Usage-Based Insurance Market Size to Exceed Revenue of $ 190 Billion by 2026

Pune, India -- (SBWIRE) -- 05/20/2019 -- 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.

Increasing use of insurance models such as PAYD and PHYD contributes to the growth in the use-basis insurance market. UBI determined the premium on the basis of driving behavior by insurance companies. In order to monitor motive patterns, telematics and other communication technologies will lead to an excellent growth of the market over the projected timeline. Factors, such as increasing popularity of managing solutions, increased penetration of smartphones and an increase in UBI usage by insurance companies in order to enhance profitability are attributed to the market growth. Use-based insurance enables insurers to assess risks on the basis of the profile of individual drivers, travel characteristics and the actual vehicle condition. This helps them to improve their risk assessment and to prevent fraudulent claims. Insurers use telematics insurance to increase their customer base by using driving information to improve policy pricing.

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The use of telematic smartphones enables carmakers and insurers to collect driving data and record the hard braking and acceleration trip parameters. They use the driving data to design insurance policies based on usage and to determine the premium of the policyholder. The enormous adoption of intelligent telecoms is likely to drive the growth of the use-based market for insurance.

The adoption of UBI is boosting declining prices of connected devices and mobility technologies. There is an increase in demand for appropriate premium charges among consumers, because a safe and rash driver is equal to conventional insurance costs. The UBI model has variable charges based on the driver's safe driving behaviour, which is why this model is expected to grow quickly in demand. The motor insurance industry has suffered losses because of increased competition and claims costs. UBI insurance helps to assess risks better and keep profits running.

Segmentation Snapshots

The pay-as-you-drive segment (PAYD) has a dominant part in the global market in terms of policy type. PAYD is a simple, miles-driven UBI model that is widely accepted. It will be projected that the increasing use of telematics and advanced driving aid (PHYD) segment in the near future will increase. In order to measure the driver's risks more effectively, PHYD takes into account various parameters such as acceleration, driving time, ride route and sudden braking.

The black box segment has held a leading position in the global UBI market, based on the device type. However, in the near future the smartphone segment is expected to increase because it is a low-cost, non-investment solution.

On a regional basis, North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa segment the global user-based insurance market. Increase the use of telematics to support the work and consumer sensibilities of UBI are expected to lead the global UBI market in America and Europe.

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Regional Stance

The world UBI market, followed by Europe, is leading in North America. The North American market is also expected to expand substantially because of increased consumer confidence and UBI adoption. The Asia Pacific market is still in its infancy with active pilot programs in India and China. Due to its high penetration in Italy and the UK Europe held a notable share of the UBI market worldwide.

Key Players & Strategies

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

Other operators include as their key strategies for increasing their market share, players have taken partnership and expansion. The Progressive Corporation, for example, has entered into a partnership with Zubie. The established players are strongly competitive by local firms such as Admiral Group plc, Allstate Corporation and others, mainly within advanced markets. Privacy concerns have presented major challenges for manufacturers and increasing telematics installation costs. The report discusses the key development strategies adopted by the companies.

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TABLE OF CONTENT

CHAPTER 1. INDUSTRY OVERVIEW

1.1. Definition and Scope
1.1.1. Definition of Usage based Insurance
1.1.2. Market Segmentation
1.1.3. List of Abbreviations
1.2. Summary
1.2.1. Market Snapshot
1.2.2. Usage based Insurance Market By Policy Type
1.2.2.1. Global Usage based Insurance Market Revenue and Growth Rate Comparison By Policy Type (2015-2026)
1.2.2.2. Global Usage based Insurance Market Revenue Share By Policy Type in 2017
1.2.2.3. MHYD
1.2.2.4. PAYD
1.2.2.5. PHYD
1.2.3. Usage based Insurance Market By Device Type
1.2.3.1. Global Usage based Insurance Market Revenue and Growth Rate Comparison By Device Type (2015-2026)
1.2.3.2. Global Usage based Insurance Market Revenue Share By Device Type in 2017
1.2.3.3. OBD Dongle
1.2.3.4. Black Box
1.2.3.5. Smartphone
1.2.3.6. Others
1.2.4. Usage based Insurance Market By Vehicle Type
1.2.4.1. Global Usage based Insurance Market Revenue and Growth Rate Comparison By Vehicle Type (2015-2026)
1.2.4.2. Global Usage based Insurance Market Revenue Share By Vehicle Type in 2017
1.2.4.3. Commercial
1.2.4.4. Passenger
1.2.5. Usage based Insurance Market by Geography
1.2.5.1. Global Usage based Insurance Market Revenue and Growth Rate Comparison by Geography (2015-2026)
1.2.5.2. North America Usage based Insurance Market Revenue and Growth Rate (2015-2026)
1.2.5.3. Europe Usage based Insurance Market Revenue and Growth Rate (2015-2026)
1.2.5.4. Asia-Pacific Usage based Insurance Market Revenue and Growth Rate (2015-2026)
1.2.5.5. Latin America Usage based Insurance Market Revenue and Growth Rate (2015-2026)
1.2.5.6. Middle East and Africa (MEA) Usage based Insurance Market Revenue and Growth Rate (2015-2026)

