Ridesharing Opportunities for Insurers

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By 2020, ridesharing companies will generate US$36 billion in gross revenue from U.S. rideshares

London (Nov. 5, 2015) – Ridesharing companies, including Uber and Lyft, have enjoyed rapid expansion in the United States but still have plenty of room to grow. Aite Group expects that their revenue will expand almost fivefold between 2015 and 2020 as these companies benefit from an organic increase in cars-for-hire demand, take more passengers away from taxis and mass transit, and compete with personal cars.

Aite Group’s latest report, however, Ridesharing: Opportunities for Insurers, finds that many insurers are struggling to address this market.

“Ridesharing is exposing to what extent insurers have a limited understanding of the risk they are covering in auto insurance,” says Gwenn Bézard, research director with Aite Group. “Insurers should make a better use of the ridesharing opportunity to advance their usage-based insurance offering.”

Impact Report – Ridesharing: Opportunities for Insurers

Ridesharing is exposing insurers’ limited understanding of the risk they are covering in auto insurance. Many insurers are struggling to address this market.

Based on over 40 interviews with industry stakeholders, this report analyzes the opportunity for personal and commercial insurance carriers to serve the U.S. ridesharing market. It provides a market sizing and forecast, overviews the competitive landscape, and highlights key market trends. It mentions Allstate, Bridj, Carma, Chariot, Erie Insurance, Farmers, Fasten, FlightCar, Geico, Getaround, Gett, Gimbal, Loup, Lyft, Metromile, MetLife, Progressive, Rideleap, Ridepal, Shuddle, Split, Summon, Turo (RelayRides), Uber, USAA, Verifone, Via Transportation, Wingz, and Zipcar.

This 41-page Impact Report contains 26 figures and two tables. Clients of Aite Group’s P&C Insurance service can download this report.

About Aite Group

Aite Group is an independent research and advisory firm focused on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, securities & investments, and insurance, Aite Group’s analysts deliver comprehensive, actionable advice to key market participants in financial services. Headquartered in Boston with a presence in Chicago, New York, San Francisco, London, and Milan, Aite Group works with its clients as a partner, advisor, and catalyst, challenging their basic assumptions and ensuring they remain at the forefront of industry trends.