popularity of electric vehicles has supported demand.
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In the long term, usage assurance providers are looking to leverage telematics as an efficient technology to deliver their services. Telematics-based insurance is highly accurate because driving data can be collected instantly, allowing insurers to provide insight into driver and vehicle performance on the road. Several developments are observed, such as the recent takeover of TrueMotion by Cambridge Mobile Telematics in June 2021. After the merger, Cambridge Mobile will provide telematics services to 21 of the 25 largest auto insurers in the United States.
How do good driving practices pave the way for usage assurance?
Incentives to adopt better driving habits will increase drivers’ motivation to improve their behavior behind the wheel. This leads to fewer traffic violations and accidents, which results in fewer claims for insurance companies. This could prevent most drivers from paying more in fares and thus save them money.
The implementation of tools for monitoring driver driving behavior through the use of telematics is gaining ground. The adoption of various technologies, including odometers, smartphones and OBD dongles, has profoundly affected the driving behavior of consumers.
The coverage provided by usage-based insurance can offer current and ongoing details of driving habits, enabling appropriate calculation of rates and discounts quickly. The maximum discount offered is 25%, but most drivers get a 5-10% discount after registering the drive.
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Key Segments Covered by the Usage Assurance Industry Survey
- Pay How You Drive (PHYD)
- Pay-as-you-drive (PAYD)
- Manage Your Driving (MHYD)
- Black Box
- OBD key
- Tourism vehicle
- commercial vehicle
Strategic collaborations allow insurance industries to increase their revenues and market share. New products and technologies will enable the growth of usage-based insurance in the insurance industry.
- To accelerate its expansion in Europe, insurance technology company bolttech has acquired i-surance, a next-generation B2B2C digital insurance platform. Boltech now covers 26 countries in North America, Asia and Europe following the acquisition of i-surance – including Switzerland, Belgium, Germany, France, Liechtenstein, Monaco, Luxembourg, -Netherlands, Portugal, Poland, Spain and the United Kingdom.
- Bolttech intends to expand its insurance exchange services in Europe to provide both partners and customers with more choice.
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Key Players in the Usage Assurance Market
- Insure Limited Box
- Allstate Insurance Company
- state farm
- Uniqa Insurance Group SA
- Generali Group
- UnipolSai Assicurazioni SpA
Key insights from market research
- Global Usage Assurance Market Expected to Grow 5x to 2031 vs. 2021
- Pay-as-you-drive (PAYD) demand will account for 55% of global market revenue
- Smartphone-based usage insurance is expected to grow at a CAGR of 9% through 2031
- By Vehicle, Commercial Use Insurance Expected to Gain Significant Momentum, Growing 7% CAGR
- US to capture half of global user insurance demand in decade
- Europe is expected to register a 10% expansion rate in terms of value CAGR until 2031
- Asia is expected to experience a staggering 15% growth rate from 2021 to 2031
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