Dublin, Jan. 06, 2025 (GLOBE NEWSWIRE) -- The "Insurance Telematics in Europe and North America - 8th Edition" report has been added to ResearchAndMarkets.com's offering.
Europe and North America to Reach 43.9 Million Insurance Telematics Policies by 2028
The addressable market for insurance telematics is significant. A total of around 342 million vehicles were in use in the EU+EFTA+UK in 2022, including over 297 million passenger cars. In North America, an estimated total of around 310 million vehicles were in use in 2022, out of which passenger cars and light trucks are estimated to represent around 294 million vehicles. Some kind of basic automotive insurance is mandatory in most developed countries and there are in addition a number of subcategories of insurance that provide coverage for different types of unforeseen events involving motor vehicles. Motor gross written premiums in EU22+3 reached a total of € 146.2 billion in 2023. The equivalent number for North America was US$_381.3 billion (€ 352.6 billion) in 2023.
The insurance telematics market has stagnated somewhat in the past years after a couple of years of growth, but the market is projected to grow long-term. Europe and North America so far represent the vast majority of all insurance telematics programs and active policies from an international perspective, and the front-running national markets include the US, Italy, Canada, the UK and Germany. the analyst estimates that the total number of insurance telematics policies in force on the European market reached 13.0 million at the end of 2023. Growing at a compound annual growth rate of 6.2 percent, the number of insurance telematics policies in force in Europe is estimated to reach 17.6 million by 2028.
In North America, the total number of insurance telematics policies in force is forecasted to increase from an estimated 17.9 million policies at the end of 2023 to reach 26.3 million policies by 2028, representing a compound annual growth rate of 8.1 percent. In the US, the top three insurers in terms of UBI policies have all introduced smartphone-based solutions to supplement or replace the previously used OBD-II dongles. Several US and Canadian insurers have during the recent years re-assessed and re-launched their telematics programs.
The North American insurance carriers are also exploring claims-related insurance telematics and many are adding distracted driving parameters in their UBI. The European insurance telematics market is still dominated by insurers in Italy and the UK, with an estimated 9.5 million and 1.3 million policies respectively. The market in Germany has grown during 2023 and reached about 1.8 million telematics policies. Uptake on all other markets is considerably lower, with between 70,000 and 350,000 policies in the Nordics, Iberian Peninsula, France and Benelux, and Central and Eastern Europe.
The insurance telematics value chain spans multiple industries. Insurers with notable presence in the insurance telematics market include Progressive, UnipolSai, State Farm, Allstate, Generali, Allianz, HUK-Coburg, Admiral, AXA, Liberty Mutual, Intact and Direct Line. Insurance players can either develop telematics programs independently or rely on partners to varying degrees. Smartphone-based telematics programs have grown to significant market shares in the past years and insurers that have historically focused on hardware telematics solutions have also increased their focus on smartphone-based solutions or even started to migrate to app-based solutions.
Leading vendors of insurance telematics solutions in Europe and North America include Cambridge Mobile Telematics, OCTO Telematics, Targa Telematics, Arity, Vodafone Automotive, The Floow, IMS, FairConnect, Dolphin Technologies and Redtail Telematics.
Other players in the insurance telematics market include Radius Telematics, Scope Technology, LexisNexis Risk Solutions, CCC Intelligent Solutions, Motix Connected, Telematics Technologies, Sycada, Brightmile, Valtech Mobility, Webfleet, Azuga, ZenDrive, Scope Technology, Powerfleet, OSeven Telematics, Sentiance, Motix Connected, Greater Than, Agero, Inzura, Conneqtech and CalAmp.
Examples of companies that provides hardware telematics devices to the market include Xirgo Technologies, Meta System, Trakm8 and Munic. Automotive OEMs are increasingly taking an active part in the ecosystem. Examples include BMW, General Motors, Ford, Honda, Hyundai, Mercedes-Benz, Renault-Nissan-Mitsubishi, Stellantis, Tesla and Toyota.
