Press release
Rideshare Insurance Market to Surpass USD 6.1 Billion by 2032 with an Exponential CAGR of 11.1%
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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Rideshare insurance is a sort of additional coverage that protects the car, the occupants, and any other individuals or property involved in an accident by an Uber or Lyft driver. This ride-hailing insurance endorsement can fill up the gaps between a person's personal motor insurance policy and the business policy of a ridesharing firm (also known as a transportation network company, or TNC).
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.
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.
Buy This Report@ https://bit.ly/3qOn237
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.
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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David Correa
1209 Orange Street, Corporation Trust Center, Wilmington, New Castle, Delaware 19801 USA.
Int'l: +1-503-894-6022 Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060 Fax: +1-800-792-5285 help@alliedmarketresearch.com
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/75226
Rideshare insurance is a sort of additional coverage that protects the car, the occupants, and any other individuals or property involved in an accident by an Uber or Lyft driver. This ride-hailing insurance endorsement can fill up the gaps between a person's personal motor insurance policy and the business policy of a ridesharing firm (also known as a transportation network company, or TNC).
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.
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.
Buy This Report@ https://bit.ly/3qOn237
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.
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)
Trending Reports in BFSI Industry (Book Now with 10% Discount + Covid-19 scenario):
Contactless Payments Market https://www.alliedmarketresearch.com/contactless-payments-market
E-passport Market https://www.alliedmarketresearch.com/e-passport-market
Insurance Advertising Market https://www.alliedmarketresearch.com/insurance-advertising-market-A205140
Pension Fund Management Software Market https://www.alliedmarketresearch.com/pension-fund-management-software-market-A10398
Agriculture Insurance Market https://www.alliedmarketresearch.com/agriculture-insurance-market-A10529
David Correa
1209 Orange Street, Corporation Trust Center, Wilmington, New Castle, Delaware 19801 USA.
Int'l: +1-503-894-6022 Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060 Fax: +1-800-792-5285 help@alliedmarketresearch.com
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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