The sharing economy has rarely left the front pages this year as the growth and challenges of companies such as Uber, Airbnb and Lyft continue captivating the country. With companies now given multi-billion-dollar valuations, it’s safe to say that, while regulatory issues
remain, the sharing economy is here to stay.
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The scope of the sharing economy
From lowly beginnings in 2008 and 2009 respectively, Airbnb and Uber have risen to become genuine global powerhouses, and their rapid rise looks set to continue both at home and abroad.
airbnb
Founded in 2008, Airbnb reached five million nights booked by 2012.
• Airbnb is now valued at C$30 billion
• 40 million-plus total guests
• 34, 000-plus cities
• 190-plus countries
• 1.5 million-plus listings worldwide
• 1,400-plus castles
UBER
Founded in 2009, Uber is now valued at C$78.1 billion.
• 290 cities
• 60 countries
• one million rides every day
• more than 8 million users
• C$813 million – Uber paid out to driver partners in the US in the last quarter of 2014
• Provided 2.5 million rides in Austin, TX in the first year of operation
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As the line between personal and commercial insurance continues to blur around this space, savvy brokers should be looking to the sharing economy as a key strand to the future of their businesses. Small business has been the backbone of many broker businesses
for decades. As renting a spare room on Airbnb begins falling into that bracket, it’s time for brokers to learn the ins and outs of the sharing
economy – and how its meteoric rise can add to your business.
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