IOT Insurance Market Size, Share, Growth Analysis, By Type (Life Insurance, Property Insurance), By End User (Healthcare, Agriculture), By Component (Solution, Service), By Region - Industry Forecast 2025-2032


Report ID: SQMIG45B2160 | Region: Global | Published Date: December, 2024
Pages: 197 |Tables: 91 |Figures: 71

IoT Insurance Market Insights

IoT Insurance Market size was valued at USD 43.7 Billion in 2023 and is poised to grow from USD 63.28 Billion in 2024 to USD 1222.98 Billion by 2032, growing at a CAGR of 44.8% during the forecast period (2025-2032).

The global IoT insurance market has been growing significantly in recent years, majorly driven by increasing investment by Insurance companies in IoT Technology. IoT in insurance is a term used to describe the usage of IoT devices by insurance businesses to gather, transmit and share data on the insurers. The use of IoT devices also enable insurance providers to increase employee and organizational efficiency and in risk management by eliminating data duplicates, optimizing claim processes and reducing customer frustrations. IoT in the insurance industry also helps the insurers in various ways such as easy claim management services, quick risk management services and decreased operating cost of claim processing. Storage of large amount of data on insurers on IoT based devices, also enable insurance companies to provide customised insurance policies. Additionally, IoT technology offers multiple features to the insurance industry like past customer experiences, long term analytics, and storage of important information, which help calculate accurate insurance premium amounts. All of these factors together have led to the rapid expansion of this market. Moreover, there is an increasing trend of adopting IoT in health insurance, IoT in marine insurance, etc.

Market snapshot - 2025-2032

Global Market Size

USD 24.1 billion

Largest Segment

Life & Health Insurance

Fastest Growth

Property & Casualty Insurance

Growth Rate

44.8% CAGR

Global IoT Insurance Market ($ Bn)
Country Share for North America Region (%)

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IoT Insurance Market Segmental Analysis

Global IOT Insurance Market is segmented by Type, End User, Component and Region. Based on Type, the market is segmented into Life insurance, Health Insurance, Agricultural insurance, Property Insurance, Causality Insurance, OthersBased on End User, the market is segmented into Sub- Automotive and Transport, Travel, Healthcare, Home and Commercial Buildings, Businesses, Agriculture, Consumer ElectronicsBased on Component, the market is segmented into Solution, Service. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.

Analysis By Type

The largest segment in the IoT insurance market based on type is the Life & Health Insurance segment, owing to the increasing adoption of internet connected medical devices such as smartwatches, smartphones, and fitness trackers which continuously track the user behaviour and collect the data.

The fastest growing segment is however the Property & Casualty Insurance segment. There has been an increased usage of connected and telematics devices by the automative and travel industries. P&C insurance providers are quickly adopting to such IoT technologies in order to increase their revenue opportunities. This has led to the dominance of this segment in the market.

Analysis By End User

The Home & Commercial Buildings segment in IoT insurance is the dominating end user market. This dominance can be attributed to the significant market size, existing infrastructure, regulatory drivers, and the tangible benefits of risk mitigation and cost savings offered by IoT-enabled solutions. These solutions encompass various devices and sensors installed in residential and commercial properties to monitor risks such as fire, theft, water damage, and environmental hazards.

The most rapidly growing end user segment in this market is the Automotive & Transport segment. This sector has seen widespread adoption of telematics technology, which involves the use of IoT devices such as GPS trackers, accelerometers, and onboard diagnostics (OBD) sensors to monitor vehicle behaviour and driver performance. Since IoT technology has helping in increasing the emphasis on safety, efficiency, and connectivity in the automotive industry, this is the most rapidly growing segment.

Analysis By Component

The solutions segment holds the largest share in the IoT insurance market. This is because solutions form the core offering of IoT insurance providers which encompass a wide range of products and platforms that leverage IoT technology to collect, analyse, and utilize data for risk assessment, underwriting, pricing, and claims management. These solutions typically include hardware devices, software applications, analytics platforms, and connectivity services tailored to the insurance industry's specific needs.

