Press release
Rideshare Insurance Market Forecast 2025-2034: Comprehensive Analysis And Growth Opportunities
Rideshare Insurance
What Is the Projected Growth of the Rideshare Insurance Market?
The rideshare insurance market has expanded quickly. It is forecasted to grow from $2.38 billion in 2024 to $2.65 billion in 2025, registering a CAGR of 11.4%. Growth factors include economic expansion, tailored insurance offerings, awareness of insurance benefits for drivers, and a rise in ride-hailing accidents.
The rideshare insurance market is expected to grow rapidly, reaching $4.03 billion in 2029 at a compound annual growth rate (CAGR) of 11.0%. This growth can be attributed to rising demand from small and medium-sized enterprises (SMEs), the growing need for insurance coverage for rideshare activities, and an increase in demand for ubi products. Key trends include the growth of digital platforms, insurtech, telematics data integration, and the adoption of AI technologies.
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What Are the Different Rideshare Insurance Market Segments?
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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What Are the Primary Drivers Shaping the Rideshare Insurance Market?
A surge in road accidents is projected to increase demand for the rideshare insurance market. These incidents often result from human error, poor infrastructure, and vehicle neglect. Rideshare insurance provides necessary coverage during app use and ride periods. According to the National Highway Traffic Safety Administration in May 2022, 42,915 road fatalities were reported in 2021, a 10.5% rise from 2020. Similarly, Brake reported in September 2024 that the UK saw 1,695 road deaths and 28,967 serious injuries, marking a 10% and 8% increase respectively. These figures highlight the rising need for rideshare insurance.
Which Companies Are Leading in the Rideshare Insurance Market?
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
What Are the Latest Developing Trends in the Rideshare Insurance Market?
Major companies in the rideshare insurance sector are focusing on offering innovative solutions like hourly premium calculation models. These models calculate insurance costs based on the number of hours a service is in use, offering more flexible, cost-effective coverage. In September 2024, Tokio Marine & Nichido Fire Insurance Co., Ltd. from Japan launched "Automobile Insurance for Mobility Service Providers," which includes hourly premium calculations to better support the Japanese ridesharing model.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Rideshare Insurance Market?
2. What is the CAGR expected in the Rideshare Insurance Market?
3. What Are the Key Innovations Transforming the Rideshare Insurance Industry?
4. Which Region Is Leading the Rideshare Insurance Market?
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