Highlights from the report
- Insights from 30 new executive interviews with market leading companies.
- Comprehensive overview of the insurance telematics value chain and key applications.
- In-depth analysis of market trends and key developments.
- Case studies of 58 insurance telematics initiatives.
- Summary of the involvement of vehicle OEMs and mobile operators.
- New data on vehicle populations in Europe and North America.
- Market forecasts by country lasting until 2028
This report answers the following questions
- What types of insurance telematics products are offered on the market?
- Which are the leading providers of insurance telematics technology?
- Which are the dominant technology form factors on each market?
- How are mobile operators approaching the insurance telematics market?
- How are the vehicle OEMs involved in the ecosystem?
- Which are the most successful insurance telematics programs today?
- Which are the major drivers and barriers for insurance telematics adoption?
- Which are the key future trends in this industry?
Key Topics Covered:
1 The Automotive Market
1.1 The automotive market in Europe
1.2 The automotive market in North America
1.3 Automotive insurance
1.3.1 Basic insurance terminology and categorisations
1.3.2 The fundamentals of automotive insurance
1.3.3 Traditional automotive insurance risk rating and pricing criteria
1.3.4 Developments of the actuarial toolbox for motor insurers
1.4 The European automotive insurance market
1.5 The North American automotive insurance market
2 Insurance Telematics Solutions
2.1 Introduction to insurance telematics
2.1.1 The rationale for telematics-based insurance policy pricing
2.1.2 Brief history of insurance telematics offerings
2.2 Usage-based insurance and related concepts and applications
2.2.1 Manual reporting
2.2.2 Usage-based insurance telematics - PAYD, PHYD, MHYD and TBYB
2.2.3 Continuous and time-limited telematics data recording
2.2.4 Usage-based pricing vs. claims-related insurance telematics
2.2.5 Personal lines and commercial lines insurance telematics
2.2.6 Value-added services related to insurance telematics
2.3 Insurance telematics infrastructure
2.4 Business models
3 The European Insurance Telematics Market
3.1 Regional market characteristics
3.2 Insurance telematics case studies
- More than 40 percent of the vehicles insured by UnipolSai feature a black box
- Generali offers a wide portfolio of insurance telematics products
- Smartphone-only solutions - a growth engine for Allianz's telematics offerings
- AXA offers its insurance telematics portfolio in multiple European countries
- Admiral Group has multiple insurance telematics programs in Europe
- Insure The Box has sold more than 1.0 million black box-based policies
- Direct Line Group acquires pay-per-mile insurer By Miles
- Aviva introduces app-based UBI in the UK
- Zego offers behavioural based pricing for UK fleets
- Howden Group consolidates broking businesses under single brand
- Acorn Insurance offers UBI through the Carrot and Acorn brands
- Markerstudy Group acquires Atlanta Group
- RSA offers UBI in Ireland via 123.ie
- AbbeyAutoline (Prestige) renews ChilliDrive with Howden Driving Data
- Stellantis has a long experience in UBI on the European market
- Mercedes-Benz offers UBI in Germany, Belgium and France
- HUK-Coburg relaunched Telematik Plus in 2019
- VHV's Telematik Garant switched to a mobile based telematics solution
- Young digital insurtech company Neodigital bets on PHYD car insurance
- Groupama offers insurance telematics in multiple countries
- MAPFRE provides insurance telematics products in Spain and the US
- OSA and Sparkassen Versicherung offer eCall services in Germany
- GDV launches eCall service with participating German insurers
- Zavarovalnica Triglav brings UBI to Slovenia
- Warta pilots app-based UBI in Poland
- HDI Global offers telematics solutions in the UK and Italy
- Zurich partners with MGA Freedom Services in the UK
- If Insurance has long experience of telematics in the Nordics
- Paydrive leverages aftermarket and OEM telematics for UBI
- VIS pioneers telematics insurance in Iceland
- ABAX launches commercial UBI insurance
