Portland, OR, June 20, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the Asia-Pacific usage-based insurance market generated $5.64 billion in 2020, and is projected to reach $64.29 billion by 2030, growing at a CAGR of 27.6% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Significant surge in the adoption of usage-based insurance among end users, availability of accurate and timely data collection methods and flexible insurance premiums, and increase in the adoption of advanced technologies such as smartphone-based UBI & hybrid-based UBI are expected to drive the growth of the Asia-Pacific usage-based insurance market. On the other hand, high installation cost of telematics and various data security issues are expected to hamper the growth to some extent. However, increase in concerns regarding driver’s safety across the globe are expected to create ample opportunities for the industry.
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COVID-19 Scenario
- The outbreak of COVID-19 has had a positive impact on the growth of the Asia-Pacific usage-based insurance market, owing to the occurrence of lockdowns in various countries across the globe. The usage of public transportation for…
