Insurance Market by Application and Technology, Package, Vehicle Age and Region – Global Forecast to 2026

/EIN News/ — Chicago, Aug. 30, 2022 (GLOBE NEWSWIRE) — All around the world Consumer Insurance Market is expected to grow at a compound annual growth rate (CAGR) of 27.7% during the forecast period, reaching a value of $66.8 billion by 2026, according to a new report by MarketsandMarkets Research, The market is expected to witness rapid growth with increasing adoption of telematics and smartphone applications. Leading car manufacturers now use telematics and vehicle technologies to collect and analyze data, which helps insurers assess a driver’s risk profile. In addition, these companies reward safe drivers by offering discounts on insurance.

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Light-Duty Vehicle (LDV) is expected to lead the market during the forecast period

Light vehicles are passenger cars and light commercial vehicles. The adoption rate of UBI is higher in LDVs than HDVs. Light vehicles can be easily equipped with OBD-II, black box, or other devices to access the insurance plans of the user. Furthermore, since LDVs are usually driven by one person, UBI plans based on driving behavior are ideal for this vehicle segment. Also, leading companies are developing various products and solutions for LDVs such as sharing and self-driving cars. Therefore, in the coming years, LDVs are expected to witness a strong penetration of UBI.

MHYD is expected to be a fast growing market

MHYD, a larger version of PHYD, provides feedback to drivers on control panels in addition to just putting them into driving mode. This model is suitable for young drivers between the ages of 18 and 25 as they are new drivers. The MHYD system works like PHYD by gathering various vehicle information such as harsh braking, sharp corners, and over speeding to evaluate the driver. It shows how to change areas like brakes and speed. Although the volume of insurance based on this type is expected to be low in developing markets, it is suitable for mature markets. The evolution of data analysis is expected to help MHYD to advance beyond 2023. With the increase in the implementation of PHYD UBI programs, the popularity of MHYD is expected to grow in the future.

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The mobile phone segment is expected to be the fastest growing market

According to MarketsandMarkets analysis, the mobile phone is the fastest growing segment, technically, of the Usage-Based Insurance Market due to the increasing use of mobile telematics. In today’s business environment, the black box is widely used because it provides reliable data and has gained customer acceptance. The major market is expected to be concentrated in North America and Europe due to presence of key players, compatibility with advanced automotive technology, and higher awareness of UBI than Asia Pacific.

North America is expected to lead the market during the forecast period

North America is expected to be the largest used car insurance market due to the increase in used car insurance for new and off-road vehicles equipped with telematics units. Most cars sold in the US and Canada are in the luxury segment. The control of high volume cars increases the amount of insurance used because their insurance is always very high. With the help of user insurance, car owners can save up to 30% on insurance. In addition, the number of companies providing hardware for use insurance has also contributed to the growth of the market.

The Consumer Insurance Market is dominated by established global players such as UnipolSai Assicurazioni SpA (Italy), Progressive Casualty Insurance Company (US), Allstate Insurance Company (US), State Farm Automobile Mutual Insurance Company (US), and Liberty Mutual Insurance Company (US ).

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