Usage Based Insurance Market to Expand Significantly by 2032
Usage Based Insurance Market Outlook: Global Usage Based Insurance Market size and share is currently valued at USD 34.26 billion in 2024 and is anticipated to generate an estimated revenue of USD 154.89 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 20.8% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024 - 2032 Introduction The global Usage-Based Insurance (UBI) market is witnessing significant growth, as more consumers and businesses alike recognize the value of personalized insurance models. Unlike traditional insurance policies, UBI allows customers to pay premiums based on their actual usage or behavior, which can lead to cost savings, greater transparency, and more tailored coverage. This market is being driven by technological advancements, particularly in telematics, data analytics, and mobile applications, all of which enable insurance companies...