CHAPTER 2. MARKET DYNAMICS AND COMPETITION ANALYSIS

2.1. Market Drivers
2.2. Restraints and Challenges
2.3. Growth Opportunities
2.4. Porter's Five Forces Analysis
2.4.1. Bargaining Power of Suppliers
2.4.2. Bargaining Power of Buyers
2.4.3. Threat of Substitute
2.4.4. Threat of New Entrants
2.4.5. Degree of Competition
2.5. Value Chain Analysis
2.6. Cost Structure Analysis
2.6.1. Raw Material and Suppliers
2.6.2. Manufacturing Process Analysis
2.7. Regulatory Compliance
2.8. Competitive Landscape, 2017
2.8.1. Player Positioning Analysis
2.8.2. Key Strategies Adopted By Leading Players

CHAPTER 3. MANUFACTURING PLANTS ANALYSIS

3.1. Capacity and Commercial Production Date of Global Usage based Insurance Major Manufacturers in 2017
3.2. Manufacturing Plants Distribution of Global Usage based Insurance Major Manufacturers in 2017
3.3. R&D Status and Technology Source of Global Usage based Insurance Major Manufacturers in 2017
3.4. Raw Materials Sources Analysis of Global Usage based Insurance Major Manufacturers in 2017

CHAPTER 4. USAGE BASED INSURANCE MARKET BY POLICY TYPE

4.1. Global Usage based Insurance Revenue By Policy Type
4.2. MHYD
4.2.1. Market Revenue and Growth Rate, 2015 - 2026 ($Million)
4.2.2. Market Revenue and Forecast, By Region, 2015 - 2026 ($Million)
4.3. PAYD
4.3.1. Market Revenue and Growth Rate, 2015 - 2026 ($Million)
4.3.2. Market Revenue and Forecast, By Region, 2015 - 2026 ($Million)
4.4. PHYD
4.4.1. Market Revenue and Growth Rate, 2015 - 2026 ($Million)
4.4.2. Market Revenue and Forecast, By Region, 2015 - 2026 ($Million)

CHAPTER 5. USAGE BASED INSURANCE MARKET BY DEVICE TYPE

5.1. Global Usage based Insurance Revenue By Device Type
5.2. OBD Dongle
5.2.1. Market Revenue and Growth Rate, 2015 - 2026 ($Million)
5.2.2. Market Revenue and Forecast, By Region, 2015 - 2026 ($Million)
5.3. Black Box
5.3.1. Market Revenue and Growth Rate, 2015 - 2026 ($Million)
5.3.2. Market Revenue and Forecast, By Region, 2015 - 2026 ($Million)
5.4. Smartphone
5.4.1. Market Revenue and Growth Rate, 2015 - 2026 ($Million)
5.4.2. Market Revenue and Forecast, By Region, 2015 - 2026 ($Million)
5.5. Others
5.5.1. Market Revenue and Growth Rate, 2015 - 2026 ($Million)
5.5.2. Market Revenue and Forecast, By Region, 2015 - 2026 ($Million)

CHAPTER 6. USAGE BASED INSURANCE MARKET BY VEHICLE TYPE

6.1. Global Usage based Insurance Revenue By Vehicle Type
6.2. Commercial
6.2.1. Market Revenue and Growth Rate, 2015 - 2026 ($Million)
6.2.2. Market Revenue and Forecast, By Region, 2015 - 2026 ($Million)
6.3. Passenger
6.3.1. Market Revenue and Growth Rate, 2015 - 2026 ($Million)
6.3.2. Market Revenue and Forecast, By Region, 2015 - 2026 ($Million)

