Study says usage-based insurance worth US$4.8 billion globally

The latest usage-based insurance global study from Ptolemus Consulting Group indicates that, since the release of the first study in 2012, the market share of usage-based insurance (UBI) policies has doubled. Ptolemus evaluates that five million vehicles are today covered by pay-as-you-drive (PAYD) or pay-how-you-drive (PHYD) policies. This is only six per cent of the global motor insurance market, yet represents US$4.8 billion in premiums. The study analyses the drivers behind the sector’s rapid growth
October 18, 2013 Read time: 2 mins
The latest usage-based insurance global study from Ptolemus Consulting Group indicates that, since the release of the first study in 2012, the market share of usage-based insurance (UBI) policies has doubled.  Ptolemus evaluates that five million vehicles are today covered by pay-as-you-drive (PAYD) or pay-how-you-drive (PHYD) policies. This is only six per cent of the global motor insurance market, yet represents US$4.8 billion in premiums.

The study analyses the drivers behind the sector’s rapid growth and the challenges ahead, together with a complete set of best practices to successfully launch new UBI services.

It provides an overview of the global UBI market today with four case studies and market size, together with an analysis of the insurance sector worldwide and the impact of UBI, with a synthetic analysis of the US filing process. The study also identifies the most successful UBI models and looks at which markets are most receptive to UBI, and how to increase customer acceptance where it has been implemented.

The September/October issue of 1846 ITS International magazine has a feature article on user based insurance.
Location Based Systems

For more information on companies in this article

Related Content

  • Alternative fuel buses gaining significant traction
    April 25, 2012
    According to a recent report from Pike Research, the trend toward cleaner transit buses will continue over the next several years, and by 2015 the cleantech market intelligence firm forecasts that alternative fuel vehicles will represent more than 50 per cent of the 64,000 total transit buses that will be delivered worldwide during that year, up from 28 per cent of total bus deliveries in 2010.
    Read More
  • Mega trends will challenge transport technology
    June 5, 2015
    Jon Masters investigates some of the longer term trends that will shape transportation over the next 20 years. Business analysts and investors have already placed their bets on a future of technological smart mobility services. In December last year, the Wall Street Journal reported that Uber, the on-demand taxi and lift share smartphone app and start-up business, had been valued at $41.2 billion which, as the Journal reported, is an incredible vote of confidence for a company only five years old.
    Read More
  • ULEZ: is it the best way to tackle air quality?
    August 31, 2023
    Issues of equity and economics need to considered in London's ultra-clean air zone expansion
    Read More
  • Adopting universal technology platforms for tolling
    July 16, 2012
    Dave Marples of Technolution argues that the continuing development of tolling-specific onboard equipment is leading us up a blind alley. We should, he says, be looking to realise universal platforms with universal application. The near-future automobile contains information systems of a sophistication to rival a jet airliner of only a few years ago, yet is 'piloted' by a considerably less well-trained individual of highly variable mental and physical capacity, and operated in a hostile, unpredictable and p
    Read More

Highlighted Content