The global market for automotive usage-based insurance (UBI) is estimated to have been valued at USD 40.3 billion in 2023, with a projected growth to USD 95.7 billion by 2030, reflecting a robust CAGR of 18.8% during the forecast period.
Key drivers of this growth include the rapid evolution of telematics techniques and increasing government regulations related to telematics. These trends are expected to significantly bolster the global automotive usage-based insurance (UBI) market. The ongoing technological advancements in telematics are enabling closer monitoring of the behavior of automotive insurance customers. This technique allows insurance providers to gain a more accurate understanding of their clients’ driving habits, enabling them to offer personalized and more accurate insurance coverage.
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