The services segment is the fastest growing component segment in this market. This rapid growth can be attributed to fact that services play a critical role in supporting insurers throughout the IoT insurance journey, from strategy development and solution implementation to ongoing support and value creation. As insurers seek to harness the full potential of IoT technology to transform their operations and enhance customer experiences, demand for services in the IoT insurance market is expected to grow rapidly, making it the fastest-growing component in the market.

Global IoT Insurance Market By Type

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IoT Insurance Market Regional Insights

North America holds the dominant position in the IoT insurance market globally. This is majorly due to the insurance companies becoming more aware of smart devices and quicker adoption of IoT products in this region. There is also a large presence of technologically advanced IoT devices with high-speed internet connection in this region. Moreover, a significant number of insurance providers are present in this region, and have been utilising IoT technologies to increase the efficiency of risk management processes.

On the other hands, the Asia Pacific region is growing at the fastest rate in the IoT Insurance market. One of the major factors is the increasing adoption of IoT devices in this region, including Wi-Fi dongles, wearable technology, and devices with built-in sensors among the end users which provides informative data. Several market players have also introduced new APIs in developing nations in this region to increase their market value and rise their revenue opportunities, which also contribute to the rapid growth.

Global IoT Insurance Market By Region
  • Largest
  • Fastest

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IoT Insurance Market Dynamics

Drivers 

Risk Assessment & Mitigation

  • IoT devices installed in vehicles, homes, commercial properties, and other insured assets generate vast amounts of data that insurers can use to assess various types of risks more accurately on an individual basis. By analysing this data, insurers can tailor insurance coverage and premium prices to the specific risk profiles of policyholders, offering personalized policies that reflect their actual risk exposure.

Operational Efficiency & Cost Reduction

  • IoT insurance solutions streamline insurance operations, automate manual processes, and enhance efficiency throughout the insurance workflow. By using IoT technology for data collection, risk assessment, claims management, and customer engagement, insurers can reduce administrative costs, shorten claims processing times, and improve overall operational effectiveness.

Advancements in Technology

  • The ongoing advancements in IoT technology, data analytics, artificial intelligence (AI), and machine learning (ML) drive innovation in the IoT insurance market. Insurers invest in research and development to develop new IoT-enabled products, enhance data analytics capabilities, and deliver innovative solutions that meet evolving customer needs and market demands.

Restraints 

Data Privacy & Security

  • The collection, storage, and transmission of sensitive data from IoT devices raise concerns about data privacy, security breaches, and unauthorized access. Insurers need to address privacy regulations, cybersecurity threats, and consumer trust issues to ensure the secure handling of IoT data and protect customer confidentiality.

Regulatory Compliance

  • Insurers operating in the IoT insurance market have to navigate complex regulatory landscapes, comply with data protection laws, and mitigate legal risks associated with data privacy breaches, regulatory non-compliance, and liability claims. Regulatory uncertainty, evolving privacy regulations, and jurisdictional differences pose challenges for insurers seeking to deploy IoT-enabled insurance products across multiple markets.

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IoT Insurance Market Competitive Landscape

The landscape of IoT Insurance market is characterized by the presence of diverse players which includes insurance carriers, technology providers, data analytics firms, and ecosystem partners. Due to an enormous number of local and foreign players in the IoT insurance industry, it is highly competitive. There are various types of technology present in this market, which makes the market seem fragmented. The competitive landscape of the global IoT insurance market is characterized by collaboration, innovation, and competition among diverse players seeking to leverage IoT technology to transform the insurance industry, enhance customer experiences, and drive business growth. Insurers must navigate this dynamic landscape by forming strategic partnerships, embracing technological advancements, and delivering value-added solutions that meet the evolving needs of customers in an increasingly connected world. Market leaders leverage their brand reputation, product innovation, global distribution networks, and customer support capabilities to maintain their competitive edge and capitalize on emerging opportunities in this dynamic market landscape.

