Global Ridesharing Insurance Market 2023-2030: Unveiling Regional Growth Opportunity by Type, Coverage, and Application

Dublin, Aug. 17, 2023 (GLOBE NEWSWIRE) -- The "Global Ridesharing Insurance Market 2023-2030" report has been added to's offering.

The global ridesharing insurance market is set to experience significant growth, with an impressive compound annual growth rate (CAGR) of 11.1% during the forecast period. As the demand for ridesharing increases, insurance providers are recognizing the need to offer specialized coverage to protect both drivers and passengers.

Many insurance companies now offer rideshare-specific policies that cover drivers while they are working for a rideshare company, bridging the gap between personal motor insurance and the business policy of the transportation network company (TNC). In addition to traditional rideshare insurance policies, some providers are offering hybrid policies that cover both personal and commercial use of a vehicle, catering to drivers who use their cars for both ridesharing and personal purposes.

Insurance companies are also leveraging new technology to offer innovative products and services to rideshare drivers. Telematics data is being used to offer usage-based insurance policies, providing coverage based on how much a driver uses their car for ridesharing. This trend of providing specialized coverage and leveraging technology to tailor insurance plans for rideshare drivers is fueling the growth of the ridesharing insurance market.

Product launches are expected to further boost market growth. In December 2021, car insurance startup Ride Protect introduced an innovative rideshare insurance offering that covers both rideshare and private use. The application process uses technology from uBind, providing a seamless digital experience for rideshare drivers and enabling them to manage their policies and access documents conveniently.

The market is segmented based on type into peer-to-peer ridesharing and real-time ridesharing, by coverage into liability coverage, collision coverage, underinsured/uninsured motorist coverage, and comprehensive coverage, and by application into personal and commercial.

The comprehensive coverage sub-segment is expected to dominate the market due to its protection for the driver's vehicle from various events other than collisions. The commercial sub-segment is anticipated to hold a prominent share of the market as a result of the increasing number of e-commerce businesses and online food delivery services, leading to a rise in product launches.

The Asia-Pacific region is projected to witness significant growth in the ridesharing insurance market due to regulatory requirements, technological advancements, increasing competition, and the growing adoption of ridesharing services in the region.

North America is expected to retain a significant share of the market during the forecast period due to the popularity of ridesharing services, the need for specialized insurance coverage, and stringent regulations regarding safety norms for drivers and passengers.

Major players in the global ridesharing insurance market include Allstate Insurance Company, NerdWallet, Inc., and State Farm Mutual Automobile Insurance Company. These companies are actively contributing to market growth through mergers, acquisitions, partnerships, funding, collaborations, and new product launches to maintain competitiveness.

The report provides comprehensive market value data analysis from 2022 to 2030, country-wise analysis of major regions, key companies operating in the market, and an analysis of business and competitive strategies. With the growing demand for rideshare insurance and the introduction of innovative products, the global ridesharing insurance market is expected to witness substantial growth during the forecast period.

Key Topics Covered

1. Report Summary
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region

2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion

3. Competitive Landscape
3.1. Key Company Analysis
3.2. Allstate Insurance Co.
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. NerdWallet, Inc.
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. State Farm Mutual Automobile Insurance Co.
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Key Strategy Analysis

4. Market Segmentation
4.1. Global Ridesharing Insurance Market by Type
4.1.1. Peer-to-peer ridesharing
4.1.2. Real-time ridesharing
4.2. Global Ridesharing Insurance Market by Coverage
4.2.1. Liability Coverage
4.2.2. Collision Coverage
4.2.3. Underinsured/Uninsured Motorist Coverage
4.2.4. Comprehensive Coverage
4.3. Global Ridesharing Insurance Market by Application
4.3.1. Personal
4.3.2. Commercial

5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World

6. Company Profiles
6.1. Aflac Incorporated
6.2. Allianz
6.3. Aviva Canada
6.4. AXA Group
6.5. Chubb Group
6.6. GIE BNP Paribas Cardif
6.7. Liberty Mutual Insurance
6.8. MetLife Services and Solutions, LLC
6.9. Progressive Casualty Insurance Co.
6.10. The Hartford
6.11. USAA
6.12. Wawanesa Insurance
6.13. Zurich Insurance Group Ltd.

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