Usage-Based Insurance (UBI) is Gaining Prominence Within Auto Insurers In The Global Insurance Market

Posted October 11, 2018 by srikanthgtbrc

Asia Pacific was the largest region in the insurance market in 2017, accounting for around 34% market share. The USA was the largest country in the market in 2017, accounting for under 28% market share.


October 11, 2018 — The insurance industry comprises all establishments engaged in insurance and related activities such as underwriting (assuming the risk and assigning premiums) policies, brokerage and reinsurance. The insurance industry is categorized on the basis of the business model of the firms present in the industry. Some firms might come under multiple categories. Contributions and premiums are set on the basis of actuarial calculations of probable payouts based on risk factors from experience tables and expected investment returns on reserves.
The insurance market in this report is segmented into insurance providers, insurance brokers and agents and reinsurance providers.

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The global insurance market has been growing in the past years with a CAGR of almost 4%. TBRC’s latest report show the historic and future trends in the market for each year with sourced reasons to support the growth claims.
The report also shows the global insurance market to grow at a higher CAGR by 2021 as compared to 2017, along with geographies best suited for investments with highest return rate.

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UBI, which allows insurance providers to vary premiums depending on the behavior of consumers, is gaining traction amongst auto insurers. In particular it is used in vehicle insurance based on the vehicle usage and driving behavior of drivers. The popularity of UBI is driven by the increased use of smartphones with features such as global positioning system (GPS), accelerometers and g-force tracking, which can be used to substitute telematics devices with mobile apps. Under UBI, auto insurers are offering pay as you drive (PAYD) and pay how you drive (PHYD) services. While PAYD insurance premium is calculated based on the distance covered by a vehicle, PHYD insurance premium is calculated based on the driving behavior of insured consumers. UBI is rapidly growing in regions such as Europe, Asia and America. According to a report by EY, global market penetration of UBI services is expected to increase from about 1% in 2015 to 15% by 2020.
Companies included in the report are Unitedhealth Group, AXA, Munich Re, Allianz, and Generali.

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Categories Business , Insurance , Miscellaneous
Tags Insurance Global Market Report , Insurance Providers Market Report , Insurance Brokers And Agents Market Report , Reinsurance Providers Market Report
Last Updated October 11, 2018

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