Dublin, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The "Insurance Telematics in Europe and North America - 7th Edition" report has been added to ResearchAndMarkets.com's offering.
The insurance telematics market in Europe and North America is undergoing substantial growth, with the total number of active insurance telematics policies reaching 13.6 million by the end of 2022 in Europe alone. This market is poised for further expansion, with a projected compound annual growth rate (CAGR) of 8.9%, set to push the number of active insurance telematics policies in Europe to an estimated 20.7 million by 2027. Meanwhile, North America is also expected to experience robust growth, with the total number of insurance telematics policies increasing from 16.8 million at the end of 2022 to 29.2 million by 2027, at a CAGR of 11.7%. The largest markets for insurance telematics continue to be the US, Italy, the UK, and Canada.
Key Players in North America
In North America, the insurance telematics market is dominated by well-known companies such as Progressive, Allstate, Liberty Mutual, Nationwide, and State Farm in the US, along with Intact Financial Corporation and Desjardins in Canada. These companies have made significant inroads in the market, leveraging telematics data to improve pricing mechanisms, claims management, and customer differentiation.
Key Players in Europe
In Europe, Italian insurers UnipolSai and Generali stand out, accounting for approximately 50% of telematics-enabled policies in the region. In the UK, Admiral Group and Direct Line have seen strong adoption of telematics offerings.
Market Segmentation
The European insurance telematics market is mainly characterized by aftermarket black boxes, while mobile applications and self-install OBD (On-Board Diagnostics) devices are the predominant forms of insurance telematics in North America. Going forward, there is an expected increase in the adoption of smartphone-based solutions across all markets, as well as greater utilization of OEM (Original Equipment Manufacturer) telematics data in usage-based insurance programs.
Key Enablers: OEMs and Data Normalization
Automotive OEMs, including Ford, General Motors, Mercedes-Benz, Stellantis, Tesla, and Toyota, have launched solutions to facilitate usage-based insurance for their customers. These connected car applications bring OEMs closer to drivers, and companies like LexisNexis Risk Solutions, Verisk, and CCC Information Services partner with OEMs to normalize connected car data in telematics exchanges, enabling insurers to access a wide range of telematics data sources, provided policyholders consent to share their driving data.
Aftermarket Telematics and Smartphone-Based Solutions
While aftermarket telematics still play a significant role in usage-based insurance, smartphone-based solutions have gained prominence. Octo Telematics holds a dominant market share with over 5.7 million devices installed in insurance telematics programs. Other end-to-end solution providers, including Vodafone Automotive, Viasat Group, Targa Telematics, IMS, and The Floow, are also key players in the insurance telematics market.
Smartphone-Based Solutions Proliferate
Smartphone-based insurance telematics solutions have matured, with many insurers now leveraging their potential in claims handling and marketing. Cambridge Mobile Telematics is a leading player in the mobile-based insurance telematics segment, powering over 10 million insurance telematics policies, primarily in the US. Other notable vendors in this space include Arity (a subsidiary of Allstate), Dolphin Technologies, Radius Telematics, Sentiance, OSeven Telematics, Movingdots, DriveQuant, Sycada, and Telematics Technologies.
Market Insights
This comprehensive 250-page strategy report offers valuable insights into the insurance telematics market, including:
- Insights from 30 executive interviews with leading companies in the market.
- A detailed overview of the insurance telematics value chain and key applications.
- In-depth analysis of market trends and developments.
- Case studies of 63 insurance telematics initiatives.
- Information on the involvement of vehicle OEMs and mobile operators.
- New data on vehicle populations in Europe and North America.
- Market forecasts by country through 2027.
Who Should Read This Report?
"Insurance Telematics in Europe and North America" is essential reading for a wide range of industry stakeholders, including telematics vendors, insurance companies, vehicle manufacturers, telecom operators, investors, consultants, and government agencies. This report provides in-depth research and analysis of the insurance telematics markets in Europe and North America, helping readers stay informed about the latest trends and opportunities in this rapidly evolving industry.
A selection of Companies mentioned in this report includes
- AbbeyAutoline
- Admiral Group
- Agero
- Allianz
- Allstate
- American Family Insurance
- Ardonagh Group
- Arity (subsidiary of Allstate)
- Aviva
- AXA
- Azuga
- Brightmile
- CAA
- CalAmp
- Cambridge Mobile Telematics
- CCC Information Services
- CHERRISK
- ClearScore
- CMT
- Desjardins
- DEVK
- Direct Line Group
- Dolphin Technologies
- DriveQuant
- Earnix
- EMIL
- FairConnect Group
- Farmers
- Ford
- GEICO
- General Motors (GM)
- Generali
- GM
- Granite
- Greater Than
- Groupama
- HDI Global
- HDVI
- Honda
- Howden Driving Data (Howden Group)
- HUK-Coburg
- Hyundai
- IMS
- Ingenie
- Insure Telematics Solutions
- Insure The Box
- Intact Financial Corporation
- Inzura
- Lemonade
- LexisNexis Risk Solutions
- Liberty Mutual
- Link4
- MAPFRE
- Markerstudy Group
- Mercedes-Benz
- Meta System
- Mobileye
- Mojio
- Motix Connected
- Movingdots (Powerfleet)
- Munic Car Data
- Munich Re
- Nationwide
- OCTO Telematics
- OSA
- OSeven Telematics
- Philadelphia Insurance Companies
- Pouch
- Progressive
- PZU Group
- Quartix
- Radius Telematics
- Redtail Telematics
- Risk
- Root Insurance
- RSA
- Scope Technology
- Sentiance
- Signal Iduna
- Sparkassen Versicherung
- State Auto
- State Farm
- Stellantis
- Sycada
- Targa Telematics
- Telematics Technologies
- Tesla
- The Floow
- Toyota
- Trakm8
- Travelers
- True Mileage
- UnipolSai
- UnipolSai (Italy)
- UNIQA
- USAA
- Verisk
- Verisk Analytics
- VHV
- Viasat Group
- Vodafone Automotive
- Webfleet
- Zavarovalnica Triglav
- Zego
- Zendrive
- Zurich
For more information about this report visit https://www.researchandmarkets.com/r/wm6w4k
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