The Shared Economy and P&C Insurance: Mind the Gap
Report Summary
The Shared Economy and P&C Insurance: Mind the Gap
The shared economy presents insurance providers opportunities to generate new revenue or bolster existing revenue.
Boston, November 19, 2014 – Changes in technology, community, and the economy have influenced consumption behaviors across the globe, and consumers increasingly prioritize access to goods or services over ownership of them. Now consumers have platforms to connect and share their cars and homes, blurring the line between commercial and personal insurance coverage and ultimately transforming U.S. property and casualty insurance. How can insurance companies better meet consumer needs and appropriately underwrite risk for shifting consumer behaviors?
This Impact Note, based on publicly available information about shared-economy companies and their insurance coverage and conversations with four companies in the shared-economy space, describes home-sharing, car-sharing, and ride-sharing companies and any apparent gaps in coverage, and interprets potential risks and opportunities in P&C lines of business.
This 24-page Impact Note contains four figures and nine tables. Clients of Aite Group's P&C Insurance service can download this report.