The usage-based insurance is a kind of vehicle
insurance whereby the costs are reliant upon type of the vehicle used, measured
against time, behavior, place and distance whereby it is also known as pay as
you drive and pay how you drive and mile-based auto insurance. This varies from
the traditional insurance, which attempts to differentiate and reward “safe”
drivers, giving those lower premiums and/or a no-claims bonus. However,
conventional differentiation is a reflection of history rather than demonstrate
patterns of behavior. So that’s why, it may take a long time before harmless
patterns of driving and transforming in lifestyle fodder through into premiums.
Furthermore, the players of this market are registering the highest market
growth more significantly in the Asia Pacific region while doing effective
developments in the techniques of doing work which further proved to be
beneficial for dominating the highest market share in the short span of time
more effectively.
According to the report analysis, ‘APAC Usage Based Insurance Market- Industry
Trends and Forecast to 2026’ states that there are several key players
which are recently functioning in this market more positively for dominating
the highest market growth with the handsome amount of share in the Asia Pacific
region while doing efficient developments in the techniques of doing work and
adopting the attractive strategies and policies for attracting new and
potential consumers 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, Movitrack Viasat, Inc., ASSICURAZIONI GENERALI S.P.A., UNIPOLSAI
ASSICURAZIONI S.P.A. and several others. Not only has this, many of the key
players are planning to adopt the small firm for generating the high amount of
revenue which further beneficial for dominating the highest amount of revenue
in the Asia Pacific region.
Asia-Pacific usage-based insurance market is
predictable to reach an effective CAGR of 20.6% in the forecast period of 2019
to 2026. Whereas, the market of based insurance in Asia Pacific is segmented
into different sectors which majorly includes package type, technology, vehicle
age, electric and hybrid vehicle and countries. However, based on the country
the market is spread across the Asia Pacific region such as Japan, China, South
Korea, India, Singapore, Thailand, Malaysia, Australia, Indonesia and
Philippines while, on the basis of package type, the market is further split
into pay-as-you-drive (PAYD), pay-how-you-drive (PHYD), manage-how-you-drive
(MHYD). In 2019, the pay-as-you-drive (PAYD), market is increasing with the
highest CAGR of 20.8% in the forecast period of 2019-2026. Nevertheless, On the
basis of vehicle type, the market is segmented into light-duty vehicle (LDV)
and heavy-duty vehicles (HDV). In 2018, light-duty vehicle (LDV) market is
increasing with the highest CAGR of 21.1% in the forecast period of 2019 to
2026. Therefore, in the near future, it is expected that the market of usage
based insurance in Asia Pacific market more significantly over the recent few
years.
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information on the research report, refer to below link:-
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Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
