In the present time, with
the effective increase in the urbanization and rise in the developed
infrastructure the insurance industry has grown more positively with the
establishment of the new and significant policies and strategies for protecting
the people. Moreover, the establishment of the Usage Based Insurance contrasts
from the traditional insurance, which endeavors to differentiate and reward
‘safe’ drivers, giving them less premium and/or a no-claims bonus. Not only has
this, the usage based insurance
service is completely based on the telematics device. Furthermore, the players
of this market are playing an important role while developing the technology
and installing effectively GPS in the telematics device which further
benefitted to find the lost or stolen vehicles. This also increase the demand
of this premium and lead the market growth more positively with the the high
value of market share in the Middle East and Africa during the forecasted
period more positively.
According to the report
analysis, ‘Middle
East and Africa Usage Based Insurance Market - Industry Trends and Forecast to 2026’ states that there are
several key players which are presently functioning in this sector more
actively for registering the fastest market growth and accounting the highest
value of market share more positively in the coming years while investing the
effective amount in the technological advancements with the growing concern
related to data privacy and analyzing the costing involved more actively for
rising the amount of profit includes Intelligent Mechatronic Systems Inc., TrueMotion, Cambridge Mobile Telematics, Insure The Box Limited, Progressive Casualty Insurance Company, Modus Group LLC, Inseego Corp, Metromile
Inc., The Floow Limited, Vodafone, Allstate
Insurance Company,
Octo Group, TomTom International, Allianz, AXA Equitable Life Insurance Company, Liberty Mutual Insurance, Verizon, Sierra Wireless, Mapfre, MovitrackViasat, Inc., ASSICURAZIONI GENERALI S.P.A., UNIPOLSAI ASSICURAZIONI S.P.A., and several
others.
Middle East and Africa
usage-based insurance market is estimated to reach a CAGR of 16.1% in the
forecast period of 2019 to 2026. Moreover, the market of usage based insurance in the Middle
East and Africa is sectored into different segments which includes vehicle age,
device offering, technology, electric and hybrid vehicle, package type, vehicle
type, technology and region. However, based on the vehicle age, the market is
sub divided into new vehicles and on-road vehicles. In 2018, on-road vehicles
market is increasing with the foremost amount of CAGR 16.5% in the forecast
period of 2019 to 2026. Nevertheless, on the basis the package type, the market
is divided into pay-as-you-drive (PAYD), pay-how-you-drive (PHYD), and
manage-how-you-drive (MHYD). In 2019, the pay-as-you-drive (PAYD), market is
increasing with the highest CAGR of 16.3% in the forecast period of 2019-2026.
Additionally, significant
development in the automotive technology like electric cars, growing awareness
related to the driver safety, increasing acceptance of the telematics
technology in the vehicles and several other are the major market growth drivers
for fueling the market growth. Therefore, in the near future, it is predicted
that the market of usage based insurance
will increase more significantly in the Middle East and Africa over the recent
decades.
For more information on the research
report, refer to below link:
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