LOS ANGELES, May 16, 2019 (GLOBE NEWSWIRE) -- The Global Usage-based Insurance Market is estimated to grow at CAGR above 29 % over the forecast time frame 2019-2026 and reach the market value around USD 190 billion by 2026.

Free Download Sample Report Pages for Better understanding@ https://www.acumenresearchandconsulting.com/request-sample/1369

Increasing use of insurance models such as PAYD and PHYD contributes to the growth in the use-basis insurance market. UBI determined the premium on the basis of driving behavior by insurance companies. In order to monitor motive patterns, telematics and other communication technologies will lead to an excellent growth of the market over the projected timeline. Factors, such as increasing popularity of managing solutions, increased penetration of smartphones and an increase in UBI usage by insurance companies in order to enhance profitability are attributed to the market growth. Use-based insurance enables insurers to assess risks on the basis of the profile of individual drivers, travel characteristics and the actual vehicle condition. This helps them to improve their risk assessment and to prevent fraudulent claims. Insurers use telematics insurance to increase their customer base by using driving information to improve policy pricing.

The use of telematic smartphones enables carmakers and insurers to collect driving data and record the hard braking and acceleration trip parameters. They use the driving data to design insurance policies based on usage and to determine the premium of the policyholder. The enormous adoption of intelligent telecoms is likely to drive the growth of the use-based market for insurance.

View Detail Information with Complete TOC@ https://www.acumenresearchandconsulting.com/usage-based-insurance-market

The adoption of UBI is boosting declining prices of connected devices and mobility technologies. There is an increase in demand for appropriate premium charges among consumers, because a safe and rash driver is equal to conventional insurance costs. The UBI model has variable charges based on the driver's safe driving behaviour, which is why this model is expected to grow quickly in demand. The motor insurance industry has suffered losses because of increased competition and claims costs. UBI insurance helps to assess risks better and keep profits running.

Segmentation Snapshots

The pay-as-you-drive segment (PAYD) has a dominant part in the global market in terms of policy type. PAYD is a simple, miles-driven UBI model that is widely accepted. It will be projected that the increasing use of telematics and advanced driving aid (PHYD) segment in the near future will increase. In order to measure the driver's risks more effectively, PHYD takes into account various parameters such as acceleration, driving time, ride route and sudden braking.

The black box segment has held a leading position in the global UBI market, based on the device type. However, in the near future the smartphone segment is expected to increase because it is a low-cost, non-investment solution.

On a regional basis, North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa segment the global user-based insurance market. Increase the use of telematics to support the work and consumer sensibilities of UBI are expected to lead the global UBI market in America and Europe.

Browse All official Market Research Reports Press Releases@ https://www.acumenresearchandconsulting.com/press-releases

Explore Our Market Blog@ https://www.acumenresearchandconsulting.com/blogs

Regional Stance

The world UBI market, followed by Europe, is leading in North America. The North American market is also expected to expand substantially because of increased consumer confidence and UBI adoption. The Asia Pacific market is still in its infancy with active pilot programs in India and China. Due to its high penetration in Italy and the UK Europe held a notable share of the UBI market worldwide.

Key Players & Strategies

Progressive, AllState Insurance Company, AXA, AA, Allianz, Uniqa, Generalli, MAIF, Groupama, Aviva, Uniposai, Insure the Box, State Farm and Liberty Mutual are key players in the global UBI market.

Other operators include as their key strategies for increasing their market share, players have taken partnership and expansion. The Progressive Corporation, for example, has entered into a partnership with Zubie. The established players are strongly competitive by local firms such as Admiral Group plc, Allstate Corporation and others, mainly within advanced markets. Privacy concerns have presented major challenges for manufacturers and increasing telematics installation costs. The report discusses the key development strategies adopted by the companies.

INQUIRY BEFORE BUYING@ https://www.acumenresearchandconsulting.com/inquiry-before-buying/1369

The report is readily available and can be dispatched immediately after payment confirmation.

Buy this premium research report - https://www.acumenresearchandconsulting.com/buy-now/0/1369

Would like to place an order or any question, please feel free to contact at sales@acumenresearchandconsulting.com | +1 407 915 4157

For Latest Update Follow Us:

https://twitter.com/AcumenRC

https://www.facebook.com/acumenresearchandconsulting

https://www.linkedin.com/company/acumen-research-and-consulting/

Browse More Press Releases: http://www.amecoresearch.com/press-releases