The world market for usage-based insurance (UBI) or insurance based on monitoring through devices such as dongles increased by less than 5% to reach Two thirds m policies in 2016 , reports business intelligence firm PTOLEMUS Consulting . North America holds the largest number of policies, over 7.1m in total, with 6.5m policies represented in North America and 0.4m in the rest of the world. 14 of PTOLEMUS Consulting policies held across the globe are outsourced to telematics service providers, with insurers offering further telematics and greater ranges of devices for diagnostics.
The world market for usage-based insurance (UBI) or insurance based on monitoring through devices such as dongles increased by 32% to reach 14m policies in 2016, reports business intelligence firm PTOLEMUS Consulting. North America holds the largest number of policies, over 7.1m in total, with 6.5m policies represented in Europe and 0.4m in the rest of the world. Two thirds of UBI policies held across the globe are outsourced to telematics service providers, with insurers offering further telematics and greater ranges of devices for diagnostics.