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

  • EVs: Time for a rethink
    December 14, 2021
    Given a growing body of evidence that EVs are not the clean, green machines they are made out to be, Andrew Bunn suggests they can only be part of the puzzle – not the answer to environmental problems
    Read More
  • Level 4/5 autonomous driving will be possible in the next five years, says research
    May 9, 2017
    Growing consumer preference for convenience-enhancing technologies and automobiles-as-a-service options helped double the adoption of vehicles with automated driving features in 2016, says Frost & Sullivan’s mobility team. Going forward, large-scale investments from original equipment manufacturers (OEMs) will refine the use of artificial intelligence (AI) and cognitive cloud-based technology solutions even further, enabling level 4/5 autonomous driving within the next five years. Retrofitted automated driv
    Read More
  • Surge in crime rate and terrorist activities in Europe ‘driving use of policing technologies’
    August 19, 2016
    The Europe policing technologies market is expected to register a 6.0 per cent CAGR from 2016 to 2024, with the revenue set to increase from US$1.4 billion in 2015 to US$2.4 billion by the end of the forecast period, according to a new Transparency Market Research (TMR) report, Policing Technologies Market - Europe Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024. Accounting for a share of 36 per cent in 2015, detection and surveillance technologies emerged as the leading policing
    Read More
  • Q&A: Why has Almaviva bought Iteris?
    January 17, 2025
    US-based ITS sector veteran Iteris has been bought for $335m by Italian digital specialist Almaviva. But who exactly is the new owner and what does it want? Adam Hill finds out…
    Read More

Highlighted Content