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.
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Ankur Gupta, Head Marketing & Communications