Insurance in the Sharing Economy

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Many say that the sharing economy is “the triumph of access over ownership.” It offers a fast and efficient way for owners and renters to connect through digital technology—and it’s a $3.5 billion and rapidly growing global market. The most prominent segments in the sharing economy are home and auto, both of which require innovative insurance solutions.

This is a current snapshot of the sharing economy in North America, providing a glimpse into some of the major players, and examining the regulatory and liability issues. It outlines the opportunity for insurers and frames the fundamental questions insurers must ask in order to guide their thinking on the path to leading innovation and gaining first-mover advantage.

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Insurance in the Sharing Economy

  1. 1. Global market in shared goods and services in 2014 Amount paid by Avis to acquire Zipcar Amount grossed by 100 top Airbnb hosts in last three years Sharers in the US $3.5B $500M Of sharers mention convenience as a reason for sharing; more than half cite price 75% Average monthly income of RelayRides car owners who rent their vehicles to others $250 $54M Of Americans under age 35 own cars, 7% fewer than in 2007 66% One-way rides taken with UberX in 2013, worldwide 8.5M Number of hours the average car owner’s vehicle sits idle per day 22 Airports around the US where RelayRides cars are available 300 80M Castles for rent through Airbnb 600+ Guest stays booked at Airbnb since 2008 15M Of sharers would recommend the last sharing service they used, to a friend or colleague 91% Insuring in the Sharing Economy

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