Usage Based Insurance Market to Rise at a CAGR of 12.54% during Forecast Period 2022-2031, observes TMR Study – PR Newswire UK

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20 Sep, 2022, 12:30 BST
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WILMINGTON, Del., Sept. 20, 2022 /PRNewswire/ — In 2021, the global usage-based insurance market was worth US$ 23.67 Bn. The market is projected to progress at 12.54% CAGR during forecast period, from 2022 to 2031.The global usage-based insurance market is anticipated to touch value of US$ 77.14 Bn by 2031. The global market for user-based insurance is primarily being driven by the increase in usage of connected and electric/hybrid automobiles. The need for usage-based motor insurance is also increasing as usage based insurance companies place more emphasis on creating products that are extremely precise, comply with legal standards, and adhere to regulatory guidelines to assure safety and lessen the possibility of any wrongdoing.
Additionally, the younger population’s growing demand in SUVs is likely to drive up demand for usage-based vehicle insurance. In order to provide their clients with a product offering that is highly advanced, affordable, and also diverse, major players are concentrating on upgrading automotive insurance policies like Manage How You Drive (MHYD), Pay As You Drive (PAYD), and Pay How You Drive (PHYD). Additionally, in order to expand their revenue streams, companies are leveraging new prospects and providing high-quality services, which is expected to expand car insurance market size.
Given the growing popularity of Mobility as a Service and the growing collaborations between insurance providers and telematics in the region, North America accounted for over 50% of the global usage-based insurance market, based on region in 2021. The existence of leading UBI companies is also projected to be a driving force in the North American usage-based insurance industry.
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