Since 2012, the market share of usage-based insurance (UBI) policies has doubled, indicating that UBI is a rapidly expanding phenomenon, according to strategy consulting firm PTOLEMUS. The 2013 UBI Global Study provides nearly 800 pages of analysis and recommendations based on interviews with industry players. The study aims to address the impact of telematics on the insurance sector, identify challenges facing insurers entering the UBI field and the current state of the UBI market.
Telematics is an expanding sector of the insurance industry, representing more than 5 million drivers, and is expanding on the global level. In the last 18 months, 170 UBI programs have been established.
The study found that the UBI market is moving towards globalization. Already firmly established in the U.S., United Kingdom and Italy, the study estimates UBI will represent more than 100 million policies generating more than $80 billion in premiums by 2020. The U.S. leads market growth, but new markets in Latin America and Russia are expected to emerge in the coming months.
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