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

  • Rethinking urban traffic congestion to put people first
    August 28, 2015
    Following the publication of the Texas A&M Transportation Institute/Inrix report on urban traffic congestion in the US, Robert Puentes, senior fellow with the Brookings Institution’s Metropolitan Policy Program , says that while the focus and themes of the report are largely the same as previous years, big changes are underway in how we study, think about, and address metropolitan traffic congestion. This new, modern approach calls into question whether the endless pursuit of congestion relief makes sense a
    Read More
  • Counting the environmental costs of ITS deployment
    October 29, 2015
    David Crawford looks at the latest thinking about calculating the benefits associated with the environmental side of ITS schemes. The penny is dropping that some environmental costs “are being shifted outside the traditional bounds of evaluation methods” for ITS-based road transport projects, according to researchers at the UK University of Leeds’ Institute for Transport Studies.
    Read More
  • EVs stir interest but face obstacles – IBM study
    May 18, 2012
    Many automobile industry executives believe that sales of traditional vehicles will peak before 2020 and are looking to electric-only vehicles (EVs) as one of the next hot products, but they will first have to address stringent consumer requirements about EV performance, recharging, and convenience, according to a new IBM survey of consumer attitudes and a recent study of auto industry executives.
    Read More
  • Outsourcing security weakness for Sweden’s driver and vehicle data
    October 24, 2017
    The security of driver and vehicle data hit the headlines this summer in Sweden and its authorities are still dealing with the fallout. David Crawford reports. epercussions from Sweden’s vehicle data outsourcing scandal continue to reverberate. Transportstyrelsen, the government’s transport agency, came under fire this summer for risking the personal security of over five million motorists by failing to implement full security checks on personnel in other countries to whom individual work packages could
    Read More

Highlighted Content