The Europe Usage-based insurance Market would witness market growth of 25.3% CAGR during the forecast period (2023-2030).
The insurance industry has undergone a transformative shift in recent years, propelled by technological advancements, data analytics, and consumer behavior. One of the most notable developments within this landscape is the rise of this Insurance. UBI represents a departure from traditional insurance models, offering a personalized and dynamic approach to risk assessment. This paradigm shift is driven by integrating telematics, IoT (Internet of Things), and artificial intelligence, allowing insurers to gather real-time data on policyholders' behaviors and usage patterns.
The UBI model has transcended its automotive origins and penetrated the health and life insurance sectors. Wearable devices and health trackers provide insurers with real-time insights into policyholders' lifestyles, promoting healthier choices and allowing for more accurate risk assessment. In life insurance, policyholders can benefit from premium adjustments based on their adherence to healthier lifestyles, ultimately creating a mutually beneficial relationship between insurers and the insured. In property and casualty insurance, UBI applications have emerged to monitor and mitigate risks associated with property usage. Smart home devices, monitored through IoT technology, enable insurers to assess fire, theft, and environmental risks. This proactive approach reduces the likelihood of claims and allows for more precise premium calculations based on the actual risk exposure of each policyholder.
According to the UK government's Office for National Statistics, people's median disposable income reached £32,300. In contrast to a longer-term gain of 1.7% per year over the ten years preceding 2022 (FYE 2013 to FYE 2022), the median household disposable income climbed by an average of 0.7% per year between FYE 2020 and FYE 2022. UBI allows for more personalized insurance rates based on individual driving habits. As disposable income grows, consumers may prioritize customization and seek ways to optimize their spending, making UBI a compelling option. The potential cost savings based on safe driving habits can be particularly appealing. Due to the aforementioned factors the market growth will drive in this region.
The Germany market dominated the Europe Usage-Based Insurance Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $10,185.1 Million by 2030. The UK market is exhibiting a CAGR of 24.2% during (2023 - 2030). Additionally, The France market would experience a CAGR of 26.2% during (2023 - 2030).
Free Valuable Insights: The Global Usage-Based Insurance Market will Hit $161.5 Billion by 2030, at a CAGR of 25.5%
Based on Vehicle Age, the market is segmented into New Vehicles, and Used Vehicles. Based on Policy, the market is segmented into Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), and Manage-How-You-Drive (MHYD). Based on Vehicle Type, the market is segmented into Light-Duty Vehicle (LDV), and Heavy-Duty Vehicle (HDV). Based on Technology, the market is segmented into Black Box, OBD (On-Board Diagnostics)-II, Smartphone, and Hybrid. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
List of Key Companies Profiled
- Liberty Mutual Holding Company Inc.
- Allstate Insurance Company
- MAPFRE RE, COMPAÑÍA DE REASEGUROS, S.A. (Cartera Mapfre, S.L.)
- The Progressive Corporation
- Nationwide Mutual Insurance Company
- MS&AD Insurance Group Holdings, Inc.
- Tesla, Inc.
- Hyundai Motor Company
- Octo Telematics S.p.A. (Renova Group)
- Zubie, Inc.