CHAPTER 7. NORTH AMERICA USAGE BASED INSURANCE MARKET BY COUNTRY

7.1. North America Usage based Insurance Market Revenue and Growth Rate, 2015 - 2026 ($Million)
7.2. North America Usage based Insurance Market Revenue Share Comparison, 2015 & 2026 (%)
7.3. U.S.
7.3.1. U.S. Usage based Insurance Market Revenue and Forecast By Policy Type, 2015 - 2026 ($Million)
7.3.2. Market Revenue and Forecast By Device Type, 2015 - 2026 ($Million)
7.3.3. Market Revenue and Forecast By Vehicle Type, 2015 - 2026 ($Million)
7.4. Canada
7.4.1. Market Revenue and Forecast By Policy Type, 2015 - 2026 ($Million)
7.4.2. Market Revenue and Forecast By Device Type, 2015 - 2026 ($Million)
7.4.3. Market Revenue and Forecast By Vehicle Type, 2015 - 2026 ($Million)
7.5. Mexico
7.5.1. Market Revenue and Forecast By Policy Type, 2015 - 2026 ($Million)
7.5.2. Market Revenue and Forecast By Device Type, 2015 - 2026 ($Million)
7.5.3. Market Revenue and Forecast By Vehicle Type, 2015 - 2026 ($Million)

CHAPTER 8. EUROPE USAGE BASED INSURANCE MARKET BY COUNTRY

8.1. Europe Usage based Insurance Market Revenue and Growth Rate, 2015 - 2026 ($Million)
8.2. Europe Usage based Insurance Market Revenue Share Comparison, 2015 & 2026 (%)
8.3. UK
8.3.1. Market Revenue and Forecast By Policy Type, 2015 - 2026 ($Million)
8.3.2. Market Revenue and Forecast By Device Type, 2015 - 2026 ($Million)
8.3.3. Market Revenue and Forecast By Vehicle Type, 2015 - 2026 ($Million)
8.4. Germany
8.4.1. Market Revenue and Forecast By Policy Type, 2015 - 2026 ($Million)
8.4.2. Market Revenue and Forecast By Device Type, 2015 - 2026 ($Million)
8.4.3. Market Revenue and Forecast By Vehicle Type, 2015 - 2026 ($Million)
8.5. France
8.5.1. Market Revenue and Forecast By Policy Type, 2015 - 2026 ($Million)
8.5.2. Market Revenue and Forecast By Device Type, 2015 - 2026 ($Million)
8.5.3. Market Revenue and Forecast By Vehicle Type, 2015 - 2026 ($Million)
8.6. Spain
8.6.1. Market Revenue and Forecast By Policy Type, 2015 - 2026 ($Million)
8.6.2. Market Revenue and Forecast By Device Type, 2015 - 2026 ($Million)
8.6.3. Market Revenue and Forecast By Vehicle Type, 2015 - 2026 ($Million)
8.7. Rest of Europe
8.7.1. Market Revenue and Forecast By Policy Type, 2015 - 2026 ($Million)
8.7.2. Market Revenue and Forecast By Device Type, 2015 - 2026 ($Million)
8.7.3. Market Revenue and Forecast By Vehicle Type, 2015 - 2026 ($Million)

