The global ridesharing insurance market is anticipated to grow at a CAGR of 11.1% during the forecast period. As the use of ridesharing services such as Uber and Lyft continue to grow, there is a corresponding increase in demand for insurance products that cater specifically to these services. Rideshare insurance provides coverage for drivers and passengers during rideshare trips, which is not typically covered by traditional personal auto insurance policies. In addition, as more people have become aware of the risks associated with ridesharing, the demand for insurance products that address these risks has increased. Insurers are taking advantage of this trend by developing and marketing specialized insurance products that provide coverage specifically for ridesharing services. For instance, in July 2022, Stable, an insurtech company built specifically for rideshare drivers and fleets, announced that it has launched its first insurance product for drivers who own vehicles that they drive on rideshare networks like Uber and Lyft. This will help the drivers to fully protect themselves and their businesses with commercial-grade insurance coverage and technology tools that enable them to run their businesses more efficiently and profitably.
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With the growing demand for ride-sharing services, the market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, funding, collaborations, and new product launches to stay competitive in the market. For instance, in October 2022, Lyft announced its new partnership with Mobilitas, a wholly owned subsidiary of CSAA Insurance Group, offering coverage and digital solutions to the mobility market, to expand its offerings of commercial ride-sharing coverage plans. The partnership expands Lyft’s coverage territory through Mobilitas from its previous 18 states to a total of 23 states. The program offers users several streamlined digital solutions, including Mobilitas claims expertise and guidance for the rideshare.
Global Language Services Market Report Segment
By Type
- Peer-to-peer ridesharing
- Real-time ridesharing
By Component
- Liability Coverage
- Collision Coverage
- Underinsured/Uninsured Motorist Coverage
- Comprehensive Coverage
By Application
- Personal
- Commercial
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Ridesharing Insurance Market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- Aflac Incorporated
- Allianz
- Aviva Canada
- AXA Group
- Chubb Group
- GIE BNP Paribas Cardif
- Liberty Mutual Insurance
- MetLife Services and Solutions, LLC
- Progressive Casualty Insurance Co.
- The Hartford
- USAA
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