Europe Usage-Based Insurance Market Report Segmentation
By Vehicle Age
- New Vehicles
- Used Vehicles
By Policy
- Pay-As-You-Drive (PAYD)
- Pay-How-You-Drive (PHYD)
- Manage-How-You-Drive (MHYD)
By Vehicle Type
- Light-Duty Vehicle (LDV)
- Heavy-Duty Vehicle (HDV)
By Technology
- Black Box
- OBD (On-Board Diagnostics)-II
- Smartphone
- Hybrid
By Country
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Europe Usage-Based Insurance Market, by Vehicle Age
1.4.2 Europe Usage-Based Insurance Market, by Policy
1.4.3 Europe Usage-Based Insurance Market, by Vehicle Type
1.4.4 Europe Usage-Based Insurance Market, by Technology
1.4.5 Europe Usage-Based Insurance Market, by Country
1.5 Methodology for the research
Chapter 2. Market at a Glance
2.1 Key Highlights
Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Restraints
3.2.3 Market Opportunities
3.2.4 Market Challenges
Chapter 4. Competition Analysis - Global
4.1 KBV Cardinal Matrix
4.2 Recent Industry Wide Strategic Developments
4.2.1 Partnerships, Collaborations and Agreements
4.2.2 Product Launches and Product Expansions
4.2.3 Acquisition and Mergers
4.3 Top Winning Strategies
4.3.1 Key Leading Strategies: Percentage Distribution (2019-2023)
4.3.2 Key Strategic Move: (Partnerships, Collaborations & Agreements: 2020, Feb– 2023, Oct) Leading Players
4.4 Porter Five Forces Analysis
Chapter 5. Europe Usage-Based Insurance Market by Vehicle Age
5.1 Europe New Vehicles Market by Country
5.2 Europe Used Vehicles Market by Country
Chapter 6. Europe Usage-Based Insurance Market by Policy
6.1 Europe Pay-As-You-Drive (PAYD) Market by Country
6.2 Europe Pay-How-You-Drive (PHYD) Market by Country
6.3 Europe Manage-How-You-Drive (MHYD) Market by Country
Chapter 7. Europe Usage-Based Insurance Market by Vehicle Type
7.1 Europe Light-Duty Vehicle (LDV) Market by Country
7.2 Europe Heavy-Duty Vehicle (HDV) Market by Country
Chapter 8. Europe Usage-Based Insurance Market by Technology
8.1 Europe Black Box Market by Country
8.2 Europe OBD (On-Board Diagnostics)-II Market by Country
8.3 Europe Smartphone Market by Country
8.4 Europe Hybrid Market by Country
Chapter 9. Europe Usage-Based Insurance Market by Country
9.1 Germany Usage-Based Insurance Market
9.1.1 Germany Usage-Based Insurance Market by Vehicle Age
9.1.2 Germany Usage-Based Insurance Market by Policy
9.1.3 Germany Usage-Based Insurance Market by Vehicle Type
9.1.4 Germany Usage-Based Insurance Market by Technology
9.2 UK Usage-Based Insurance Market
9.2.1 UK Usage-Based Insurance Market by Vehicle Age
9.2.2 UK Usage-Based Insurance Market by Policy
9.2.3 UK Usage-Based Insurance Market by Vehicle Type
9.2.4 UK Usage-Based Insurance Market by Technology
9.3 France Usage-Based Insurance Market
9.3.1 France Usage-Based Insurance Market by Vehicle Age
9.3.2 France Usage-Based Insurance Market by Policy
9.3.3 France Usage-Based Insurance Market by Vehicle Type
9.3.4 France Usage-Based Insurance Market by Technology
9.4 Russia Usage-Based Insurance Market
9.4.1 Russia Usage-Based Insurance Market by Vehicle Age
9.4.2 Russia Usage-Based Insurance Market by Policy
9.4.3 Russia Usage-Based Insurance Market by Vehicle Type
9.4.4 Russia Usage-Based Insurance Market by Technology
9.5 Spain Usage-Based Insurance Market
9.5.1 Spain Usage-Based Insurance Market by Vehicle Age
9.5.2 Spain Usage-Based Insurance Market by Policy
9.5.3 Spain Usage-Based Insurance Market by Vehicle Type
9.5.4 Spain Usage-Based Insurance Market by Technology
9.6 Italy Usage-Based Insurance Market
9.6.1 Italy Usage-Based Insurance Market by Vehicle Age
9.6.2 Italy Usage-Based Insurance Market by Policy
9.6.3 Italy Usage-Based Insurance Market by Vehicle Type
9.6.4 Italy Usage-Based Insurance Market by Technology
