In the brave new world of the sharing economy, who should cover whom?
As insurers continue to grapple with the challenges of covering the sharing economy, one thing that’s clear is the demand for insurance on these platforms. In a recent survey conducted by Lloyd’s, the majority of respondents felt that more transparent coverage would expand the number of customers using sharing economy websites and apps like Airbnb and Uber. At present, only 16% of those surveyed had used such a platform, but 70% said they’d be likely to if they knew insurance coverage was part of the deal.
Meanwhile, the majority of respondents also believed transparent coverage would increase the number of people willing to offer services on these platforms. Indeed, 70% of those surveyed said they would consider sharing an asset if it was protected by insurance.