The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The Asia-Pacific usage based insurance market report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The report comprises detailed value chain analysis, which provides a comprehensive view of the Asia-Pacific usage based insurance market. The Porter’s Five Forces model has also been included to help understand the competition landscape of the market. The study encompasses market attractiveness analysis, wherein thickness, packaging type and end-use segments have been benchmarked based on their market size, growth rate, and general attractiveness.
Asia-Pacific usage based insurance market is expected to reach a healthy CAGR of 20.6% in the forecast period of 2019 to 2026.
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Competitors/Players: Asia-Pacific Usage Based Insurance Market
- Progressive Insurance,
- Allstate Canada,
- Admiral Group Plc,
- Ageas Group,
- Octo Telematics,
- TomTom Telematics,
- Liberty Mutual Insurance,
- Intelligent Mechatronic Systems – IMS,
- Mitsui Sumitomo Insurance Co. (Europe) Ltd,
- Watchstone Group plc,
- Allianz Australia,
- Aviva Canada,
- Allianz Asia Pacific,
- AXA Insurance Company,
- AXA US,
- Aviva Asia,
- AXA Italia,
- AXA UK,
- Ageas UK,
- Liberty Mutual Insurance Europe Limited
- In September 2018, Allstate launched a product for life insurance which will pay on monthly basis rather than lump sum amount. This is consumer driven product which will help the company to cover more market share and to aware the people about life insurance.
- In October 2018, The Floow launches FlowFleet for the insurer who deals in commercial line. This helped the insurance company to better manage the risk and to provide the optimal premium price to their customer in the high premium rising market.
- In June 2018, Allstate launched pay per mile i.e. usage based insurance in New Jersey. This insurance gives more control to customer about their insurance premium and plans.for using telematics services for better management in their insurance segment.
- In March 2018, Octo Telematics entered into partnership with Renault finance company to provide data analytics and services to its customer globally. This will increase the global market share of the company.
Market Segmentation: Asia-Pacific Usage Based Insurance Market
Asia-Pacific usage-based insurance market is segmented into six notable segments which are package type, vehicle type, device offering, technology, vehicle age and electric & hybrid vehicle.
- On the basis of package type, the market is segmented 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 growing at the highest CAGR of 20.8% in the forecast period of 2019-
- In November 2015, Intelligent Mechatronic Systems (IMS) was awarded for excellence in the innovative. This award made Intelligent Mechatronic Systems (IMS) more popular.
- 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 growing with the highest CAGR of 21.1% in the forecast period of 2019 to 2026.
- In March 2016, TrueMotion has acquired The Canary Project. Due to this acquisition, company has application developer for developing telematics application.
- On the basis of device offering, the market is segmented into company provided and bring your own device (BYOD). The company provided market is growing at the highest CAGR of 20.1% in the forecast period of 2019-2026.
- In June 2018, Cambridge Mobile Telematics (CMT) was awarded as best auto digital insurance product award from TU-Automotive Detroi for DriveWell. This award made Cambridge Mobile Telematics (CMT) more popular which increases the overall income of the company
- On the basis of technology, the market is segmented into OBD-II, smartphone, embedded system, black box and others. In 2018, embedded system market is growing with the highest CAGR of 21.2% in the forecast period of 2019 to 2026.
- In August 2017, Cambridge Mobile Telematics (CMT) has launched powerful smartphone telematics program for commercial fleets. This launch has improved employee safety, reduce the number of accidents and claims and increase operational efficiency and performance.
- On the basis of vehicle age, the market is segmented into new vehicles and on-road vehicles. In 2018, on-road vehicles market is growing with the highest CAGR of 21.0% in the forecast period of 2019 to 2026.
- In September 2017, the company was awarded as the global pioneer in telematics insurance and champion for road safety by UK insurance sector This award made company more popular which further increases the overall sells
- On the basis of electric and hybrid vehicle, the market is segmented into hybrid electric vehicle (HEV), plug-in hybrid vehicle (PHEV) and battery electric vehicle (BEV).In 2018 Battery Electric Vehicle (BEV) market is growing with the highest CAGR of 21.3% in the forecast period of 2019 to 2026.
- In September 2017, the Progressive Company has introduced ELD Usage-Based Insurance Program for Commercial Truck Drivers. This launch extended the company’s service portfolio