9.7 Rest of Europe Usage-Based Insurance Market
9.7.1 Rest of Europe Usage-Based Insurance Market by Vehicle Age
9.7.2 Rest of Europe Usage-Based Insurance Market by Policy
9.7.3 Rest of Europe Usage-Based Insurance Market by Vehicle Type
9.7.4 Rest of Europe Usage-Based Insurance Market by Technology
Chapter 10. Company Profiles
10.1 Liberty Mutual Holding Company Inc.
10.1.1 Company Overview
10.1.2 Financial Analysis
10.1.3 Recent strategies and developments:
10.1.3.1 Partnerships, Collaborations, and Agreements:
10.1.3.2 Acquisition and Mergers:
10.2 MAPFRE RE, Compañía De Reaseguros, S.A. (Cartera Mapfre, S.L.)
10.2.1 Company Overview
10.2.2 Financial Analysis
10.2.3 Recent strategies and developments:
10.2.3.1 Partnerships, Collaborations, and Agreements:
10.2.3.2 Product Launches and Product Expansions:
10.2.3.3 Acquisition and Mergers:
10.3 MS&AD Insurance Group Holdings, Inc.
10.3.1 Company Overview
10.3.2 Financial Analysis
10.4 Octo Telematics S.p.A. (Renova Group)
10.4.1 Company Overview
10.4.2 Recent strategies and developments:
10.4.2.1 Partnerships, Collaborations, and Agreements:
10.4.2.2 Product Launches and Product Expansions:
10.5 Zubie, Inc.
10.5.1 Company Overview
10.6 Allstate Insurance Company
10.6.1 Company Overview
10.6.2 Recent strategies and developments:
10.6.2.1 Partnerships, Collaborations, and Agreements:
10.6.3 SWOT Analysis
10.7 The Progressive Corporation
10.7.1 Company Overview
10.7.2 Financial Analysis
10.7.3 Recent strategies and developments:
10.7.3.1 Partnerships, Collaborations, and Agreements:
10.7.3.2 Product Launches and Product Expansions:
10.7.3.3 Acquisition and Mergers:
10.7.4 SWOT Analysis
10.8 Tesla, Inc.
10.8.1 Company Overview
10.8.2 Financial Analysis
10.8.3 Segmental and Regional Analysis
10.8.4 Research & Development Expense
10.8.5 Recent strategies and developments:
10.8.5.1 Product launches and Product expansions:
10.8.6 SWOT Analysis
10.9 Hyundai Motor Company
10.9.1 Company Overview
10.9.2 Financial Analysis
10.9.3 Segmental and Regional Analysis
10.9.4 Research & Development Expense
10.9.5 Recent strategies and developments:
10.9.5.1 Product launches and Product expansions:
10.10. Nationwide Mutual Insurance Company
10.10.1 Company Overview
10.10.2 Recent strategies and developments:
10.10.2.1 Partnerships, Collaborations, and Agreements:
10.10.2.2 Acquisition and Mergers:
TABLE 1 Europe Usage-Based Insurance Market, 2019 - 2022, USD Million
TABLE 2 Europe Usage-Based Insurance Market, 2023 - 2030, USD Million
TABLE 3 Partnerships, Collaborations and Agreements– Usage-Based Insurance Market
TABLE 4 Product Launches And Product Expansions– Usage-Based Insurance Market
TABLE 5 Acquisition and Mergers– Usage-Based Insurance Market
TABLE 6 Europe Usage-Based Insurance Market by Vehicle Age, 2019 - 2022, USD Million
TABLE 7 Europe Usage-Based Insurance Market by Vehicle Age, 2023 - 2030, USD Million
TABLE 8 Europe New Vehicles Market by Country, 2019 - 2022, USD Million
TABLE 9 Europe New Vehicles Market by Country, 2023 - 2030, USD Million
TABLE 10 Europe Used Vehicles Market by Country, 2019 - 2022, USD Million
TABLE 11 Europe Used Vehicles Market by Country, 2023 - 2030, USD Million
TABLE 12 Europe Usage-Based Insurance Market by Policy, 2019 - 2022, USD Million
TABLE 13 Europe Usage-Based Insurance Market by Policy, 2023 - 2030, USD Million
TABLE 14 Europe Pay-As-You-Drive (PAYD) Market by Country, 2019 - 2022, USD Million
TABLE 15 Europe Pay-As-You-Drive (PAYD) Market by Country, 2023 - 2030, USD Million
TABLE 16 Europe Pay-How-You-Drive (PHYD) Market by Country, 2019 - 2022, USD Million
TABLE 17 Europe Pay-How-You-Drive (PHYD) Market by Country, 2023 - 2030, USD Million