Top Player’s Company Profile

  • Accenture (Ireland) 
  • Amazon Web Services Inc. (US) 
  • Bosch Software Innovation GmbH (Germany) 
  • Cisco Systems Inc. (US) 
  • General Electric (US) 
  • Google Inc. (US) 
  • Hewlett-Packard Enterprise (US)     
  • Intel Corporation (US) 
  • International Business Machine (IBM) Corporation (US) 
  • Microsoft Corporation (US) 
  • Oracle Corporation (US) 
  • PTC Inc. (US) 
  • SAP SE (Germany) 
  • Synechron (US) 
  • Telit (England) 
  • Cognizant (US) 
  • Capgemini (US) 
  • Concirrus (US) 
  • Wipro Ltd. (US) 

Recent Developments 

  • ​​ In October 2023, Nirvana, provider of modern insurance for physical operations utilizing IoT and sensor data, has received a USD 57 million in Series B funding. Nirvana's Safety Platform, incorporates AI-powered tools in its dashboard to proactively reduce risks and cut costs by optimizing routing, enhancing driver coaching and avoiding fines. The funding provides financial backing for the company, enabling Nirvana to make advancements in those AI capabilities as well as IoT capabilities.
  • In October 2023, Najm for Insurance Services has signed an agreement with IoT Squared, a leading company in providing IoT solutions for smart logistics and cities, to advance insurance services in the Kingdom. The agreement was signed by Mohammad Al-Shehri, the Acting CEO of Najm, and Osman Al-Dahshs, the CEO of IoT Squared.
  • In July 2023, Blues, a leader in easy-to-build IoT solutions that improve business operations, reduce costs and decrease time-to-market, announced that it will expand coverage through a partnership with software company 1NCE. 1NCE and Blues are the only companies offering global, lifetime coverage for IoT devices enabling enterprises to develop solutions to challenges facing markets from clean energy to manufacturing to health care.

IoT Insurance Key Market Trends

  • User-Based Insurance (UBI): There is a growing adoption of usage-based insurance (UBI) models driven by IoT technology. Insurers leverage telematics devices, sensors, and connected devices to collect data on policyholders' behaviours, driving patterns, and risk profiles. UBI enables insurers to offer personalized insurance policies based on actual usage, driving habits, and risk factors, leading to fairer pricing, improved risk assessment, and enhanced customer engagement.
  • Ecosystem Collaboration & Partnerships: Insurers collaborate with technology providers, IoT device manufacturers, data analytics firms, and ecosystem partners to develop and deploy IoT insurance solutions. These partnerships enable insurers to access specialized expertise, innovative technologies, and industry insights, accelerating the development and adoption of IoT-enabled insurance products and services. Ecosystem collaboration fosters innovation, enhances market competitiveness, and drives industry transformation in the IoT insurance market.

IoT Insurance Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. 

According to our global IoT insurance market analysis, several factors like technological advancements, enhanced operational efficiency and better risk management are driving its growth. Based on type, the dominant market segment is the Life & Health Insurance segment, and the Property & Casualty segment is the fastest growing one. On the basis of end users, the Home & Commercial Buildings segment holds the major share in the market, whereas the Automotive & Transport segment is growing rapidly. The largest market segment based on component is the Solutions segment. The fastest growing application is, however, the Services. North America has the largest market for IoT Insurance, as this region sees the presence of major market players. Asia Pacific, on the other hand, is a rapidly growing market, due to the rise in rapid adoption of IoT technologies in this region. The landscape of this market shows existence of various market players investing heavily on research, development and innovation to expand their market footprint. A key challenge faced by this market is the data privacy concerns. As IoT adoption continues to accelerate and new use cases emerge, insurers must embrace these trends, adapt to the market dynamics, and seize opportunities to harness the full potential of IoT technology in the insurance sector.

