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
- Rideshare Insurance Market Characteristics
- Rideshare Insurance Market Trends And Strategies
- Rideshare Insurance Market – Macro Economic Scenario
- Global Rideshare Insurance Market Size and Growth
.
32. Global Rideshare Insurance Market Competitive Benchmarking
- Global Rideshare Insurance Market Competitive Dashboard
- Key Mergers And Acquisitions In The Rideshare Insurance Market
- Rideshare Insurance Market Future Outlook and Potential Analysis
- Appendix
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