Press release
Strong Growth Ahead: On-Demand Insurance Market Size To Grow At Arecord 14.8% Cagr By 2029
On-Demand Insurance
How Big Is the On-Demand Insurance Market Size Expected to Be by 2034?
The on-demand insurance market has grown at a fast pace. It is forecast to rise from $5.5 billion in 2024 to $6.33 billion in 2025, with a CAGR of 15.2%. Historical growth was influenced by wider smartphone and internet access, a demand for user-friendly solutions, a transition toward digital insurance platforms, supportive regulatory updates, and growing familiarity with online financial tools.
The on-demand insurance market is set for rapid growth in the coming years. It will reach $11.01 billion by 2029, growing at a compound annual growth rate (CAGR) of 14.8%. The growth is driven by the increasing use of big data analytics, rising demand for personalized insurance products, the proliferation of digital-only insurance providers, greater investment in Insurtech startups, and the growing popularity of peer-to-peer insurance models. Key trends include AI-driven chatbots for customer service, increased use of blockchain for enhanced transparency and security, the expansion of on-demand insurance into new markets, the growing importance of cybersecurity insurance, and partnerships between traditional insurers and tech firms.
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What Are the Emerging Segments Within the On-Demand Insurance Market?
The on-demand insurance market covered in this report is segmented -
1) By Coverage: Car Insurance, Home Appliances Insurance, Entertainment Insurance, Contractor Insurance, Electronic Equipment Insurance, Other Coverages
2) By Insurance: General Insurance, Life Insurance, Cybersecurity Insurance, Other Insurances
3) By End-User: Individuals, Business
Subsegments:
1) By Car Insurance: Personal Car Insurance, Commercial Car Insurance
2) By Home Appliances Insurance: Kitchen Appliances Insurance, Home Electronics Insurance, HVAC Insurance
3) By Entertainment Insurance: Event Cancellation Insurance, Media & Film Production Insurance, Ticket Refund Insurance
4) By Contractor Insurance: General Liability Insurance, Workers' Compensation Insurance, Professional Indemnity Insurance
5) By Electronic Equipment Insurance: Mobile Device Insurance, Laptop & Tablet Insurance, Wearable Technology Insurance
6) By Other Coverages: Travel Insurance, Health Insurance, Pet Insurance
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What Long-Term Drivers Are Shaping On-Demand Insurance Market Trends?
The on-demand insurance market is expected to thrive as more consumers adopt digital platforms. These platforms simplify the purchase and management of insurance policies, responding to increased demand for convenience, economic growth, and technological advancements. The Bureau of the Census reported an 8.6% increase in e-commerce sales from 2023 to 2024, showing the rising shift toward digital services, which is driving the growth of the on-demand insurance market.
Who Are the Top Competitors in Key On-Demand Insurance Market Segments?
Major companies operating in the on-demand insurance market are Life Insurance Corporation of India, Tata Consultancy Services Limited, Infosys Limited, DXC Technology, Pegasystems Inc., Bajaj Allianz General Insurance, Xceedance Inc., Zego, Appian, Getsafe, Metromile, Max Life Insurance Company, Cuvva, Sure Inc., Tr?v, Slice Insurance, Thimble, VSure.life, JAUNTIN, SkyWatch Insurance Services Inc., Tapoly Ltd.
What Trends Are Driving Growth in The On-Demand Insurance Market?
Firms in the on-demand insurance market are leveraging mobile telematics to offer dynamic, usage-based motor insurance tailored to individual driving behavior. In July 2023, Zuno General Insurance (previously Edelweiss General Insurance), an India-based insurer, introduced SWITCH. This app uses real-time driving data to adjust coverage and premiums, promoting safer driving and delivering a personalized insurance experience.
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Which Regions Are Becoming Hubs for On-Demand Insurance Market Innovation?
North America was the largest region in the on-demand insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the on-demand insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the On-Demand Insurance Market?
2. What is the CAGR expected in the On-Demand Insurance Market?
3. What Are the Key Innovations Transforming the On-Demand Insurance Industry?
4. Which Region Is Leading the On-Demand Insurance Market?
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