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

  • Hard shoulder running aids uniform traffic flow and safer driving
    January 23, 2012
    David Crawford detects a market for European experience. Well-established now in at least three European countries, Hard Shoulder Running (HSR) on motorways is exciting growing interest in the US. A November 2010 Report to Congress by the Federal Highway Administration (FHWA), on the Efficient Use of Highway Capacity, notes the role of HSR in the European-style Active Traffic Management (ATM) strategies now being recommended for implementation in the US where, until recently, they were virtually unknown.
    Read More
  • Bosch ESP milestone
    April 2, 2012
    Bosch has announced it has manufactured 75 million ESP systems since series production began in 1995 – and in the process made a vital contribution to greater road safety. Especially on slippery roads and when entering a bend too quickly, the electronic stability programme keeps vehicles safely on track. In this way, it prevents skidding accidents, which can often be particularly severe. Summarising the findings of many studies of its effectiveness, Gerhard Steiger, the president of the Bosch Chassis System
    Read More
  • Survey outlines predictions for public transport by 2025
    January 22, 2016
    A new survey from Xerox underscores the desire for self-driving cars and smart digital services like integrated apps and cashless payment by Europe’s Generation Z (those aged 18-24 years old). The study was conducted by TNS on behalf of Xerox between 5 and 26 October 2015 among 1,200 respondents in 12 cities across the UK, France, Germany, Belgium and the Netherlands. It revealed that by 2025, a third (32 per cent) of 18-24 year olds expect to be using self-driving cars, four in ten (41 per cent) say they w
    Read More
  • US favours express buses are for intercity travel
    November 26, 2013
    David Crawford records an upsurge in ground travel. Express buses are powering ahead of air and rail as the US’ most-favoured form of intercity travel and major operators are investing in passenger-attracting and retaining technologies. At the same time ‘kayak’-style price comparison websites are emerging to widen rider choice. Modelled on airline industry search engines that find cheap flight deals by comparing carriers’ offers, these new websites aim to fill the same gap for a ground-travel equivalent
    Read More

Highlighted Content