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

  • March 5, 2013
    ‘Explosion of interest in smart cities’ says report
    According to a new tracker report from Pike Research, a part of Navigant’s Energy Practice, the past twelve months have seen an explosion of interest in the smart city concept. Cities around the world have announced new smart city strategies and innovative projects, and many existing programs have been rebranded as smart city initiatives. More than fifty per cent of smart city projects are focused on innovations in transportation and urban mobility. The tracker identifies and details 130 smart city proje
    Read More
  • June 4, 2018
    Whim launch in Birmingham: new day dawning
    MaaS Global’s Whim mobility service is expanding with its first launch outside Finland – and has chosen the UK’s second city as its base. Adam Hill reports from Birmingham
    Read More
  • December 22, 2015
    Road safety market worth US$3.63 billion by 2020
    According to a new market research report, Road Safety Market by Solution (Red Light Enforcement, Speed Enforcement, Incident Detection Systems, Bus Lane Compliance, Automatic License Plate Recognition), by Service, by Region - Global Forecast to 2020, published by MarketsandMarkets, the size of the road safety market is estimated to grow from US$2.35 billion in 2015 to US$3.63 billion by 2020, at a compound annual growth rate (CAGR) of 9.1 per cent. With an increase in the number of road fatality rate, the
    Read More
  • April 7, 2017
    Ertico weaves tunnel visions into the ‘big picture’
    As he takes the wheel at Ertico - ITS Europe, Jacob Bangsgaard talks to ITS International about the challenges and opportunities facing the organisation and the ITS industry. Ertico - ITS Europe’s new CEO, Jacob Bangsgaard, is no stranger to the organisation having spent five years there before moving to the FIA (Federation Internationale de l’Automobile) in 2006. Four years later he became director general of the FIA’s Region I (EMEA), which represents more than 100 mobility clubs, and in 2012 he joined Er
    Read More

Highlighted Content