Portland, OR, June 19, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Rideshare Insurance Market by Coverage (Liability Coverage, Collision Coverage, Underinsured/Uninsured Motorist Coverage, Comprehensive Coverage, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032”. According to the report, the global rideshare insurance industry generated $2.2 billion in 2022 and is anticipated to generate $6.1 billion by 2032, witnessing a CAGR of 11.1% from 2023 to 2032.
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Prime determinants of growth
The global rideshare insurance market is primarily driven by the growing adoption of ridesharing services, coupled with an increasing number of accidents involving ride-hailing drivers. The increasing popularity of ridesharing services has created a significant opportunity for insurance companies to offer specialized insurance products to these drivers, which cover the unique risks associated with ride-hailing services. However, the high costs of insurance premiums are hampering the rideshare insurance market growth. On the contrary, insurance companies can explore partnerships with ride-hailing companies to offer seamless, integrated insurance solutions that address the unique needs of drivers and passengers. These factors are expected to create lucrative opportunities in the industry.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $2.2 billion |
| Market Size in 2032 | $6.1 billion |
| CAGR | 11.1% |
| No. of Pages in Report | 230 |
| Segments covered | Coverage and Region. |
| Drivers | Increasing demand for ridesharing services Increasing awareness about rideshare insurance |
| Opportunities | Innovation in products |
| Restraints | Lack of standardization |
Covid-19 Scenario
- The COVID-19 pandemic and subsequent worldwide lockdowns resulted in a decline in the rideshare insurance market.
- Additionally, drivers offering rideshare services during the pandemic had to modify their practices to reduce the risk of contracting or transmitting the virus. These adjustments involved wearing masks, regularly disinfecting their vehicles, and limiting the number of passengers they accommodate.
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The comprehensive coverage segment to maintain its leadership status throughout the forecast period
Based on coverage, the comprehensive coverage segment held the highest market share in 2022, accounting for more than two-fifths of the global rideshare insurance market revenue, and is estimated to maintain its leadership status throughout the forecast period, as this policy generally will protect the car in the event that it is crushed by a collapsing garage, dented by a collision with a deer, spray-painted by a vandal, or destroyed by a tornado. Further, the segment is also projected to manifest the highest CAGR of 13.3% from 2023 to 2032.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global rideshare insurance market revenue, owing to the increasing popularity of ridesharing services, the growth of the gig economy, and the need for specialized insurance coverage for rideshare drivers. However, the Asia-Pacific region is expected to witness the fastest CAGR of 15.0% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to a combination of regulatory requirements, technological advancements, and increasing competition, as well as the growing adoption of ridesharing services across the region.
Leading Market Players: -
- Allstate Insurance Company
- Progressive Casualty Insurance Company
- State Farm Mutual Automobile Insurance Company
- AXA
- Allianz
- Bingle Insurance
- USAA
- NerdWallet, Inc.
- Farmers
- Erie Indemnity Co.
The report provides a detailed analysis of these key players in the global rideshare insurance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Rideshare Insurance Market Key Segments:
By Coverage
- Liability Coverage
- Collision Coverage
- Underinsured/Uninsured Motorist Coverage
- Comprehensive Coverage
- Others
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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