Emerging technologies such as telematics and the connected car are painting a positive picture of the future usage based insurance market, according to a new report from IHS Automotive.

In its study, “Auto Tech Report–Usage Based Insurance-2016”, IHS projects the number of globally distributed UBI policies will surpass 142 million by 2023. This compared to 12 million last year and 7.7 million in 2014.

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