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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Ankur Gupta, Head Marketing & Communications