Ridesharing Insurance Market Scope
Rideshare is any transportation service in which customers use an online app to request rides from nearby registered drivers. The drivers pick up their customers and drive them to their destination for a fee. No cash is exchanged since payments are processed electronically through the app. Usually, rideshare companies offer insurance protection once a driver logs into the app, but coverage might be limited until a ride request has been accepted. A driver’s personal policy will generally have coverage exclusions during this period as well. A rideshare insurance can fill these gaps in coverage.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Largest Market | North America |
Unit | Value (USD Million) |
Key Companies Profiled | State Farm (United States), GEICO (United States), Safeco (United States), Allianz (Germany), Allstate (United States), USAA (United States), AXA (France), American Family Insurance (United States), PEMCO (United States), Erie Insurance (United States), Farmers (United States), Liberty Mutual (United States), The Travelers Companies, Inc. (United States), AIG (United States), Progressive Casualty Insurance Company (United States), AmFam Holdings, Inc. (United States), Mercury General Corporation (United States) and Bingle Insurance (Australia) |
CAGR | % |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Ridesharing Insurance market throughout the predicted period.
State Farm (United States), GEICO (United States), Safeco (United States), Allianz (Germany), Allstate (United States), USAA (United States), AXA (France), American Family Insurance (United States), PEMCO (United States), Erie Insurance (United States), Farmers (United States), Liberty Mutual (United States), The Travelers Companies, Inc. (United States), AIG (United States), Progressive Casualty Insurance Company (United States), AmFam Holdings, Inc. (United States), Mercury General Corporation (United States) and Bingle Insurance (Australia) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Ridesharing Insurance market by Type , by Application (Commercial and Personal) and Region with country level break-up. On the basis of Type, Peer-To-Peer Ridesharing are dominating the market in the year 2023 where as Real-Time Ridesharing stood as second largest market share.
On the basis of application, Commercial segment is dominating the market in the year 2023 where as Personal segment stood as second largest market.
On the basis of geography, the market of Ridesharing Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
On March 4, 2019 - Allstate expands protection for Uber driver-partners, riders to 11 more states. Allstate’s expanded commercial coverage for Uber also consist of its fast-growing food delivery service in certain states.
Influencing Trend:
Preference of Customers towards Shared Services
Market Growth Drivers:
Increase in Penetration of Smart Devices and Increasing Rate of Road Accidents
Challenges:
Legal and Regulatory Environment Challenges
Restraints:
Hesitancy to Ride Sharing and Insurance Policy Challenges
Opportunities:
Potential Growth in Developing Regions like India and China
Key Target Audience
Ridesharing Insurance Providers, Insurance Companies, End User, Governmental Bodies and Research Firms