Press release
Prominent Rideshare Insurance Market Trend for 2025: Tokio Marine Revolutionizes Rideshare Insurance with Hourly Premium Model
Rideshare Insurance
The increasing number of road accidents is anticipated to drive the growth of the rideshare insurance market. Accidents are on the rise due to human errors like speeding, distracted driving, and driving under the influence, as well as poor road infrastructure and inadequate vehicle maintenance. Rideshare insurance fills coverage gaps by including liability during app usage, pre-ride periods, and protection for vehicle damage or injuries while driving for hire. In May 2022, the National Highway Traffic Safety Administration reported that 42,915 people died in motor vehicle accidents, a 10.5% increase from 2020. Similarly, in September 2024, Brake, a UK-based road safety organization, reported 1,695 fatalities and 28,967 serious injuries in the UK, marking increases in both categories compared to the previous year. Therefore, the rising number of road accidents is spurring the growth of the rideshare insurance market.
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What Is the projected market size and growth rate for the rideshare insurance market?
The rideshare insurance market has experienced significant growth recently. It is expected to expand from $2.38 billion in 2024 to $2.65 billion in 2025, with a compound annual growth rate (CAGR) of 11.4%. The historical growth can be linked to overall economic growth, development of customized insurance products, the benefits of coverage for drivers, heightened awareness of ridesharing insurance, and a rise in accidents.
The rideshare insurance market is projected to experience rapid growth, reaching $4.03 billion by 2029 at a CAGR of 11.0%. Growth will be driven by increasing demand for insurance coverage for ridesharing, the rise in ubi products, and the government's focus on regulatory measures. Major trends will include the growth of digital platforms, telematics data integration, and the rise of insurtech technologies.
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What new trends are reshaping the rideshare insurance market and its opportunities?
Companies in the rideshare insurance market are focusing on innovative insurance solutions like hourly premium calculation models to offer more flexible and cost-effective coverage for mobility service providers. For example, in September 2024, Tokio Marine & Nichido Fire Insurance Co., Ltd., a Japanese insurance company, introduced a new "Automobile Insurance for Mobility Service Providers," which includes hourly premium calculations. This innovative insurance model offers comprehensive coverage and better financial security for drivers and service providers in the Japanese rideshare market.
What major market segments define the scope and growth of the rideshare insurance market?
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
Subsegments:
1) By Peer-To-Peer Ridesharing: Ridesharing Between Individuals, Carpooling Services, Real-Time Ridesharing
2) By On-Demand Ridesharing Services: Dynamic Pricing Ridesharing
3) By Other Types: Micro-Mobility Ridesharing, Car Rental Ridesharing
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Which region dominates the rideshare insurance market?
North America was the largest region in the rideshare insurance market in 2024. The regions covered in the rideshare insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the rideshare insurance industry growth?
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
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What Is Covered In The Rideshare Insurance Global Market Report?
•Market Size Forecast: Examine the rideshare insurance market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the rideshare insurance market for a structured understanding.
•Key Players Overview: Analyze major players in the rideshare insurance market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the rideshare insurance market.
•Segment Contributions: Evaluate how different segments drive overall growth in the rideshare insurance market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the rideshare insurance market.
•Industry Challenges: Identify potential risks and obstacles affecting the rideshare insurance market.
•Competitive Landscape: Review strategic developments in the rideshare insurance market, including expansions, agreements, and new product launches.
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