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

  • MaaS Market Conference examines transportation’s new options
    January 9, 2018
    Second MaaS Market conference highlights pilots and fledgling services from around the world. That a revolution in the provision of transport services is underway is no longer in doubt. The only uncertainties are the precise form that revolution will take; who will be the winners and losers; and how long it will be before it takes root. Driven by passionate advocates of Mobility as a Service or – MaaS – a wide range of projects and different approaches are being developed worldwide. It is that move from
    Read More
  • Zuora: MaaS comes to the masses
    April 28, 2020
    The shift from ownership to usership in the subscription economy provides opportunities for the whole of the mobility sector for the next decade and beyond, says John Phillips of Zuora
    Read More
  • IBTTA: tolling embraces future of mobility
    August 15, 2019
    The future of mobility is a complex and changing topic. The IBTTA’s Bill Cramer finds the tolling industry is asking new questions – and finding some surprising new answers
    Read More
  • Transition to Shared Mobility: How cities can deliver inclusive transport services
    June 2, 2017
    A new study released by the International Transport Forum (ITF) examines how cities can manage the challenges of geographical scale and transition to shared mobility services.
    Read More

Highlighted Content