North America is anticipated to be the leading region for UBI adoption, driven by a high rate of UBI in new and on-road vehicles equipped with telematics units. On top of this, many companies are offering hardware to enable UBI insurance plans. (Credit: metamorworks/Shutterstock.com)
By 2026, the global usage-based insurance (UBI) market is anticipated to increase 27.7%, compounded annually, reaching a projected value of $66.8 billion, according to MarketsandMarkets Research Pvt. Ltd.
Growth in the number of telematics-equipped vehicles hitting roads coupled with government regulations on safety and telematics services are anticipated to propel the market, the research company reports. Further, lower insurance premiums offered through UBI are expected to boost the market.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