TABLE 18 Europe Manage-How-You-Drive (MHYD) Market by Country, 2019 - 2022, USD Million
TABLE 19 Europe Manage-How-You-Drive (MHYD) Market by Country, 2023 - 2030, USD Million
TABLE 20 Europe Usage-Based Insurance Market by Vehicle Type, 2019 - 2022, USD Million
TABLE 21 Europe Usage-Based Insurance Market by Vehicle Type, 2023 - 2030, USD Million
TABLE 22 Europe Light-Duty Vehicle (LDV) Market by Country, 2019 - 2022, USD Million
TABLE 23 Europe Light-Duty Vehicle (LDV) Market by Country, 2023 - 2030, USD Million
TABLE 24 Europe Heavy-Duty Vehicle (HDV) Market by Country, 2019 - 2022, USD Million
TABLE 25 Europe Heavy-Duty Vehicle (HDV) Market by Country, 2023 - 2030, USD Million
TABLE 26 Europe Usage-Based Insurance Market by Technology, 2019 - 2022, USD Million
TABLE 27 Europe Usage-Based Insurance Market by Technology, 2023 - 2030, USD Million
TABLE 28 Europe Black Box Market by Country, 2019 - 2022, USD Million
TABLE 29 Europe Black Box Market by Country, 2023 - 2030, USD Million
TABLE 30 Europe OBD (On-Board Diagnostics)-II Market by Country, 2019 - 2022, USD Million
TABLE 31 Europe OBD (On-Board Diagnostics)-II Market by Country, 2023 - 2030, USD Million
TABLE 32 Europe Smartphone Market by Country, 2019 - 2022, USD Million
TABLE 33 Europe Smartphone Market by Country, 2023 - 2030, USD Million
TABLE 34 Europe Hybrid Market by Country, 2019 - 2022, USD Million
TABLE 35 Europe Hybrid Market by Country, 2023 - 2030, USD Million
TABLE 36 Europe Usage-Based Insurance Market by Country, 2019 - 2022, USD Million
TABLE 37 Europe Usage-Based Insurance Market by Country, 2023 - 2030, USD Million
TABLE 38 Germany Usage-Based Insurance Market, 2019 - 2022, USD Million
TABLE 39 Germany Usage-Based Insurance Market, 2023 - 2030, USD Million
TABLE 40 Germany Usage-Based Insurance Market by Vehicle Age, 2019 - 2022, USD Million
TABLE 41 Germany Usage-Based Insurance Market by Vehicle Age, 2023 - 2030, USD Million
TABLE 42 Germany Usage-Based Insurance Market by Policy, 2019 - 2022, USD Million
TABLE 43 Germany Usage-Based Insurance Market by Policy, 2023 - 2030, USD Million
TABLE 44 Germany Usage-Based Insurance Market by Vehicle Type, 2019 - 2022, USD Million
TABLE 45 Germany Usage-Based Insurance Market by Vehicle Type, 2023 - 2030, USD Million
TABLE 46 Germany Usage-Based Insurance Market by Technology, 2019 - 2022, USD Million
TABLE 47 Germany Usage-Based Insurance Market by Technology, 2023 - 2030, USD Million
TABLE 48 UK Usage-Based Insurance Market, 2019 - 2022, USD Million
TABLE 49 UK Usage-Based Insurance Market, 2023 - 2030, USD Million
TABLE 50 UK Usage-Based Insurance Market by Vehicle Age, 2019 - 2022, USD Million
TABLE 51 UK Usage-Based Insurance Market by Vehicle Age, 2023 - 2030, USD Million
TABLE 52 UK Usage-Based Insurance Market by Policy, 2019 - 2022, USD Million
TABLE 53 UK Usage-Based Insurance Market by Policy, 2023 - 2030, USD Million
TABLE 54 UK Usage-Based Insurance Market by Vehicle Type, 2019 - 2022, USD Million
TABLE 55 UK Usage-Based Insurance Market by Vehicle Type, 2023 - 2030, USD Million
TABLE 56 UK Usage-Based Insurance Market by Technology, 2019 - 2022, USD Million
TABLE 57 UK Usage-Based Insurance Market by Technology, 2023 - 2030, USD Million
TABLE 58 France Usage-Based Insurance Market, 2019 - 2022, USD Million
TABLE 59 France Usage-Based Insurance Market, 2023 - 2030, USD Million
TABLE 60 France Usage-Based Insurance Market by Vehicle Age, 2019 - 2022, USD Million
TABLE 61 France Usage-Based Insurance Market by Vehicle Age, 2023 - 2030, USD Million
TABLE 62 France Usage-Based Insurance Market by Policy, 2019 - 2022, USD Million
TABLE 63 France Usage-Based Insurance Market by Policy, 2023 - 2030, USD Million
