Europe Usage-Based Insurance Market is expected to grow with the healthy CAGR in the forecast period of 2019 to 2026. The years considered for study are as mentioned below.
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Europe usage-based insurance market is a highly consolidated market, which includes specific number of key players as well as local players. Accurate and frequent data collection of vehicle/ driver’s behaviour, rising adoption of telematics technology in vehicles and increasing demand for connected cars drives the market growth.
The market has witness developments in terms of merger and acquisitions, partnerships or product launches that expand the product portfolio for the customers. The company focusing to meets the rising demand of innovative technology which helps the companies to sustain their position in the market. For instance in March 2018, Octo Telematics entered into partnership with Renault finance company to provide data analytics and services to its customer globally. This will increase the Europe market share of the company.
Allianz is dominated player in Europe usage-based insurance market and accounts the highest market share in 2018, which is followed by AXA, Progressive Casualty Insurance Company, Intelligent Mechatronic Systems Inc., Insure The Box Limited, Inseego Corp, The Floow Limited, Vodafone Group, Allstate Insurance Company, Octo Group, TomTom International BV, Liberty Mutual Insurance, Verizon, Sierra Wireless, Mapfre, Viasat S.p.A., ASSICURAZIONI GENERALI S.P.A., and UNIPOLSAI ASSICURAZIONI S.P.A. among others.
ALLIANZ
Allianz was founded in 1890, headquarters in Germany, Europe. The company is focused on providing wide range of insurance and asset management products to their customer globally. Their aim is to make every customer feel safe about their future with their best insurance flans. Business segments of the company include property-casualty insurance operations, life/health insurance operations, asset management, and corporate and other. The company has approximately 140,000 employees. The company is ISO 9001:2008, ISO 10668 certified. The company has its presence in Australia, Italy, America, Singapore, Bermuda and others. The subsidiaries of Companhia de Seguros Allianz Portugal S.A. , Oldenburgische, Landesbank AG, Pacific Investment Management, Company LLC, Allianz Global Risks, US Insurance, Company Corp and others.
- In 2016, Allianz launched BonusDrive for their young customers which will help in better and safe driving habit. This launch reduced the premium by a good margin.
AXA
AXA was founded in 1852 in Paris, France. The company focuses on protecting the customers such as life and business so that they can work with peace without thinking more about the future. The business segments of AXA include life & savings, property & casualty, health, others and market focused segment is property & casualty. The company has 160,000 employees. It has its presence in France, Europe, Asia, the United States, International and Transversal & Central Holdings. It also generates revenue through subsidiaries such as AXA Assistance Maroc, Inter Partner Assistance SA, AXA Partners SAS, AXA Travel Insurance Ltd, IPA Y ArdimVe Destek Hilmztleri Ticaret Ltd and others
- In March 2017, AXA launched Europe parametric solution which is based on usage of parameter in correlation with the damages. This helped in expanding the growth in SME segment and better service to the existing customers
PROGRESSIVE CASUALTY INSURANCE COMPANY
The company was established in 1973, headquarters in Ohio, U.S. The Progressive Group of Insurance Companies has always lived up to its name by being one step ahead of the insurance industry, and finding new and affordable insurance solutions. The company has business segments such as personal lines, commercial lines, property, investments, fees and other revenues, and service businesses and market focused segment is personal lines. The company has its presence in U.S., U.K. and Europe. Subsidiaries of Progressive Group of Insurance Companies include Progressive American Life Insurance Co. (America), PCIC Canada Holdings, Ltd. (Canada), ARX Holding Corp (America) and others.
- In September 2018, the company has introduced ELD Usage-Based Insurance Program for Commercial Truck Drivers. This launch extended the company’s service portfolio
