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

  • Sampo Hietanen’s mobility mission
    June 17, 2016
    For a decade Sampo Hietanen harboured a vision of an alternative form of mobility, now as CEO of MaaS Finland he is putting theory into practice. Sampo Hietanen has become the embodiment of Mobility as a Service (MaaS) – a concept he created 10 years ago while working for Finnish civil engineering giant Destia. “I had been working with the mobile sector on traffic information and started thinking what will happen when this becomes bigger,” he says.
    Read More
  • Evolving technology - debating the future of the ITS industry
    January 25, 2012
    Harry Voccola talks to ITS International about where he sees the intelligent transportation industry heading
    Read More
  • Stop thinking and act on cooperative infrastructures
    February 2, 2012
    OmniAir's Tim McGuckin looks at why metropolitan transportation networks might be the key to securing the long-term funding of cooperative infrastructure
    Read More
  • Parking management market worth US$5 billion by 2021, say researchers
    October 10, 2016
    According to a new market research report by MarketsandMarkets, the parking management market is estimated to grow from US$3.03 billion in 2016 to US$5.00 billion by 2021, at a compound annual growth rate (CAGR) of 10.6 per cent. According to the report, Parking Management Market by Software and Professional Services, by Solution (Access Control, Security & Surveillance, Fee & Revenue Management, Enforcement & Permit Management) - Global Forecast to 2021, the major forces driving the parking management m
    Read More

Highlighted Content