An Extensive Study On Usage-based Insurance Market By Knowledge Sourcing Intelligence
Introduction The usage-based insurance market is projected to grow at a decent CAGR during the theforecst period(2019-2024). the high dependence and availability on traditional insurance premiums are projected to restrain the market growth in the near future. Additionally, the cost of installation and privacy concerns are also poised to confine the growth of the UBI market to a certain extent in the coming years. Smartphones are projected to hold a substantial share in the UBI market and are projected to grow at a very good CAGR on account of the increasing development of smartphone app-based UBI policies, and its ease of installation and usage to the insurer. Commercial Vehicles are also projected to hold a substantial share in the coming years owing to the high usage of telematics in order to monitor the fleets and to counter the high premiums associated with the automotive insurance of commercial vehicles. Usage-based Insurance Market By Techno