CHAPTER 9. ASIA-PACIFIC USAGE BASED INSURANCE MARKET BY COUNTRY

9.1. Asia-Pacific Usage based Insurance Market Revenue and Growth Rate, 2015 - 2026 ($Million)
9.2. Asia-Pacific Usage based Insurance Market Revenue Share Comparison, 2015 & 2026 (%)
9.3. China
9.3.1. Market Revenue and Forecast By Policy Type, 2015 - 2026 ($Million)
9.3.2. Market Revenue and Forecast By Device Type, 2015 - 2026 ($Million)
9.3.3. Market Revenue and Forecast By Vehicle Type, 2015 - 2026 ($Million)
9.4. Japan
9.4.1. Market Revenue and Forecast By Policy Type, 2015 - 2026 ($Million)
9.4.2. Market Revenue and Forecast By Device Type, 2015 - 2026 ($Million)
9.4.3. Market Revenue and Forecast By Vehicle Type, 2015 - 2026 ($Million)
9.5. India
9.5.1. Market Revenue and Forecast By Policy Type, 2015 - 2026 ($Million)
9.5.2. Market Revenue and Forecast By Device Type, 2015 - 2026 ($Million)
9.5.3. Market Revenue and Forecast By Vehicle Type, 2015 - 2026 ($Million)
9.6. Australia
9.6.1. Market Revenue and Forecast By Policy Type, 2015 - 2026 ($Million)
9.6.2. Market Revenue and Forecast By Device Type, 2015 - 2026 ($Million)
9.6.3. Market Revenue and Forecast By Vehicle Type, 2015 - 2026 ($Million)
9.7. South Korea
9.7.1. Market Revenue and Forecast By Policy Type, 2015 - 2026 ($Million)
9.7.2. Market Revenue and Forecast By Device Type, 2015 - 2026 ($Million)
9.7.3. Market Revenue and Forecast By Vehicle Type, 2015 - 2026 ($Million)
9.8. Rest of Asia-Pacific
9.8.1. Market Revenue and Forecast By Policy Type, 2015 - 2026 ($Million)
9.8.2. Market Revenue and Forecast By Device Type, 2015 - 2026 ($Million)
9.8.3. Market Revenue and Forecast By Vehicle Type, 2015 - 2026 ($Million)

CHAPTER 10. LATIN AMERICA USAGE BASED INSURANCE MARKET BY COUNTRY

10.1. Latin America Usage based Insurance Market Revenue and Growth Rate, 2015 - 2026 ($Million)
10.2. Latin America Usage based Insurance Market Revenue Share Comparison, 2015 & 2026 (%)
10.3. Brazil
10.3.1. Market Revenue and Forecast By Policy Type, 2015 - 2026 ($Million)
10.3.2. Market Revenue and Forecast By Device Type, 2015 - 2026 ($Million)
10.3.3. Market Revenue and Forecast By Vehicle Type, 2015 - 2026 ($Million)
10.4. Argentina
10.4.1. Market Revenue and Forecast By Policy Type, 2015 - 2026 ($Million)
10.4.2. Market Revenue and Forecast By Device Type, 2015 - 2026 ($Million)
10.4.3. Market Revenue and Forecast By Vehicle Type, 2015 - 2026 ($Million)
10.5. Rest of Latin America
10.5.1. Market Revenue and Forecast By Policy Type, 2015 - 2026 ($Million)
10.5.2. Market Revenue and Forecast By Device Type, 2015 - 2026 ($Million)
10.5.3. Market Revenue and Forecast By Vehicle Type, 2015 - 2026 ($Million)

CHAPTER 11. MIDDLE EAST USAGE BASED INSURANCE MARKET BY COUNTRY

11.1. Middle East Usage based Insurance Market Revenue and Growth Rate, 2015 - 2026 ($Million)
11.2. Middle East Usage based Insurance Market Revenue Share Comparison, 2015 & 2026 (%)
11.3. Saudi Arabia
11.3.1. Market Revenue and Forecast By Policy Type, 2015 - 2026 ($Million)
11.3.2. Market Revenue and Forecast By Device Type, 2015 - 2026 ($Million)
11.3.3. Market Revenue and Forecast By Vehicle Type, 2015 - 2026 ($Million)
11.4. UAE
11.4.1. Market Revenue and Forecast By Policy Type, 2015 - 2026 ($Million)
11.4.2. Market Revenue and Forecast By Device Type, 2015 - 2026 ($Million)
11.4.3. Market Revenue and Forecast By Vehicle Type, 2015 - 2026 ($Million)
11.5. Rest of Middle East
11.5.1. Market Revenue and Forecast By Policy Type, 2015 - 2026 ($Million)
11.5.2. Market Revenue and Forecast By Device Type, 2015 - 2026 ($Million)
11.5.3. Market Revenue and Forecast By Vehicle Type, 2015 - 2026 ($Million)

