North American Connected Auto Insurance Study
Will connected cars dominate the auto insurance industry in North America?
Elon Musk recently tweeted Tesla’s intent to launch a UBI product in Texas in October, citing why, with the stream of “actual driving data”, Tesla was best placed to price insurance premiums for its customers. For once, however, this announcement is not so “avant-garde” and in fact represents the tip of the iceberg for the insurance industry.
Since 2017, the growth of connected car insurance programmes has been outpacing insurance based on aftermarket devices. PTOLEMUS’ research identified that at least 13 global OEMs have launched telematics insurance programmes in the last two years, all of which use the car’s built-in connectivity without the need for additional aftermarket hardware.
This report covers the top 2 countries leading the North American connected insurance industry
PTOLEMUS Consulting Group’s North American Connected Auto Insurance Study is the North American regional cut 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 North 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.
In 2021, the North American market for connected auto insurance represents 14 million active policies across all types of distribution models and technologies, generating €15 billion in premiums. We expect that the increasing ease and lowering costs of data collection will allow UBI-based policies to grow to 57 million across the NORAM region. As a result, global UBI premiums are expected to surpass €67 billion by 2030.
The North American Connected Auto Insurance Global Study includes:
- A 496-page analysis of the connected auto insurance industry by technology, distribution model and country
- A comprehensive review of the latest trends and developments for North 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
- Profiles of the top 2 countries leading the North American connected insurance industry
- A strategy analysis and assessment of the 4 key routes OEMs are using to enter the connected insurance market
- Regional- and country-level forecasts from 2020-2030, including:
- Active policies, by device type
- Total premiums, by device type
- TSP revenue forecasts