Dublin, April 01, 2024 (GLOBE NEWSWIRE) -- The "North America Insurance Telematics - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029" report has been added to ResearchAndMarkets.com's offering.
With an impressive compound annual growth rate (CAGR) of 18.75% forecasted during the period of 2024-2029, the North American Insurance Telematics Market is expected to flourish, reaching an estimation of USD 5.01 billion by 2029. Key drivers such as the popularity of user-driven insurance policies and the pervasive use of technology that simplifies claims estimation and premium calculations are heralding a new era in the field of automotive insurance. The integration of telematics technology into risk assessment tools empowers insurance companies to tailor renewal premium costs based on concrete data.
Behavior-Based Insurance Uptick
The market is experiencing a paradigm shift as insurers leverage driver performance monitoring to implement usage-based insurance (UBI) programs, allowing auto insurance policyholders to be rated more precisely. Metamorphosis within the automotive industry's regulatory framework and the surge in adoption of Internet of Things (IoT) technology are further propelling the market's expansion.
COVID-19 Pandemic Impact
The COVID-19 pandemic has unexpectedly cast a positive light on the insurance telematics industry, as telematics systems enable insurers to amend premiums in line with reduced vehicle usage during lockdowns. This shift has addressed a core consumer demand for equitable premium costs directly tied to actual vehicle utilization.
United States Leads Market Share
The United States holds a significant share within the market, driven by decreased technology costs, changing consumer patterns, and rigorous governmental regulations. The advent of telematics in insurance is not only anticipated to promote safer driving behaviors but also reduce the severity and frequency of accidents. Consequently, this is forecasted to substantially reduce claim-handling costs for insurers over the coming years.
Market Landscape
The market’s composition features a blend of key players and recent strategic moves signaling a competitive and vibrant arena. This climate of innovation and strategic collaborations amongst service providers is setting the stage for an enriching competitive landscape, fostering advancements in telematics technology and its applications.
This robust growth trajectory of the North America Insurance Telematics market exemplifies how technology continues to reshape industries, innovate upon traditional business models, and offer consumers and companies alike new levels of efficiency and personalization. The market's potential and continuous evolution position it as a critical dock in the vast ocean of technological progress within the insurance and automotive sectors.
A selection of companies mentioned in this report includes, but is not limited to:
- Towergate Insurance
- Unipolsai Assicurazioni SpA
- Octo Telematics SpA
- Drive Quant
- IMERTIK Global Inc.
- AXA S.A.
- The Floow Limited
- LexisNexis Risks Solutions
- Vodafone Automotive SpA
- Viasat Group
- Cambridge Mobile Telematics
- AllState Insurance Co.
- State Farm Mutual Automobile Insurance Company
- Allianz PLC
For more information about this report visit https://www.researchandmarkets.com/r/p2xsx8
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