European Connected Auto Insurance Study

Will connected cars dominate the European auto insurance industry?

Due to the forward-thinking nature of countries such as Italy, that launched the first black box-based UBI programmes nearly 20 years ago, UBI is far from a new concept in Europe. Furthermore, by 2030, line-fitted hardware is expected to account for more active policies than OBDII devices. Manufacturers such as Ford and Stellantis are already offering programmes in the European market and have amassed respectable policy volumes (i.e. >50,000) very early on.

Therefore it is ironic that, whilst Tesla are seeking to take insurance in-house and base premiums on proprietary actuarial modelling, in the UK – for example – Tesla is already known for offering connected insurance, albeit via By Miles.

This report covers 15 countries within all regions leading the global connected auto insurance industry

PTOLEMUS Consulting Group’s European Connected Auto Insurance Global Study is the European regional cut of our market-leading 4th edition of our market-leading series of global studies investigating the usage-based insurance industry.

It provides an unparalleled analysis of the current state of the European UBI industry, as well as insight into how the use of connected car data will increase over the next 10 years, and how much market share aftermarket device types will lose as a result.

In 2021, the market for European connected auto insurance represents 11.5 million active policies across all types of distribution models and technologies, generating €4.3 billion in premiums. We expect that the increasing ease and lowering costs of data collection will allow European UBI-based policies to grow to over 47 million across the European region by 2030. As a result, European UBI premiums are expected to surpass €15 billion by 2030.

The European Connected Auto Insurance Global Study includes:

• A 567-page analysis of the connected auto insurance industry by technology, distribution model and country
• A comprehensive review of the latest trends and developments for European UBI
• Case studies of how OEMs and Insurtechs are gaining a foothold in the industry
• Profiles and rankings of the top insurance companies and TSPs
• Profiles of the top 8 countries leading the European connected insurance industry
• A strategy analysis and assessment of the 4 key routes OEMs are using to enter the connected insurance market
• Regional-level forecasts from 2020-2030, including:
  • Active policies, by device type
  • Total premiums, by device type
  • TSP revenue forecasts

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