IHS Sees Usage-based Auto Insurance To Reach 142 Million By 2023

IHS, Inc.

subsidiary, IHS Automotive, said that it expects consumer subscribers to usage-based auto insurance (UBI) to reach 142 million by 2023 globally. Last year, nearly 12 million consumers subscribed to this type of insurance globally. IHS Automotive Manager, Stacey Oh, commented that "The current UBI landscape is in transition with robust expansion. New insurers are entering the market, new markets are being opened and new solutions are being launched." The research firm said that the specific type of automobile insurance uses real-time information about actual driving ability of a driver, as well as, habits to access actuarial risk. UBI has inspired as much frustration as hope in the last one decade or so after its launch from its practitioners, as well as, believers. Shares of the company traded 0.02% down on Monday.