What are the latest figures on the rideshare insurance market’s size and projected CAGR?
The rideshare insurance market size has grown rapidly in recent years. It will grow from $2.38 billion in 2024 to $2.65 billion in 2025 at a compound annual growth rate (CAGR) of 11.4%. 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 see rapid growth in the next few years. It will grow to $4.03 billion in 2029 at a compound annual growth rate (CAGR) of 11.0%. 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, rise of insurtech, telematics data integration, advanced technologies, and the and the integration of AI technologies.
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Which Market drivers have played a significant role in driving the rideshare insurance market?
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. For instance, in September 2024, according to a report published by Brake, a UK-based road safety charity organization, there were 1,695 road deaths in the UK, with 28,967 serious injuries, which marks a 10% increase in road deaths and an 8% increase in serious injuries compared to the previous year. Therefore, the increasing number of road accidents is driving the rideshare insurance market.
What are the key segments within 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 key players are shaping 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
Which transformative trends will shape the rideshare insurance market landscape?
Major companies operating in the rideshare insurance market are focusing on innovative solutions, such as hourly premium calculation models, to provide mobility service providers with cost-effective, flexible insurance coverage that aligns with actual service use and enhances operational efficiency. Hourly premium calculation means determining insurance costs based on the actual number of hours a service is provided, allowing for flexible and accurate pricing that aligns with the time-based usage of the insured service. For instance, in September 2024, Tokio Marine & Nichido Fire Insurance Co., Ltd., a Japan-based Insurance company, launched a new “Automobile Insurance for Mobility Service Providers” explicitly supporting the Japanese ridesharing model. This innovative insurance includes hourly premium calculations and comprehensive coverage to enhance drivers’ and service providers’ safety and financial security.
How do regional factors impact the rideshare insurance market, and which region is the largest contributor?
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.
What Does The Rideshare Insurance Market Report 2025 Offer?
The rideshare insurance market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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.
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