CHAPTER 12. AFRICA USAGE BASED INSURANCE MARKET BY COUNTRY

12.1. Africa Usage based Insurance Market Revenue and Growth Rate, 2015 - 2026 ($Million)
12.2. Africa Usage based Insurance Market Revenue Share Comparison, 2015 & 2026 (%)
12.3. South Africa
12.3.1. Market Revenue and Forecast By Policy Type, 2015 - 2026 ($Million)
12.3.2. Market Revenue and Forecast By Device Type, 2015 - 2026 ($Million)
12.3.3. Market Revenue and Forecast By Vehicle Type, 2015 - 2026 ($Million)
12.4. Egypt
12.4.1. Market Revenue and Forecast By Policy Type, 2015 - 2026 ($Million)
12.4.2. Market Revenue and Forecast By Device Type, 2015 - 2026 ($Million)
12.4.3. Market Revenue and Forecast By Vehicle Type, 2015 - 2026 ($Million)
12.5. Rest of Africa
12.5.1. Market Revenue and Forecast By Policy Type, 2015 - 2026 ($Million)
12.5.2. Market Revenue and Forecast By Device Type, 2015 - 2026 ($Million)
12.5.3. Market Revenue and Forecast By Vehicle Type, 2015 - 2026 ($Million)

CHAPTER 13. COMPANY PROFILE

13.1. Progressive
13.1.1. Company Snapshot
13.1.2. Overview
13.1.3. Financial Overview
13.1.4. Product Portfolio
13.1.5. Key Developments
13.1.6. Strategies
13.2. AllState Insurance Company
13.2.1. Company Snapshot
13.2.2. Overview
13.2.3. Financial Overview
13.2.4. Product Portfolio
13.2.5. Key Developments
13.2.6. Strategies
13.3. AXA
13.3.1. Company Snapshot
13.3.2. Overview
13.3.3. Financial Overview
13.3.4. Product Portfolio
13.3.5. Key Developments
13.3.6. Strategies
13.4. AA
13.4.1. Company Snapshot
13.4.2. Overview
13.4.3. Financial Overview
13.4.4. Product Portfolio
13.4.5. Key Developments
13.4.6. Strategies
13.5. Allianz
13.5.1. Company Snapshot
13.5.2. Overview
13.5.3. Financial Overview
13.5.4. Product Portfolio
13.5.5. Key Developments
13.5.6. Strategies
13.6. Uniqa
13.6.1. Company Snapshot
13.6.2. Overview
13.6.3. Financial Overview
13.6.4. Product Portfolio
13.6.5. Key Developments
13.6.6. Strategies
13.7. Generali
13.7.1. Company Snapshot
13.7.2. Overview
13.7.3. Financial Overview
13.7.4. Product Portfolio
13.7.5. Key Developments
13.7.6. Strategies
13.8. MAIF
13.8.1. Company Snapshot
13.8.2. Overview
13.8.3. Financial Overview
13.8.4. Product Portfolio
13.8.5. Key Developments
13.8.6. Strategies
13.9. Groupama
13.9.1. Company Snapshot
13.9.2. Overview
13.9.3. Financial Overview
13.9.4. Product Portfolio
13.9.5. Key Developments
13.9.6. Strategies
13.10. Aviva
13.10.1. Company Snapshot
13.10.2. Overview
13.10.3. Financial Overview
13.10.4. Product Portfolio
13.10.5. Key Developments
13.10.6. Strategies
13.11. Uniposai
13.11.1. Company Snapshot
13.11.2. Overview
13.11.3. Financial Overview
13.11.4. Product Portfolio
13.11.5. Key Developments
13.11.6. Strategies
13.12. Insure the Box
13.12.1. Company Snapshot
13.12.2. Overview
13.12.3. Financial Overview
13.12.4. Product Portfolio
13.12.5. Key Developments
13.12.6. Strategies
13.13. State Farm
13.13.1. Company Snapshot
13.13.2. Overview
13.13.3. Financial Overview
13.13.4. Product Portfolio
13.13.5. Key Developments
13.13.6. Strategies
13.14. Liberty Mutual
13.14.1. Company Snapshot
13.14.2. Overview
13.14.3. Financial Overview
13.14.4. Product Portfolio
13.14.5. Key Developments
13.14.6. Strategies
13.15. Others
13.15.1. Company Snapshot
13.15.2. Overview
13.15.3. Financial Overview
13.15.4. Product Portfolio
13.15.5. Key Developments
13.15.6. Strategies

CHAPTER 14. RESEARCH APPROACH

14.1. Research Methodology
14.1.1. Initial Data Search
14.1.2. Secondary Research
14.1.3. Primary Research
14.2. Assumptions and Scope

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