Usage-Based Insurance Market is Flourishing Worldwide | key players includes Allianz SE, AXA S.A., Insure The Box Ltd., Progressive Corporation, Allstate Corporation, Desjardins Insurance, Generali group, Mapfre, Metromile and Aviva plc

Usage-Based Insurance Market is expected to garner $123 billion by 2022, registering a CAGR of 36.4% during the forecast period 2016-2022. Factors driving the usage-based insurance market include flexible insurance premium, lower accident & vehicle theft possibilities, accurate & timely data collection, and lower fuel consumption.

Key market players have implemented various strategies such as partnership, acquisition, and expansion to gain competitive advantage and a stronger base in the market. For instance, prominent players such as Progressive Corporation, Desjardins Group, and Allianz SE have made multiple partnerships and acquisitions to increase their market presence. Other strategies include product differentiation to attract new customers.

The companies profiled in the report are Allianz SE, AXA S.A., Insure The Box Ltd., Progressive Corporation, Allstate Corporation, Desjardins Insurance, Generali group, Mapfre S.A., Metromile, and Aviva plc. Other players in the value chain include Admiral Group Plc., Ageas S.A. /NV, AI Insurance Holdings Pty Ltd., Aioi Nissay Dowa Insurance (ADI), Allstate Corporation, and Box Innovation Group Ltd. (Not profiled in the report).

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Further the global usage-based insurance market is segmented based on type, technology, and geography. The segmentation by type includes pay-as-you-drive (PAYD), pay-how-you-drive (PHYD), and manage-how-you-drive (MHYD). On the basis of technology, the market is divided into OBD-II, smartphone, hybrid, and black-box.

Manage-how-you-drive (MHYD) segment is anticipated to grow at the fastest rate during the forecast period, as it provides higher level of flexibility and freedom to the customers. In terms of technology, Black Box dominates the market, accounting for over 60% of the total market revenue. From a growth perspective, smartphone technology is projected to exhibit the highest CAGR over the forecast period.

Geographically, the market is classified into North America (U.S. and Rest of North America), Europe (Italy, UK, Germany, France and Rest of Europe) Asia-Pacific (Japan, Australia and Rest of Asia-Pacific), and LAMEA (Africa and Rest of LAMEA). Presently, Europe is the highest Usage-based insurance market, compared to other geographies.

European countries such as Italy, have high adoption of Usage-based insurance trend. In 2015, Italy usage-based insurance market accounted for one-third of the global usage-based insurance market revenue. The industry in the country is expected to grow at a CAGR of 33.6% during 2016-2022.

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Table of Contents

Chapter 1: Introduction

Chapter 2: Executive Summary

Chapter 3: Market Overview

Chapter 4: Global Usage-Based Insurance Market By Type

Chapter 5: Global Usage-Based Insurance Market, By Technology

Chapter 7: Usage-Based Insurance Market, By Geography

Chapter 8: Company Profiles

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This release was published on openPR.