Global Insurance Providers Market Report 2022: Pay-as-you-Drive (PAYD) and Pay-how-you-Drive (PHYD) Services are Growing Rapidly in Europe, Asia and America - ResearchAndMarkets.com
The "Insurance Providers Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global insurance providers market is expected to grow from $5,171.65 billion in 2021 to $5,530.65 billion in 2022 at a compound annual growth rate (CAGR) of 6.9%. The market is expected to grow to $6,849.64 billion in 2026 at a compound annual growth rate (CAGR) of 5.5%.
North America was the largest region in the insurance providers market in 2021. Asia Pacific was the second-largest region in the insurance providers market. Eastern Europe was the smallest region in the global insurance providers market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
UBI, which allows Insurance Providers to vary premiums depending on the behavior of consumers, is gaining traction amongst auto insurers. In particular, it is used in vehicle insurance based on the vehicle usage and driving behavior of drivers. The popularity of UBI is driven by the increased use of smartphones with features such as Global Positioning System (GPS), accelerometers, and g-force tracking, which can be used to substitute telematics devices with mobile apps.
Under UBI, auto insurers are offering pay-as-you-drive (PAYD) and pay how you drive (PHYD) services. While PAYD insurance premium is calculated based on the distance covered by a vehicle, PHYD insurance premium is calculated based on the driving behavior of insured consumers. UBI is rapidly growing in regions such as Europe, Asia, and America. According to a report by EY, the global market penetration of UBI services increased by 15% in 2020.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends nd strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider insurance providers market, and compares it with other markets.
Subsegments Covered: Term Life Insurance; Whole Life Insurance; Variable Life Insurance; Equity Indexed Life Insurance; Accidental Death Insurance; Other Life Insurance; Automobile Insurance Carriers; Malpractice/Indemnity Insurance Carriers; Fidelity Insurance Carriers; Mortgage Guaranty Insurance Carriers; Homeowners Insurance Carriers; Surety Insurance Carriers; Liability Insurance Carriers; Hospitalization Insurance; Hospital Daily Cash Benefit Insurance; Critical Illness Insurance; Domiciliary Insurance; Others - Health & Medical Insurance Providers
Metrics Covered: Number of Enterprises; Number of Employees
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita, insurance providers indicators comparison.
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
For more information about this report visit https://www.researchandmarkets.com/r/fhml46
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