Home > Automotive > Automotive Services > Usage-based Insurance (UBI) Market

Usage-based Insurance (UBI) Market Share

Report ID: GMI3020
Published Date: Aug 2024
Report Format: PDF

Download Free Sample

Usage-based Insurance Market Share

UNIPOLSAI ASSICURAZIONI S.P.A and Progressive Insurance dominate the market with over 10% of the market share. UnipolSai was one of the early adopters of telematics in insurance, allowing them to refine their UBI offerings over time and establish a strong market presence.

They have heavily invested in telematics technology, providing detailed data analytics that enables precise risk assessment and personalized premiums. UnipolSai offers a range of innovative UBI products tailored to different customer segments, enhancing their appeal and customer retention.

Progressive has effectively marketed its UBI program, Snapshot, making it one of the most recognized and trusted UBI offerings in the United States. Progressive's early and continuous investment in telematics and data analytics has enabled them to offer highly competitive and accurate personalized insurance products. Progressive focuses on user-friendly technology and transparent pricing models, enhancing customer satisfaction and loyalty.

Usage-based Insurance Market Companies

Major players operating in the usage-based Insurance (UBI) industry are:

UNIPOLSAI ASSICURAZIONI S.P.A
Progressive Insurance
AllState Insurance Company
State Farm
Liberty Inusrance
Nationwide
ALLIANZ SE
AVIVA
AXA
MAPFRE SA

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of usage-based insurance (UBI) reached USD 52.1 billion in 2023 and is set to register a CAGR of over 24% between 2024 and 2032, owing to the increasing adoption of these in-vehicle connected insurance solutions, aimed at curbing unexpected claims and promoting safer driving.

Passenger vehicle segment is expected to reach over USD 285.9 billion by 2032, as it is the most frequently used vehicle type by private individuals, leading to a greater number of UBI products aimed at individual drivers.

North America accounted for over 40% market share in 2023, due to increasing customer demand for personalized insurance and telematics infrastructure.

UNIPOLSAI ASSICURAZIONI S.P.A, Progressive Insurance, AllState Insurance Company, State Farm, Liberty Inusrance, Nationwide, ALLIANZ SE, AVIVA, AXA, and MAPFRE SA.