Portland, OR -- (SBWIRE) -- 02/21/2018 -- Usage-Based Insurance Market is expected to garner $123 billion by 2022, registering a CAGR of 36.4% during the forecast period 2016-2022. Factors driving the usage-based insurance market include flexible insurance premium, lower accident & vehicle theft possibilities, accurate & timely data collection, and lower fuel consumption.

The demand for usage-based insurance is relatively low in developing countries, compared to developed markets. In countries such as China, Usage-based insurance market is in a very nascent stage with low level of consumer awareness.

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Europe has emerged as the largest market for usage-based insurance. The region is anticipated to continue growing at a notable pace, owing to factors such as lower premium cost, and rise in concern toward drivers' safety. In developed markets such as the U.S., demand for pay-as-you-drive (PAYD) insurance services has increased owing to endorsements from insurance brokers. The UK and other European countries such as Germany, Italy, and France have observed an increase in the trend for PAYD insurance policies, as consumers have become increasingly aware about benefits of telematics based insurance services.

Consequently, market players are exploring innovative products and services to strengthen their market presence and meet the growing demands. To compete with established players, other manufacturers such as AI Insurance Holdings Pty Ltd., Aioi Nissay Dowa Insurance (ADI), Allstate Corporation, and Box Innovation Group Ltd. are developing new products and services to attract more customers. The established brands have adopted partnership and acquisition as their prominent growth strategies to strengthen their foothold in the market. For instance, U.S. based, Progressive Corporation and Canada based, Desjardins Group made several partnerships and acquisitions to increase their usage based insurance market share. However, concerns regarding privacy violation and high telematics installation cost are anticipated to hamper the growth of the usage-based insurance market

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