Europe Usage-Based Insurance Market
Drivers: Europe Usage-Based Insurance Market
- Increasing demand for connected cars
- Rising adoption of telematics technology in vehicles
- Accurate and frequent data collection of vehicle/ driver’s behaviour
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Restraint
- Data privacy concern
Opportunities
- Increasing concern regarding driver safety
- Advancement in automotive technology such as electric cars
Challenge
- High cost involved
Market Trends
- On the basis of package type the market is segmented into pay-as-you-drive (PAYD), pay-how-you-drive (PHYD) and manage-how-you-drive (MHYD). Pay-as-you-drive (PAYD) segment is dominating the Europe usage based insurance market as it can easily installed and it is also beneficial from the driver’s point of view as the driver is required to pay for the vehicle driven hence, it is considered cost effective
- On the basis of vehicle type the market is segmented into light-duty vehicle (LDV) and heavy-duty vehicles (HDV). Light duty vehicle (LDV) segment is dominating the Europe usage based insurance market and it will also grow with the fastest growing rate as the market for connected car is rising and also the market for usage-based insurance is highly used in passenger and commercial car which comes under light duty vehicle (LDV)
- On the basis of device offering the market is segmented into company provided and bring your own device
- On the basis of technology the market is segmented into OBD-II, smartphone, embedded system, black box and others
- On the basis of vehicle age the market is segmented into new vehicles and on-road vehicles
- On the basis of electric and hybrid vehicle the market is segmented into hybrid electric vehicle (HEV), plug-in hybrid vehicle (PHEV) and battery electric vehicle (BEV)
Major Players: Europe Usage-Based Insurance Market
Some of the prominent participants operating in this market are Intelligent Mechatronic Systems Inc., Insure The Box Limited, Progressive Casualty Insurance Company, Inseego Corp, The Floow Limited, Vodafone, Allstate Insurance Company, Octo Group, , TomTom International, Allianz, AXA Equitable Life Insurance Company, , Liberty Mutual Insurance, Verizon, Sierra Wireless, , Mapfre, Movitrack Viasat, Inc., ASSICURAZIONI GENERALI S.P.A., and UNIPOLSAI ASSICURAZIONI S.P.A. among others.
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