TABLE 64 France Usage-Based Insurance Market by Vehicle Type, 2019 - 2022, USD Million
TABLE 65 France Usage-Based Insurance Market by Vehicle Type, 2023 - 2030, USD Million
TABLE 66 France Usage-Based Insurance Market by Technology, 2019 - 2022, USD Million
TABLE 67 France Usage-Based Insurance Market by Technology, 2023 - 2030, USD Million
TABLE 68 Russia Usage-Based Insurance Market, 2019 - 2022, USD Million
TABLE 69 Russia Usage-Based Insurance Market, 2023 - 2030, USD Million
TABLE 70 Russia Usage-Based Insurance Market by Vehicle Age, 2019 - 2022, USD Million
TABLE 71 Russia Usage-Based Insurance Market by Vehicle Age, 2023 - 2030, USD Million
TABLE 72 Russia Usage-Based Insurance Market by Policy, 2019 - 2022, USD Million
TABLE 73 Russia Usage-Based Insurance Market by Policy, 2023 - 2030, USD Million
TABLE 74 Russia Usage-Based Insurance Market by Vehicle Type, 2019 - 2022, USD Million
TABLE 75 Russia Usage-Based Insurance Market by Vehicle Type, 2023 - 2030, USD Million
TABLE 76 Russia Usage-Based Insurance Market by Technology, 2019 - 2022, USD Million
TABLE 77 Russia Usage-Based Insurance Market by Technology, 2023 - 2030, USD Million
TABLE 78 Spain Usage-Based Insurance Market, 2019 - 2022, USD Million
TABLE 79 Spain Usage-Based Insurance Market, 2023 - 2030, USD Million
TABLE 80 Spain Usage-Based Insurance Market by Vehicle Age, 2019 - 2022, USD Million
TABLE 81 Spain Usage-Based Insurance Market by Vehicle Age, 2023 - 2030, USD Million
TABLE 82 Spain Usage-Based Insurance Market by Policy, 2019 - 2022, USD Million
TABLE 83 Spain Usage-Based Insurance Market by Policy, 2023 - 2030, USD Million
TABLE 84 Spain Usage-Based Insurance Market by Vehicle Type, 2019 - 2022, USD Million
TABLE 85 Spain Usage-Based Insurance Market by Vehicle Type, 2023 - 2030, USD Million
TABLE 86 Spain Usage-Based Insurance Market by Technology, 2019 - 2022, USD Million
TABLE 87 Spain Usage-Based Insurance Market by Technology, 2023 - 2030, USD Million
TABLE 88 Italy Usage-Based Insurance Market, 2019 - 2022, USD Million
TABLE 89 Italy Usage-Based Insurance Market, 2023 - 2030, USD Million
TABLE 90 Italy Usage-Based Insurance Market by Vehicle Age, 2019 - 2022, USD Million
TABLE 91 Italy Usage-Based Insurance Market by Vehicle Age, 2023 - 2030, USD Million
TABLE 92 Italy Usage-Based Insurance Market by Policy, 2019 - 2022, USD Million
TABLE 93 Italy Usage-Based Insurance Market by Policy, 2023 - 2030, USD Million
TABLE 94 Italy Usage-Based Insurance Market by Vehicle Type, 2019 - 2022, USD Million
TABLE 95 Italy Usage-Based Insurance Market by Vehicle Type, 2023 - 2030, USD Million
TABLE 96 Italy Usage-Based Insurance Market by Technology, 2019 - 2022, USD Million
TABLE 97 Italy Usage-Based Insurance Market by Technology, 2023 - 2030, USD Million
TABLE 98 Rest of Europe Usage-Based Insurance Market, 2019 - 2022, USD Million
TABLE 99 Rest of Europe Usage-Based Insurance Market, 2023 - 2030, USD Million
TABLE 100 Rest of Europe Usage-Based Insurance Market by Vehicle Age, 2019 - 2022, USD Million
TABLE 101 Rest of Europe Usage-Based Insurance Market by Vehicle Age, 2023 - 2030, USD Million
TABLE 102 Rest of Europe Usage-Based Insurance Market by Policy, 2019 - 2022, USD Million
TABLE 103 Rest of Europe Usage-Based Insurance Market by Policy, 2023 - 2030, USD Million
TABLE 104 Rest of Europe Usage-Based Insurance Market by Vehicle Type, 2019 - 2022, USD Million
TABLE 105 Rest of Europe Usage-Based Insurance Market by Vehicle Type, 2023 - 2030, USD Million
TABLE 106 Rest of Europe Usage-Based Insurance Market by Technology, 2019 - 2022, USD Million
TABLE 107 Rest of Europe Usage-Based Insurance Market by Technology, 2023 - 2030, USD Million
TABLE 108 Key Information – Liberty Mutual Holding Company Inc.