Report Metric Details
Market size value in 2023 USD 43.7 Billion
Market size value in 2032 USD 1222.98 Billion
Growth Rate 44.8%
Base year 2024
Forecast period 2025-2032
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Life insurance, Health Insurance, Agricultural insurance, Property Insurance, Causality Insurance, Others 
  • End User
    • Automotive and Transport, Travel, Healthcare, Home and Commercial Buildings, Businesses, Agriculture, Consumer Electronics 
  • Component
    • Solution (Hardware, Software), Service
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Accenture (Ireland) 
  • Amazon Web Services Inc. (US) 
  • Bosch Software Innovation GmbH (Germany) 
  • Cisco Systems Inc. (US) 
  • General Electric (US) 
  • Google Inc. (US) 
  • Hewlett-Packard Enterprise (US)     
  • Intel Corporation (US) 
  • International Business Machine (IBM) Corporation (US) 
  • Microsoft Corporation (US) 
  • Oracle Corporation (US) 
  • PTC Inc. (US) 
  • SAP SE (Germany) 
  • Synechron (US) 
  • Telit (England) 
  • Cognizant (US) 
  • Capgemini (US) 
  • Concirrus (US) 
  • Wipro Ltd. (US) 
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on IoT Insurance Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on IoT Insurance Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the IoT Insurance Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the IoT Insurance Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the IoT Insurance Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

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Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

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FAQs

IoT Insurance Market size was valued at USD 43.7 Billion in 2023 and is poised to grow from USD 63.28 Billion in 2024 to USD 1222.98 Billion by 2032, growing at a CAGR of 44.8% during the forecast period (2025-2032).

The landscape of IoT Insurance market is characterized by the presence of diverse players which includes insurance carriers, technology providers, data analytics firms, and ecosystem partners. Due to an enormous number of local and foreign players in the IoT insurance industry, it is highly competitive. There are various types of technology present in this market, which makes the market seem fragmented. The competitive landscape of the global IoT insurance market is characterized by collaboration, innovation, and competition among diverse players seeking to leverage IoT technology to transform the insurance industry, enhance customer experiences, and drive business growth. Insurers must navigate this dynamic landscape by forming strategic partnerships, embracing technological advancements, and delivering value-added solutions that meet the evolving needs of customers in an increasingly connected world. Market leaders leverage their brand reputation, product innovation, global distribution networks, and customer support capabilities to maintain their competitive edge and capitalize on emerging opportunities in this dynamic market landscape. 'Accenture (Ireland) ', 'Amazon Web Services Inc. (US) ', 'Bosch Software Innovation GmbH (Germany) ', 'Cisco Systems Inc. (US) ', 'General Electric (US) ', 'Google Inc. (US) ', 'Hewlett-Packard Enterprise (US)     ', 'Intel Corporation (US) ', 'International Business Machine (IBM) Corporation (US) ', 'Microsoft Corporation (US) ', 'Oracle Corporation (US) ', 'PTC Inc. (US) ', 'SAP SE (Germany) ', 'Synechron (US) ', 'Telit (England) ', 'Cognizant (US) ', 'Capgemini (US) ', 'Concirrus (US) ', 'Wipro Ltd. (US) '

IoT devices installed in vehicles, homes, commercial properties, and other insured assets generate vast amounts of data that insurers can use to assess various types of risks more accurately on an individual basis. By analysing this data, insurers can tailor insurance coverage and premium prices to the specific risk profiles of policyholders, offering personalized policies that reflect their actual risk exposure.

User-Based Insurance (UBI): There is a growing adoption of usage-based insurance (UBI) models driven by IoT technology. Insurers leverage telematics devices, sensors, and connected devices to collect data on policyholders' behaviours, driving patterns, and risk profiles. UBI enables insurers to offer personalized insurance policies based on actual usage, driving habits, and risk factors, leading to fairer pricing, improved risk assessment, and enhanced customer engagement.

North America holds the dominant position in the IoT insurance market globally. This is majorly due to the insurance companies becoming more aware of smart devices and quicker adoption of IoT products in this region. There is also a large presence of technologically advanced IoT devices with high-speed internet connection in this region. Moreover, a significant number of insurance providers are present in this region, and have been utilising IoT technologies to increase the efficiency of risk management processes.

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