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Asia Pacific usage based insurance market Will Experience A Stunning Growth | Competitor Outlook – Allianz, AXA, Progressive Insurance, Allstate, Allstate Canada, Desjardins, Generali, MAPFRE, Metromile, Aviva

For a powerful business growth, companies must take up market research report service which has become quite vital in this rapidly altering marketplace. This Asia-Pacific usage based insurance report analyzes the market status, growth rate, future trends, market drivers, opportunities, challenges, entry barriers, risks, sales channels, and distributors. This report comprises of a deep knowledge and information on what the market’s definition, classifications, applications, and engagements and also explains the drivers and restraints of the market which is derived from SWOT analysis. Thus Asia-Pacific usage based insurance market research analysis report serves a lot for your business and bestows you with solution for the toughest business questions.

Asia Pacific usage based insurance market is expected to reach a healthy CAGR of 20.6% in the forecast period of 2019 to 2026.

Asia-Pacific, led by China, will drive the growth of usage-based insurance

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Usage-based insurance (UBI) is a telematics-based insurance service in which premiums are based on driving behavior of consumers. Type of road used, braking, and cornering pattern are amongst the factors according to which the premiums are charged. Usage-based insurance includes different services such as pay-as-you-drive (PAYD), pay-how-you-drive (PHYD), and manage-how-you-drive (MHYD).

Key Competitors: Asia-Pacific usage based insurance market

Allianz, AXA, Progressive Insurance, Allstate, Allstate Canada, Desjardins, Generali, MAPFRE, Metromile, Aviva, Admiral Group Plc,Ageas Group, Octo Telematics, TomTom Telematics, Liberty Mutual Insurance, Intelligent Mechatronic Systems – IMS, Mitsui Sumitomo Insurance Co. (Europe) Ltd, Watchstone Group plc, Allianz Australia, Aviva Canada, Allianz Asia Pacific, AXA Insurance Company, AXA US, Aviva Asia, AXA Italia, AXA UK, Ageas UK, Liberty Mutual Insurance Europe Limited

Recent developments:

In September 2018, Allstate launched a product for life insurance which will pay on monthly basis rather than lump sum amount. This is consumer driven product which will help the company to cover more market share and to aware the people about life insurance.

In October 2018, The Floow launches FlowFleet for the insurer who deals in commercial line. This helped the insurance company to better manage the risk and to provide the optimal premium price to their customer in the high premium rising market.

In June 2018, Allstate launched pay per mile i.e. usage based insurance in New Jersey. This insurance gives more control to customer about their insurance premium and plans.for using telematics services for better management in their insurance segment.

In March 2018, Octo Telematics entered into partnership with Renault finance company to provide data analytics and services to its customer globally. This will increase the global market share of the company.

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Asia-Pacific Usage Based Insurance Market, By Package type (pay-as-you-drive (PAYD), pay-how-you-drive (PHYD), manage-how-you-drive (MHYD)),vehicle type (light-duty vehicle (LDV), heavy-duty vehicles (HDV)), device offering (company provided, bring your own device (BYOD)),technology (OBD-II, smartphone, embedded system, black box and others),vehicle age (new vehicles, on-road vehicles),electric and hybrid vehicle (hybrid electric vehicle (HEV), plug-in hybrid vehicle (PHEV), battery electric vehicle (BEV)), Countries (Japan, China, South Korea, India, Singapore, Thailand, Malaysia, Australia, Indonesia and Philippines ) – Industry Trends and Forecast to 2026

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