TABLE 109 Key Information – MAPFRE RE, Compañía De Reaseguros, S.A.
TABLE 110 Key Information – MS&AD Insurance Group Holdings, Inc.
TABLE 111 Key Information – Octo Telematics S.p.A.
TABLE 112 Key Information – Zubie, Inc.
TABLE 113 Key Information – Allstate Insurance Company
TABLE 114 Key Information – The Progressive Corporation
TABLE 115 key Information – Tesla, Inc.
TABLE 116 key Information – Hyundai Motor Company
TABLE 117 Key Information – Nationwide Mutual Insurance Company
List of Figures
FIG 1 Methodology for the research
FIG 2 Europe Usage-Based Insurance Market, 2019 - 2030, USD Million
FIG 3 Key Factors Impacting Usage-Based Insurance Market
FIG 4 KBV Cardinal Matrix
FIG 5 Key Leading Strategies: Percentage Distribution (2019-2023)
FIG 6 Key Strategic Move: (Partnerships, Collaborations & Agreements: 2020, Feb– 2023, Oct) Leading Players
FIG 7 Porter’s Five Forces Analysis – Usage-Based Insurance Market
FIG 8 Europe Usage-Based Insurance Market share by Vehicle Age, 2022
FIG 9 Europe Usage-Based Insurance Market share by Vehicle Age, 2030
FIG 10 Europe Usage-Based Insurance Market by Vehicle Age, 2019 - 2030, USD Million
FIG 11 Europe Usage-Based Insurance Market share by Policy, 2022
FIG 12 Europe Usage-Based Insurance Market share by Policy, 2030
FIG 13 Europe Usage-Based Insurance Market by Policy, 2019 - 2030, USD Million
FIG 14 Europe Usage-Based Insurance Market share by Vehicle Type, 2022
FIG 15 Europe Usage-Based Insurance Market share by Vehicle Type, 2030
FIG 16 Europe Usage-Based Insurance Market by Vehicle Type, 2019 - 2030, USD Million
FIG 17 Europe Usage-Based Insurance Market share by Technology, 2022
FIG 18 Europe Usage-Based Insurance Market share by Technology, 2030
FIG 19 Europe Usage-Based Insurance Market by Technology, 2019 - 2030, USD Million
FIG 20 Europe Usage-Based Insurance Market share by Country, 2022
FIG 21 Europe Usage-Based Insurance Market share by Country, 2030
FIG 22 Europe Usage-Based Insurance Market by Country, 2019 - 2030, USD Million
FIG 23 Recent strategies and developments: Liberty Mutual Holding Company Inc.
FIG 24 Recent strategies and developments: MAPFRE RE, Compañía De Reaseguros, S.A.
FIG 25 SWOT Analysis: Allstate Insurance Company
FIG 26 Recent strategies and developments: The Progressive Corporation
FIG 27 SWOT Analysis: The Progressive Corporation
FIG 28 SWOT Analysis: Tesla, Inc
FIG 29 Recent strategies and developments: Nationwide Mutual Insurance Company