The sharing economy development has shaken up the insurance industry
How the rise of sharing economy affects insurers. Source:?shutterstock.com
GlobalData reveals that the sharing economy has pressurized insurers to innovate and quickly adapt their products. However, gaps in coverage still exist, as long as the sharing economy keeps on growing strongly.
The report reveals that the sharing economy has particularly increased in home-sharing and shared-mobility models, despite its presence across numerous other categories. As a result, it led to a wave of innovative insurance products. What is more, it has made insurers to adopt new delivery methods to provide fast transactions.
The data shows that the global insurance industry exceeded $6.2 trillion in premiums in 2018. However, those insurers who don’t adapt to emerging models in the sharing economy risk losing part of their share.
It has also been revealed that some insurance firms have started adapting their products to better match customers’ requirements.
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