The global usage-based insurance market size was valued at $28.7 billion in 2019, and is projected to reach $149.2 billion by 2027, growing at a CAGR of 24.5% from 2020 to 2027. Usage-based insurance is a type of insurance policy where the premium of the policy is directly linked with the usage of the vehicle. This type of insurance is mainly available in developed countries owing to which majority of the key players of the market are expanding their business in developing countries of Asia-Pacific and LAMEA. Furthermore, insurers utilize UBI plans to align driving behavior of individuals with the premium charged by them. The telematics device—a system installed in the vehicles—monitors the speed, time, and distance covered by the vehicle, which is later transmitted to the insurance company, charging insurance premiums accordingly.
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A full report of Usage-based Insurance Market available at: https://www.orionmarketreports.com/usage-based-insurance-market-global-industry-analysis-size-share-growth-trends-and-forecast-2021-2027-market/37695/
Market Segmentation
By Package
• PHYD
• PAYD
• Device-based
• Telematics-based
By Technology
• OBD-II
• Smartphone
• Black Box
• Embedded Telematics
By Vehicle Type
• Passenger Vehicle
o OBD-II
o Smartphone
o Black Box
o Embedded Telematics
• Commercial Vehicle
o OBD-II
o Smartphone
o Black Box
o Embedded Telematics
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(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
