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

Related Content

  • December 20, 2017
    MaaS Market Conferences on both sides of the Atlantic in 2018
    Momentum shift in prospect as authorities accelerate plans to rethink transport provision. TS International’s second, two-day international MaaS Market conference takes place on 20 and 21 February 2018. The Mobility as a Service (MaaS) event is ideal for all organisations exploring new ways of getting people to their destination and new methods for them to pay for transport services.
    Read More
  • June 27, 2023
    Georgia Yexley: Here's how micromobility can deliver public good
    Georgia Yexley, founder of Loud Mobility, looks at the lessons on diversity, equity and inclusion which can be learned from the US and wider – and explores why it is a vital component for industry growth in the UK
    Read More
  • May 18, 2012
    Johnson Controls says US consumers are interested in start-stop systems
    New consumer research conducted by Johnson Controls claims that 97 per cent of Americans are ready for new start-stop technology that improves the fuel economy of their vehicle. The research was conducted to gain understanding of how consumers view fuel-saving power train technologies based on attributes such as purchase price, fuel economy, annual fuel cost and performance. Focus groups across US major metropolitan areas, along with 1,200 survey respondents, provided feedback on efficient vehicle technolog
    Read More
  • May 11, 2017
    Pricing practise for HOT lane operation
    Timothy Compston weighs up the critical elements that keep the wheels of dynamic pricing schemes turning in today's high-occupancy toll (HOT) lanes. In the drive towards smarter tolling it is perhaps not surprising that sophisticated pricing algorithms are being rolled out to better reflect supply and demand on the roadway. This is the case with high-occupancy toll (HOT) lanes which a growing number of DoTs are seeing as a way of smoothing the operation of their existing, and planned, freeway infrastructure
    Read More

Highlighted Content