The Usage-Based Insurance (UBI) market has expanded to over 60 million customers across 450 active programs, marking a sixfold increase in ten years, according to a new report by PTOLEMUS Consulting Group. The consulting firm’s analysis indicates that UBI is now a global phenomenon, reaching 59 countries and generating more than 50 billion euros in premiums. This growth is largely attributed to the increasing integration of UBI into corporate applications and the negligible cost of telematics. Frederic Bruneteau, Managing Director at PTOLEMUS Consulting Group, commented, “Whenever insurers propose attractive UBI programmes, customers prefer these to traditional flat-rate, proxy-based offers. As the cost of telematics has become negligible and the benefits more tangible, we expect more and more insurers to make it the central part of their digitalisation strategy.” The report highlights UBI’s evolution beyond basic Pay-As-You-Drive (PAYD) or Pay-How-You-Drive (PHYD) models, establishing it as a tool for reducing claims frequency and severity, which delivers measurable savings for both insurers and policyholders. PTOLEMUS Consulting Group, a strategy consulting firm focused on connected mobility, assists insurers, OEMs, and service providers in developing telematics programs. The firm predicts that by 2035, 180 million vehicles globally will be insured with telematics policies, generating over 200 billion euros in premiums. The 1,350-page report is based on 65 interviews and experience from 100 consulting projects. It includes an analysis of 41 UBI implementation successes and an evaluation of 32 suppliers, alongside a market forecast until 2035 across 59 countries, from Argentina to the USA.