Europe and North America Insurance Telematics Market Report 2022-2025

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Apr 27, 2022, 11:00 ET

DUBLIN, April 27, 2022 /PRNewswire/ -- The "Insurance Telematics in Europe and North America - 6th Edition" report has been added to ResearchAndMarkets.com's offering.

What are the latest trends in the Insurance telematics market? The report estimates that the total number of insurance telematics policies in force in the European market reached 16.2 million at the end of 2021. Growing at a compound annual growth rate of 21.5 percent, the number of active insurance telematics policies in Europe is estimated to reach 35.1 million by 2025.

In North America, the total number of insurance telematics policies in force is forecasted to increase from an estimated 21.7 million policies at the end of 2021 to reach 49.0 million policies by 2025.

The integration of telematics technology constitutes the latest revolution in the automotive insurance industry. The concept of telematics is a portmanteau of telecommunications - long-distance communications - and informatics - the science of information. Telematics in general thus refers to the collection of information related to remote objects such as vehicles via telecommunications networks.

The introduction of telematics technology in the context of automotive insurance is commonly referred to as usage-based insurance (UBI) or insurance telematics. Solutions of this type generally enable automotive insurers to improve pricing mechanisms based on actual driving data, gain better control of claims and differentiate their offerings to current and prospective policyholders. Variants of insurance telematics that have been popularised over the years include behavior-based pricing models such as Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), and Manage-How-You-Drive (MHYD).

The addressable market for insurance telematics is significant. A total of around 317 million vehicles were in use in the EU22+3 in 2019, including over 277 million passenger cars. In North America, an estimated total of around 293 million vehicles were in use in 2019, out of which passenger cars and light trucks are estimated to represent around 277 million vehicles.

Some kind of basic automotive insurance is mandatory in most developed countries and there are in addition several 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 over € 142.3 billion in 2019. The equivalent number for North America was US$ 253.2 billion (€ 226.2 billion) in 2019.

The insurance telematics market is currently in a phase of strong growth which is expected to accelerate in the coming years. 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 report estimates that the total number of insurance telematics policies in force in the European market reached 13.1 million at the end of 2020. Growing at a compound annual growth rate of 21.7 percent, the number of insurance telematics policies in force in Europe is estimated to reach 35.1 million by 2025. In North America, the total number of insurance telematics policies in force is forecasted to increase from an estimated 16.7 million policies at the end of 2020 to reach 49.0 million policies by 2025, representing a compound annual growth rate of 24.0 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 dongles. The several US and Canadian insurers have during the recent year 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 9.7 million and 1.3 million policies respectively. The market in Germany has grown considerably during 2020 and reached about 0.7 million telematics policies. Uptake on all other markets is considerably lower, with between 120,000 and 440,000 policies in Spain, France, Benelux as well as Central and Eastern Europe.

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 67 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 2025

Key Topics Covered:

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 Uses A Variety Of Sensors For Gathering Of Telematics Data
Aviva Chooses Device-Based Telematics in The Uk
Ingenie Targets Drivers in The 17- To 44-Year-Old Age Bracket
IMS Expands Carrot Insurance's Platform To North America
Marmalade Targets Young Drivers
RSA Offers UBI Via More Than Smart Wheels and 123Go
Be Wiser Offers Drive Wiser PHYD Insurance in The UK Based On Coverbox
Abbeyautoline (Prestige) Offers Chillidrive Powered By Inzura
By Miles Offers Payd Using Aftermarket OBD Devices and OEM Telematics
Calamp Invests in The Insurance Marketplace
Stellantis' Psa Group Offers UBI in The UK, Belgium, and France
Mercedes-Benz Offers UBI in Four European Countries
Huk-Coburg Relaunched Telematik Plus in 2019
Vhv'S Telematik Garant Switched To A Mobile-Based Telematics Solution
German Insurer Signal Iduna Launches UBI Based On A Smartphone App
Emil Powers Pay-Per-Mile Telematics Products in Germany
Devk Implements Dolphin Technologies in Its App-Based Telematics Offering
Uniqa Safeline Powered By Dolphin Technologies Focuses On Safety
Groupama Offers Insurance Telematics in Multiple Countries
Risk Has Launched Several Insurance Telematics Products in The Netherlands
Mapfre Provides Insurance Telematics Products in Spain and The US
Osa and Sparkassen Versicherung Offer E-call Services in Germany
Gdv Launches Ecall Service With 46 Participating German Insurers
Zavarovalnica Triglav Brings UBI To Slovenia
Pzu Group and Link4 Offer Telematics Programs in Poland
Cherrisk Rewards Safe Driving
Hdi Global Has Launched Diamonddrive in Germany
Zurich Invested in The UK Telematics Insurance Provider Mypolicy in 2021
If Insurance Has Long Experience Of Telematics in The Nordics
Paydrive Leverages Aftermarket and OEM Telematics For UBI
Vis Pioneers Telematics Insurance in Iceland

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
Esurance Offers Drivesense in 37 US States
Allstate'S Subsidiary Arity Expands Its Offering To External Customers
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, Smartphone, and OEM Telematics Data
Farmers Offers Mobile-Based Insurance Telematics From Driveway Software
Travelers Offers Smartphone-Based UBI
Geico Offers A Smartphone-Based Telematics Program in Select US States
Toyota Insurance Management Solutions Offers UBI in The US
CAA Offers Myspace and Connect Powered By Octo Telematics
Root Insurance Is A Smartphone-Based Insurance Company
Usaa Enhances Insurance Offering By Acquiring UBI Focused Noble
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
Trov Offers Mobility Insurance Solutions Built On Sentiance's Platform
True Mileage Uses NFC and Works With Ohio Mutual Insurance Group
State Auto Has A Broad Telematics Portfolio Focusing On Both UBI and Claims
Ford, Hyundai, Honda, and Gm Join Verisk Telematics Data Exchange
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
HDVI Pioneers Telematics UBI For Fleets Of Semi Trailer Trucks
Tesla Launches Its Own Telematics Insurance Brokerage in Texas and Illinois
Pouch and Mojio Partner To Offer Fleet Insurance To Small Businesses

Future Industry Trends

Continued Broadening Of The Insurance Telematics Concept Is Expected
Insurers Will Embrace Both UBI and Claims-Related Insurance Telematics
Form Factor Shift To Favour Mobile Devices
Connected Cars Pave The Way For Mass-Marketisation Of Insurance Telematics
New Data Exchanges Expected To Make OEM Data Available To Small Insurers
Fleet Insurance Telematics To Disrupt The Fleet Tracking Market
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 Are Resurging
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 Bet On Insurance Telematics

Company Profiles

Agero
Amodo
Autoliv
Azuga
Baseline Telematics
Bosch Connected Devices and Solutions
Calamp
Cambridge Mobile Telematics
Ccc Information Services
Clearscore
Dolphin Technologies
Earnix
Fairconnect (Drivequant)
Greater Than
Ims (Trak Global Group)
Ingenie Business
Insure Telematics Solutions
Inzura
Lexisnexis Risk Solutions
Meta System
Modus
Motix Connected
Munic Car Data
Octo Telematics
Oseven Telematics
Quartix
Redtail Telematics
Scope Technology
Sentiance
Swiss Re
Targa Telematics
Telematics Technologies
The Floow
Trakm8
Verisk Analytics
Viasat Group
Vodafone Automotive
Webfleet Solutions
Zendrive

For more information about this report visit https://www.researchandmarkets.com/r/jb31vf

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