More Information @ https://bit.ly/2QtaVoV The commercial vehicles segment in the usage-based insurance (UBI) market is projected to register an excellent growth rate of over 18% from 2018 to 2024.

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UBI Market in LAMEA to grow at 25% CAGR from 2018 to
2024

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One of the major factors driving the UBI market growth is an increase in the
production of passenger & commercial vehicles that is embedded with telematics or
the use of external tracking systems to capture data about the vehicle’s health & the
driving behavior. Car makers and the insurance companies then use telematics data
for calculating the insurance premium for clients in accordance with the usage rate of
the vehicle.
The PHYD segment held a dominant share of over 70% of the UBI market in 2017
as this telematics-driven insurance model takes into consideration how a person
drives. The insurance companies can assess the driving skills by installing telematics
devices in the car to record the driving habits.
The OBD II technology held a major share of over 48% in the UBI market in 2017
and is expected to dominate the market with a share of around xx% in 2024. Vehicles
equipped with telematics devices allow insurance companies to get a more precise
information to rate a driver’s premium.
Key Insights from UBI Market :

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Continued…
The commercial vehicles segment in the usage-based insurance (UBI) market is
projected to register an excellent growth rate of over 18% from 2018 to 2024. The
commercial vehicles segment is widely deploying telematics solutions to analyze
vehicle and driver data to assess the risks and restore profit margins.
Telematics insurance data is used by the insurers to review driving behavior and
promote safe driving through insurance incentives. The technology is playing a key
role in commercial logistics and supply chains as it helps in addressing the
challenges related to driver monitoring, insurance, and safety.

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Latest Research Report On UBI Market @ https://www.gminsights.com/industry-
analysis/usage-based-insurance-ubi-market
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U.S. Usage-based Insurance (UBI) Market Revenue, By Technology, 2017 & 2024 (USD
Million)

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• Progressive,
• Allstate,
• State Farm,
• AXA,
• Allianz,
• Liberty Mutual,
• Nationwide,
• Vodafone Automotive,
• UnipolSai, Generali, Octo, Metromile, TomTom, Insure The Box, Mapfre
Major Companies in UBI Market:

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Industry Coverage

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The North America UBI market is projected to hold a majority market share of over
35% by 2024. The market growth is attributed to the factors such as the growth in the
number of connected cars with inbuilt telematics solutions and the adoption of the
cloud-based telematics solutions. The region is dominated by the presence of various
car insurance companies that are using black box technology to track driving habits.
The telematics-based black box devices provide detailed information to car insurance
companies and let them calculate insurance risk levels more accurately.
Regional Insights in UBI Market:

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