In 2015, close to 12 million consumers globally subscribed to this type of insurance, according to a new report from IHS Automotive, part of IHS, Inc. (NYSE:IHS). The number of consumer subscribers to UBI is expected to grow to 142 million globally by 2023, according to the IHS report.
This specific type of automobile insurance uses real-time information about a driver’s actual driving ability and habits to assess actuarial risk, capturing information from the in-vehicle telematics system. In the decade or so since its initial launch, UBI has inspired as much frustration as hope from its believers and practitioners. Expectations
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