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.
“The present model, based on the mutualization of risks, no longer seems to serve well the motor insurance industry. It seems that the industry is moving from a cyclical pattern to a more structural deterioration of business conditions,” Ptolemus said in the report.
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