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

  • Creative finance enables parking progress in LA
    March 15, 2016
    David Crawford investigates an innovative public/private partnership. Los Angeles entered the second decade of the 21st century facing major challenges to its parking operations. With a population of 3.8 million, and its car-oriented culture still predominant, the city's parking meters were technically outdated - with most only accepting coins and many regularly out of service - resulting in a substantial loss of revenue. This coincided with a number of Californian cities looking to parking income to boost
    Read More
  • Global ANPR detection equipment market to reach nearly US$1 billion in 2020
    February 6, 2017
    The latest report from IHS Markit aims to identify current market trends and key opportunities across various product types, end-user verticals and geographic regions that comprise the market for automated number plate recognition (ANPR) and detection sensors. The report, ANPR and Detection Sensors Report – 2017, provides an updated analysis on the competitive environment, along with detailed revenue, unit shipment, and average selling price analyses for three ANPR product types and five detection senso
    Read More
  • ITS Australia Global Summit 2023: super-sized
    December 2, 2022
    Four-day Global Summit will be held on 28-31 August, 2023 in Melbourne: accelerating smarter, safer, sustainable transport is focus of next year's expanded event for whole ITS community
    Read More
  • IBTTA’s roll-call of excellence
    September 2, 2022
    Winners of the IBTTA’s Toll Excellence Awards will be presented with their trophies during the 90th Annual Meeting & Exhibition in Austin, Texas
    Read More

Highlighted Content