New York, Aug. 26, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Usage-Based Insurance Global Market Report 2021: COVID-19 Implications And Growth” – https://www.reportlinker.com/p06130535/?utm_source=GNW
, Modus Group LLC, Octo Group, Safeco Insurance, State Farm Automobile Mutual Insurance Company, and TrueMotion Inc.
The global usage-based insurance (UBI) market is expected to grow from $34.53 billion in 2020 to $43.31 billion in 2021 at a compound annual growth rate (CAGR) of 25.4%. The change in growth trend can be attributed to the growing demand from the end-user industry. The market is expected to reach $104.79 billion in 2025 at a CAGR of 24.7%.
The usage-based insurance (UBI) market consists of sales of usage-based insurance services by entities (organizations, sole traders, and partnerships) that provide auto insurance services by placing monitoring devices in the vehicle. UBI is…