Usage Based Insurance Market to Rise at a CAGR of 12.54% during Forecast Period 2022-2031, observes TMR Study
AXA S/ADR (AXAHY)
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Source: PR Newswire
The usage-based insurance industry is mostly being driven by rising usage of connected and intelligent solutions, including infrared sensors and sensor-based detection systems.The use of usage-based car insurance is being driven in large part by the rise in global demand for automobiles.WILMINGTON, Del., Sept. 20, 2022 /PRNewswire/ -- In 2021, the global usage-based insurance market was worth US$ 23.67 Bn. The market is projected to progress at 12.54% CAGR during forecast period, from 2022 to 2031.The global usage-based insurance market is anticipated to touch value of US$ 77.14 Bn by 2031. The global market for user-based insurance is primarily being driven by the increase in usage of connected and electric/hybrid automobiles. The need for usage-based motor insurance is also increasing as usage based insurance companies place more emphasis on creating products that are extremely precise, comply with legal standards, and adhere to regulatory guidelines to assure safety and lessen the
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