Latin American Connected Auto Insurance Study
Will connected cars dominate the auto insurance industry in Latin America?
PTOLEMUS has found that aftermarket devices will continue to hold a significant global marketshare for the next 5 years, but PTOLEMUS expects the share of black boxes, cigarette-lighter adaptor, dash cameras and OBD dongles globally to decline by 2030.
That is not to say that the future will be OEM data only. Indeed, PTOLEMUS also found that the growth in smartphone-based programmes will continue in Latin America, especially mileage-based insurance.
This can be attributed in part to insurers seeking to provide low-cost flexible insurance options to sub-prime market segments, that would wish to have the security of an insurance policy, which not have the resources to afford fixed annual cover.
Critically however, the biggest strength of smartphone insurance comes from its ability to connect with the consumer in a way that no other aftermarket device can offer.
The report covers the Latin American region including Mexico and the Caribbean islands
PTOLEMUS Consulting Group’s Latin American Connected Auto Insurance Global Study is the Latin American 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 Latin American 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.
Today, the market for LATAM connected auto insurance represents 530,000 active policies across all types of distribution models and technologies, generating €74 million in premiums. However, we expect that the increasing ease and lowering costs of data collection will allow UBI-based policies to grow to nearly 7 million across the Latin American region. As a result, LATAM UBI premiums are expected to surpass €970 million by 2030.
The Latin American Connected Auto Insurance Global Study includes:
- A 404-page analysis of the connected auto insurance industry by technology, distribution model and country
- A comprehensive review of the latest trends and developments for Latin American 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
- 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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