North America is anticipated to be the leading region for UBI adoption, driven by a high rate of UBI in new and on-road vehicles equipped with telematics units. On top of this, many companies are offering hardware to enable UBI insurance plans. (Credit: metamorworks/Shutterstock.com) North America is anticipated to be the leading region for UBI adoption, driven by a high rate of UBI in new and on-road vehicles equipped with telematics units. On top of this, many companies are offering hardware to enable UBI insurance plans. (Credit: metamorworks/Shutterstock.com)

By 2026, the global usage-based insurance (UBI) market is anticipated to increase 27.7%, compounded annually, reaching a projected value of $66.8 billion, according to MarketsandMarkets Research Pvt. Ltd.

Growth in the number of telematics-equipped vehicles hitting roads coupled with government regulations on safety and telematics services are anticipated to propel the market, the research company reports. Further, lower insurance premiums offered through UBI are expected to boost the market.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?


NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Steve Hallo

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

More from this author

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2023 ALM Global, LLC. All Rights Reserved.