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What's happening in insurance today? From market changes and M&A activity to new coverages, the insurance industry is ever-evolving. To stay up-to-date on the business, these articles, which are updated regularly, will help insurance professionals maintain a competitive edge.

Analysis

UBI auto insurance market poised to grow nearly 25%

More than 30% of consumers are showing interest in UBI coverage as they are driving less due to the pandemic.

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Flexible premiums, lower accident and vehicle theft possibilities, accurate and timely data collection are among the factors driving growth in this market. (Credit: monicaodo/Shutterstock) Flexible premiums, lower accident and vehicle theft possibilities, accurate and timely data collection are among the factors driving growth in this market. (Credit: monicaodo/Shutterstock)

Usage-based insurance for auto coverage is anticipated to surge in the coming years, with the global market expected to witness nearly 25% growth through 2026, according to UnivDatos Market Insights.

Major factors pushing this market forward are flexible premiums, lower accident and vehicle theft possibilities, accurate and timely data collection and lower fuel consumption, according to the market research company.

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Steve Hallo

Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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