Sellbyville, DE -- (SBWIRE) -- 06/21/2019 -- North America Usage Based Insurance Market is projected to hold a dominant share of around 38% by 2024. The market growth is driven by an increase in the use of telematics systems that are equipped with features such as vehicle tracking systems, remote theft alarm, and driver assistance systems. The rising incidents of vehicle theft in this region are expected to augment the Usage Based Insurance Market growth.

Usage Based Insurance Market is projected to surpass USD 107 billion by 2024. The growing implementation of vehicle telematics to improve driving behavior and align car insurance premiums with the actual vehicle condition via UBI has accelerated the automotive insurance industry's profitability. UBI relies on telematics data to evaluate risks based on each individual's driving behavior, inclination towards safe driving practices, the current condition of vehicles and trip characteristics.

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Some of the major players of the operating in the market are Progressive, Allstate, State Farm, AXA, Allianz, Liberty Mutual, Nationwide, Vodafone Automotive, UnipolSai, Generali, Octo, Metromile, TomTom, Insure The Box, Mapfre S.A, Zubie, Desjardins Group, Sierra Wireless, IMS, Cambridge Mobile Telematics, and Danlaw.

The commercial vehicles segment is estimated to show the fastest growth rate of over 18% from 2018 to 2024 due to the adoption of telematics and other vehicular technologies to support the growth of the commercial vehicle transportation industry. Commercial vehicles leverage these technologies to increase the driving efficiency via real-time communications. Transportation companies can share the telematics data with the insurance companies and help them in setting premium rates and discounts for customers based on their driving behavior records.

According to the Insurance Information Institute, in 2017, around 773,139 vehicles were stolen in the U.S. as compared to 767,290 vehicles in 2016. The adoption of telematics-driven UBI helps insurers to improve profitability and reduce fraudulent claims. A massive growth of the connected cars market and an increased use of smartphone telematics for monitoring driver behavior will accelerate the Usage Based Insurance Market growth over the forecast timeline.

Usage Based Insurance Market by The PHYD segment is projected to hold a major market share of around 66% by 2024. PHYD insurance aims at charging premiums according to an individual's driving habits, which help insurers to offer premiums that are more tailored to individual drivers. The insurers can set the rates based on driving skills and the time from when the user is most likely to be driving. Many insurers also share data with their clients to allow them to monitor their own driving behavior.

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The companies operating in the Usage Based Insurance Market are introducing new products to cater to the needs of the passenger vehicle drivers and fleet managers. For instance, in October 2018, Autonet launched a UBI private car product for drivers using VisionTrack's video telematics solutions. This solution monitors the driving behavior and checks factors such as where the vehicle was driven and where it was kept overnight that can affect the insurance policy. Insurance companies are also entering into strategic partnerships with the telematics solution providers for developing new solutions

Usage Based Insurance Market is expected to witness a sharp growth over the forecast timeline owing to the rapid development and adoption of connected cars. These cars are equipped with sensors that monitor miles driven, location, route, driver's behavior, and vehicle data including the temperature and tire pressure. This data is then used by the insurers to influence driving behavior, increase claim-processing efficiency, and lower insurers' losses by enabling the detection of fraudulent claims. Other factors driving the Usage Based Insurance Market growth are the penetration of insurance telematics in passenger & commercial vehicles and the growing trend of Try-Before-You-Buy (TBYB) insurance packages.

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