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Telematics will Drive 100 Million Policies by 2020

Tuesday, February 11, 2014

Insurance telematics is increasingly common globally and there will be more than 100 million policies, generating more than $68 billion in premiums by 2020, according to “Usage-Based Insurance Global Study 2013,” from Ptolemus Consulting Group. Insurance telematics, also called usage-based insurance (UBI), programs now are being rolled out in Australia, Canada and India, and soon will be available in Latin America and Russia, Ptolemus said.

Progressive has doubled the number of UBI customers to 1.4 million. There now are seven insurers/brokers with more than 100,000 telematics customers, three of which are in the United States and four of which area in Europe.

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