The usage-based insurance or insurance telematics market is experiencing robust growth, with Europe and North America being the primary regions for these programs and active policies. Berg Insight estimates indicate that there were 12.8 million insurance telematics policies in Europe by the end of 2019. The number of these policies in Europe is expected to grow significantly at a compound annual rate of 28.2%, reaching 44.5 million by 2024. In North America, the number of insurance telematics policies is projected to increase from 14.7 million in 2019 to 53.6 million by 2024, with a compound annual growth rate of 29.6%.
Major insurance providers countries have been actively working with telematics and UBI solutions, with some launching trial programs, like Allianz's 2007 initiative in Europe. With over 13% of our customers being from the automotive sector, we work with telematics and insurance telematics projects globally. Let’s dive deeper into the UBI market, applications, and success stories.