Cachet, a European insurtech that builds and embeds adaptive insurance for shared mobility platforms, has partnered with Luxembourg-based insurer Baloise LU to power Turo’s car sharing operations in France.
Turo is a US-headquartered car-sharing marketplace that connects vehicle owners with renters across the United States, Canada, the UK, France and Australia. The company lets car owners rent their vehicle out to others when not in use, opening up a new revenue pathway.
The deal marks Cachet’s entry into its 11th European market and its first foray into peer-to-peer car sharing, having previously focused on free-floating car-sharing operators. While the free-floating model involves a car sharing company owning and deploying a fleet, peer-to-peer covers private individuals listing their own vehicles, extending beyond cars to camper vans and specialist vehicle platforms.
Cachet Co-founder Kalle Palling described the peer-to-peer model as “a large and fast-growing space across Europe” and a “natural extension of the infrastructure we’ve already proven at scale.”
France is among Europe’s largest shared mobility economies, valued at approximately €4.2 billion and expanding at more than 13% annually.
Antoine Lacharmoise, Managing Director of France at Turo, said the country’s growth trajectory made the new arrangement timely: “As our business in France accelerates, the adaptive model we’ve built with Cachet and Baloise LU gives us coverage that evolves with our volume, improving safety outcomes and enabling us to scale with confidence.”
Palling said that growth is fundamentally consumer-driven, with more people turning to car sharing as an alternative to vehicle ownership in response to rising costs and urban congestion.
According to Invers, car sharing fleets increased by 8% between 2024 and 2025, with the tech company attributing growth to rising costs of private car ownership as well as a strong uptake of digital solutions among younger generations.
“More people are looking for alternatives to congested roads, rising vehicle ownership costs and they’re wanting to reduce their carbon footprint,” Palling told Zag Daily.
How the partnership works
Under the arrangement, Turo will use Cachet’s insurance product ecosystem to manage policy distribution at scale and strengthen claims oversight. Cachet acts as broker and technology provider, building the infrastructure that Turo operates within, while Baloise LU provides underwriting capacity.
“Coverage is aligned to actual trip volumes so it scales with the platform as it grows rather than creating friction against it,” Palling explained. He added that the arrangement includes a real-time dimension: “There’s better insight into claims-related trends in real-time, supporting proactive interventions during the policy period.”
Longer term, Cachet’s Risk Control capability is intended to add a preventative layer, drawing on data collection, risk modelling and behavioural analytics to identify risk factors before they result in a claim. Palling recently set out how this approach works in practice across Cachet’s micromobility operations, where the company has helped Nordic operators use claims data as operational intelligence, shifting from cost management to active loss prevention. The same logic is now being extended to car sharing at platform scale.
Cachet was founded in 2018 and now serves platform operators across car sharing, micromobility and gig work. The French expansion follows Cachet’s growth in the Nordics and Baltics. Palling said that the company has experienced “rapid year-on-year growth” in Germany since it entered that market in the first quarter of 2025.
Commenting on the partnership, David Destappes, Chief Operating and Commercial Officer at Baloise Luxembourg, said: “Turo’s growth in France represents exactly the kind of platform-scale opportunity where our underwriting capabilities and Cachet’s technology create the most value. We see a significant runway ahead together with Cachet as shared mobility rapidly expands across Europe.”
