"The growth of the sharing economy, a system in which assets or services are shared between private individuals, has been relentless, and it has shaken up the way the insurance industry has traditionally understood liabilities," GlobalData said in a release.
In recent years, companies like Uber, Airbnb, and Postmates have changed how society operates in more ways than one. Beyond providing new means of employment, the sharing economy has also presented new, unique risks to individuals and businesses. Insurers now must innovate and adapt products to the quickly evolving sharing economy — and if they succeed, it can be a business game-changer.
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Heather A. Turner
Heather A. Turner is the managing editor of ALM's NU Property & Casualty Group. She can be reached at [email protected].
