A new report has been published by Transparency Market Research titled, “Usage-based Insurance Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027.” As per the report, the global usage based insurance market is projected to exceed US$ 200 Bn by 2027, expanding at a CAGR of more than 30% during the forecast period. According to the report, increasing claims and fraud regarding the motor premium have resulted in increasing demand for accurate quotation of motor insurance among consumers, which is further driving the usage-based insurance market. The report states that the penetration of UBI is significantly high in Italy and South Africa, owing to high motor insurance cost due to high rate of theft/fraud in these countries. Insurance players are taking active methods with pilot programs launched across the globe to fuel the penetration of UBI.

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