9M Insurance Telematics Policies in EU & North America Today

Europe and North America have today reached 9 million insurance telematics policies, estimated market research firm Berg Insight.

The number of insurance telematics policies in force on the European market reached 4.8 million in the last quarter of 2014. Growing at a compound annual growth rate (CAGR) of 42.4 percent, this number is expected to reach 28.1 million by 2019.

In North America, the number of policies is expected to grow at a CAGR of 50.6 percent from 4.2 million in the last quarter of 2014 to reach 32.5 million in 2019.

“Europe and North America so far represent the vast majority of all insurance telematics programs and active policies from an international perspective, and the front-running national markets include the US, Italy and the UKâ€?, said Rickard Andersson, Senior Analyst at Berg Insight.

The addressable market for insurance telematics is obviously quite large in these two markets. A total of around 278 million vehicles were in use in EU23+2 in 2011, including over 241 million passenger cars. In North America, an estimated total of around 269 million vehicles were in use in 2012, out of which passenger cars and light trucks are estimated to represent almost 256 million vehicles.

The insurance telematics value chain includes a number of stakeholders, obviously insurers but also telematics providers, car makers and wireless operators.

Insurers with notable presence in the insurance telematics market include Progressive (US), UnipolSai (Italy), State Farm (US), Allstate (US), Generali (Italy), Allianz (EU) and Insure The Box (UK).

Renowned telematics suppliers active in the insurance field for example include Octo Telematics and Cobra Automotive Technologies (Vodafone Automotive) as well as Intelligent Mechatronic Systems, Baseline Telematics and Scope Technologies. Wunelli, Modus, MyDrive Solutions and DriveFactor are also notable players in the market.

Automotive OEMs are increasingly taking an active part in the ecosystem as well. Examples include BMW, Fiat, Citroën, Renault-Nissan, General Motors and Ford.

In addition, mobile operators such as Vodafone, Telefónica, Verizon and Sprint have started offering insurance telematics solutions, commonly working with telematics partners.


Leave a Reply

Your email address will not be published. Required fields are marked *