Europe and North America Insurance Telematics Market Report 2022-2025

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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