Boston, November 5, 2015 – Ridesharing companies, including Uber and Lyft, have enjoyed rapid expansion in the United States but still have plenty of room to grow. Their revenue should expand almost fourfold between 2015 and 2020, as they benefit from an organic increase in cars-for-hire demand, take more passengers away from taxis and mass transit, and compete with personal cars. Many insurers are struggling to address this market, though. Ridesharing is exposing insurers’ limited understanding of the risk they are covering in auto insurance.
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, American Express, Aon, Apple Pay, Bridj, Carma, Chariot, Discover, Erie Insurance, Farmers, Fasten, FlightCar, Geico, Getaround, Gett, Gimbal, Google Pay, Loup, Lyft, MasterCard, Metromile, MetLife, Metropolitan Transportation Authority (New York), Progressive, Rideleap, Ridepal, Shuddle, Split, Summon, TLPA, Turo (RelayRides), Uber, USAA, Verifone (Way2ride and Curb), Verisk, Via Transportation, Visa, 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.