4 The North American Insurance Telematics Market
4.1 Regional market characteristics
4.2 Insurance telematics case studies
- Progressive is the UBI telematics pioneer in the US
- State Farm works with CMT to enhance the Drive Safe & Save program
- Allstate offers Drivewise and Milewise in the US
- Liberty Mutual has a broad portfolio of telematics products
- Desjardins offers a smartphone app for insurance telematics in Canada
- Nationwide offers UBI based on OBD-II, smartphone and OEM telematics data124
- Farmers offers mobile-based insurance telematics from Driveway Software
- Travelers offers UBI powered by Cambridge Mobile Telematics
- GEICO offers a smartphone-based telematics program in select US states
- Toyota Insurance Management Solutions offers UBI in the US
- CAA offers MyPace and Connect powered by OCTO Telematics
- Root Insurance is a smartphone-based insurance company
- USAA enhances insurance offering by acquiring UBI focused Noblr
- Mobileye and Munich Re collaborate in Munich Re's Smart Mobility program
- Progressive has launched a second commercial UBI product
- Nationwide offers commercial lines insurance telematics solutions
- Philadelphia Insurance Companies offers fleet insurance telematics
- Ohio Mutual Insurance Group offers app-based UBI in seven states
- Liberty Mutual strengthens UBI client base with State Auto acquisition
- Verisk Telematics Exchange popular among OEMs before 2024 termination
- CMT powers multiple safe driving contests in the US
- Intact discontinues its device-based program in favour of mobile solutions
- Lemonade acquires Metromile
- American Family Insurance offers three UBI programs
- HDVI pioneers telematics UBI for fleets of semi-trailer trucks
- Tesla to underwrite its own telematics insurance policies
- Pouch and Mojio partner to offer fleet insurance to small businesses
5 Market Forecasts and Trends
5.1 Market analysis
5.2 Value chain analysis
5.3 Market drivers and barriers
5.4 Industry trends
- Customer engagement becomes increasingly important for UBI
- Continued broadening of the insurance telematics concept is expected
- Insurers will embrace both UBI and claims-related insurance telematics
- Smartphone is the most favoured form factor in the industry
- Connected cars pave the way for mass-marketisation of insurance telematics. 185
- Combined smartphone and connected car data shows promise
- Fleet insurance telematics is an opportunity to reduce fleet risks and costs
- Privacy concerns are softening across customer segments
- Big Data: Ownership and portability of telematics data to be scrutinised
- Insurance telematics aims to reduce distracted driving
- Mobility trends provide new opportunities for telematics-based insurance
- Vehicle diagnostics data from connected cars can create value for insurers
- Outlook: Insurance telematics is growing rapidly in other regions
- Pay-per-mile insurance programs gain popularity as driving habits shift
- Insurers to explore other IoT verticals
- The insurance telematics concept to be applicable for more vehicle types
- Autonomous cars alter the playing field for motor insurance
- Automotive OEMs involved in usage-based insurance products
- Insurers begin to offer wider functionality in their app-based UBI solutions
- AI to drive the need for data in the insurance industry
6 Company Profiles and Strategies
- Agero
- Arity
- Azuga (Bridgestone)
- Brightmile
- CalAmp
- Cambridge Mobile Telematics
- CCC Intelligent Solutions
- ClearScore
- Conneqtech
- Dolphin Technologies
- Earnix
- FairConnect Group
- Greater Than
- Howden Driving Data (Howden Group)
- IMS
- Inzura
- LexisNexis Risk Solutions
- Meta System
- Motix Connected
- Munic
- OCTO Telematics
- OSeven Telematics
- Powerfleet (Movingdots)
- Radius Telematics
- Redtail Telematics
- Sentiance
- Scope Technology
- Sycada
- Targa Telematics
- Telematics Technologies
- The Floow
- Trakm8
- Valtech Mobility
- Verisk Analytics
- Vodafone Automotive
- Webfleet
- Xirgo Technologies
- ZenDrive
For more information about this report visit https://www.researchandmarkets.com/r/7oacq7
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