The usage-based insurance (UBI) market is expected to grow at a compound annual growth rate of more than 17% between 2018 and 2024, according to a new report by consulting firm Global Market Insights.
One of the major factors driving the growth is the increased production of vehicles embedded with telematics or using external tracking systems to capture data about vehicle health and driver behaviour, according to Global Market Insights. The systems allow insurance companies to calculate premiums for clients in accordance with the usage rate of the vehicle and the behaviour of the driver.
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