Overview and Scope
Rideshare insurance refers to a specialized type of auto insurance coverage
designed for individuals who use their vehicles to transport passengers for
compensation. It ensures that drivers are adequately covered in case of
accidents or incidents while they are engaged in ridesharing activities.
Sizing and Forecast
The rideshare insurance market size has grown rapidly in recent years. It will
grow from $2.14 billion in 2023 to $2.38 billion in 2024 at a compound annual
growth rate (CAGR) of 11%. The growth in
the historic period can be attributed to macroeconomic growth, the development
of personalized insurance products, a wide array of benefits of coverage for
drivers, growing awareness about the benefits of ridesharing insurance, and an
increasing number of accidents.
The rideshare insurance market size is expected to seerapid growth in the next few years. It will grow to $3.63
billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be
attributed to rising demand from SMEs, rising demand for insurance coverage for
ridesharing activities, an increase in demand for ubi products, and the
government's increasing focus on rideshare insurance regulations. Major trends
in the forecast period include the growth of digital and mobile platforms, the
rise of insurtech, telematics data integration, advanced technologies, and the
and the integration of AI technologies.
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Segmentation & Regional Insights
The rideshare insurance market covered in this report is segmented –
1) By Type: Peer-To-Peer Ridesharing, Real-Time Ridesharing, Other Types
2) By Coverage: Liability, Collision, Comprehensive
3) By Pricing Model: Pay-As-You-Go, Subscription-Based
4) By Application: Commercial, Personal, Other Applications
North America was the largest region in the rideshare insurance market in 2023.
The regions covered in the rideshare insurance market report are Asia-Pacific,
Western Europe, Eastern Europe, North America, South America, Middle East,
Africa.
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Major Driver Impacting Market Growth
The increasing number of road accidents is expected to propel the growth of the
rideshare insurance market going forward. The number of road accidents is
increasing primarily due to human errors such as speeding, distracted driving,
and driving under the influence, coupled with inadequate road infrastructure
and vehicle maintenance. Rideshare insurance fills gaps in personal auto
coverage by including liability during app use, pre-ride periods, and
protection for vehicle damage and injuries while driving for hire. For
instance, in May 2022, according to the National Highway Traffic Safety
Administration, a US-based agency focused on transportation safety,
approximately 42,915 individuals lost their lives in motor vehicle traffic
accidents last year, marking a 10.5% rise from the 38,824 fatalities recorded
in 2020. Therefore, the increasing number of road accidents is driving the
rideshare insurance market.
Key Industry Players
Major companies operating in the rideshare insurance market are Allianz SE, AXA Group, State Farm Mutual
Automobile Insurance Company, Metropolitan Life Insurance Company, Nationwide
Mutual Insurance Company, Allstate Insurance Company, Progressive Casualty Insurance
Company, United Services Automobile Association (USAA), Uber Technologies Inc.,
Government Employees Insurance Company (GEICO), MAPFRE USA Corp., Farmers
Insurance Exchange, American Family Insurance Group, DoorDash Inc., Mercury
Insurance Group, Sentry Insurance Group, Lyft Inc., New Jersey Manufacturers
Insurance Group, Erie Indemnity Company, CC Services Inc. (COUNTRY Financial),
Safeco Insurance Company of America, Infinity Property and Casualty
Corporation, Esurance Insurance Company, PEMCO Mutual Insurance Company
The rideshare insurance market report table of contents includes:
1. Executive Summary
2.
Rideshare Insurance Market Characteristics
3.
Rideshare Insurance Market Trends And Strategies
4.
Rideshare Insurance Market - Macro Economic Scenario
5. Global
Rideshare Insurance Market Size and Growth
.
32. Global Rideshare Insurance Market Competitive Benchmarking
33. Global
Rideshare Insurance Market Competitive Dashboard
34. Key
Mergers And Acquisitions In The Rideshare Insurance Market
35.
Rideshare Insurance Market Future Outlook and Potential Analysis
36.
Appendix
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