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

  • New thinking needed on the transportation front
    December 10, 2014
    Having spent his working life in transportation, Larry Yermack gives his views on today’s technology challenges. I remember it vividly; it was the late 80s, soon after I started as CFO of the Triborough Bridge and Tunnel Authority and I was standing mid-span on the deck of the Verrazano Narrows Bridge on a Friday afternoon.
    Read More
  • VTTI sees future of truck ADS
    December 7, 2021
    Although automated driving systems (ADS) for trucks promise increased safety, productivity, and efficiency, it is not clear how they should be integrated into fleet operations with conventional vehicles. Erin Mabry and Martin Walker, of VTTI, provide answers
    Read More
  • Is fare-free transit taking us for a ride?
    August 11, 2022
    More cities around the world are trialling fare-free public transit schemes. Do they work and are they sustainable? Andrew Stone puts absolutely no money on his travelcard and jumps on board
    Read More
  • Aimsun assesses Spain V2X impact
    June 21, 2022
    An Aimsun project with C-Roads Spain to assess the impact of Day 1 V2X services has been completed: Aimsun senior transportation modeller Laura Torres explains some of the results
    Read More

Highlighted Content