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

  • Cambridge Mobile Telematics expands in Europe
    March 8, 2023
    US firm predicts significant growth in European countries for telematics policies
    Read More
  • Congestion costs US trucking industry US$9.2 billion in 2013
    May 1, 2014
    Congestion on US Interstate highways added over US $9.2 billion in operational costs to the trucking industry in 2013, according to research released by the American Transportation Research Institute (ATRI). ATRI, the trucking industry’s not-for-profit research institute, utilised motor carrier financial data along with billions of anonymous truck GPS data points to calculate congestion delays and costs on each mile of Interstate roadway. Delay totalled over 141 million hours of lost productivity, which equ
    Read More
  • Dynamic lane closures cuts time, cost and congestion on Motorway roadworks
    March 17, 2014
    A combination of technologies is leading to major congestion and cost reductions during roadworks on the UK’s motorway network. Innovative construction programme scheduling technology and the deployment of moveable barriers has achieved substantial savings of money and time on UK motorway roadworks managed by the Highways Agency (HA). This combination has set the scene for a new generation of road usage analysis tools. The HA’s objective was to reduce the congestion caused by lane closures during roa
    Read More
  • ANPR market predicted to expand at 13.5 per cent CAGR
    August 17, 2015
    A new Transparency Market Research report indicates that the global automatic number plate recognition (ANPR) market is estimated at US$415.5 million in 2013, and is expanding at a CAGR of 13.5 per cent between 2014 and 2020 and is predicted to reach US$1,023.2 million by 2020. The report, Automatic Number Plate Recognition (ANPR) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020, claims the major factor fuelling the demand for ANPR systems worldwide is the increasin
    Read More

Highlighted Content