The rideshare insurance global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Rideshare Insurance Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of Rideshare Insurance Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Rideshare Insurance Market Overview
Market Drivers –
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.
Market Trends –
Major companies operating in the rideshare insurance market are developing innovative solutions, such as comprehensive insurance policies, to cater specifically to the needs of rideshare drivers. A comprehensive insurance policy is a type of insurance coverage that offers extensive protection against a wide range of risks and perils. For instance, in December 2021, Ride Protect Pty Limited, an Australia-based car insurance provider, launched a new tech-driven rideshare insurance. The comprehensive policy covers ridesharing, food delivery, and private use, eliminating the need for separate policy types. The application process is seamless and digital, with the option to bind within two minutes. The policy also integrates with 365 Roadside Assist and Mercurien’s driver feedback app to encourage safer driving behavior and reduce claims. The Ride Protect solution was developed in partnership with underwriter Mercurien, an Australian commercial motor insurance provider.
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
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Regional Insights –
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.
Key Companies –
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
Table of Contents
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
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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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