The Gig and Sharing Economies in Insurance 2025
Description
The Gig and Sharing Economies in Insurance 2025
Summary
This report offers a comprehensive analysis of the gig and sharing economies within the insurance sector. It includes an industry overview and explores the future of this evolving landscape. The report highlights key themes in the industry, evaluates the success of current initiatives, and examines potential developments moving forward.
The gig and sharing economies are revitalized concepts that have gained immense traction across various industries, largely driven by digitalization and the proliferation of mobile apps. The sharing economy involves individuals monetizing their assets, such as homes or cars, by renting them out. While this practice has existed for some time, it has transformed into a massive industry. On the other hand, the gig economy revolves around individuals offering their skills directly to customers for various tasks, receiving payment either hourly or upon completion. This model has become a global phenomenon, propelled by major players, such as Uber and Deliveroo, as well as platforms (such as TaskRabbit) that connect workers with clients. Both economies present significant opportunities for insurance and their rapid expansion has created a notable insurance gap that insurtech companies have swiftly capitalized on, establishing themselves as frontrunners in this space. Traditional insurers have recognized the importance of these trends and are increasingly seeking partnerships with the apps and platforms that underpin the gig and sharing economies.
Scope
Summary
This report offers a comprehensive analysis of the gig and sharing economies within the insurance sector. It includes an industry overview and explores the future of this evolving landscape. The report highlights key themes in the industry, evaluates the success of current initiatives, and examines potential developments moving forward.
The gig and sharing economies are revitalized concepts that have gained immense traction across various industries, largely driven by digitalization and the proliferation of mobile apps. The sharing economy involves individuals monetizing their assets, such as homes or cars, by renting them out. While this practice has existed for some time, it has transformed into a massive industry. On the other hand, the gig economy revolves around individuals offering their skills directly to customers for various tasks, receiving payment either hourly or upon completion. This model has become a global phenomenon, propelled by major players, such as Uber and Deliveroo, as well as platforms (such as TaskRabbit) that connect workers with clients. Both economies present significant opportunities for insurance and their rapid expansion has created a notable insurance gap that insurtech companies have swiftly capitalized on, establishing themselves as frontrunners in this space. Traditional insurers have recognized the importance of these trends and are increasingly seeking partnerships with the apps and platforms that underpin the gig and sharing economies.
Scope
- GlobalData’s 2024 Emerging Trends Insurance Consumer Survey found that among the 11 countries covered, 27.1% of consumers are currently gig workers, while a further 20.1% are intending to take up additional work now. Meanwhile, 23.7% of respondents had participated in the gig economy in the last two years.
- 42.5% of respondents to GlobalData’s 2024 Emerging Trends Insurance Consumer Survey have shared, are sharing or plan to share a property or asset they own through the sharing economy.
- Airbnb is the most-popular P2P asset sharing site used by UK consumers according to GlobalData’s 2024 UK Insurance Consumer Survey; it was used by 59.3% of consumers taking part in the sharing economy.
- Understand what the gig and sharing economies are and why they are such a key trend for both workers and consumers.
- Read about the key platforms and apps that have enabled the rise of these themes.
- Learn about the vast insurance opportunities that these growing themes are providing.
- Discover the leaders in these nascent insurance spaces and understand why they have had success.
Table of Contents
33 Pages
- Market overview
- Key findings
- Critical success factors
- How does this apply to insurance?
- Demand for the gig and sharing economies is on the rise
- INSHUR expands services for Uber and car rental platforms with new initiatives
- AXA Philippines partners with Grab and MOVE IT to launch innovative gig insurance
- Allianz Partners and Uber have partnered to launch a new digital insurance solution
- Aon acquired UK insurtech company Humn.ai to enhance services for sharing economy fleets
- Cachet and TaskRabbit Collaborate to Transform Gig Worker Insurance in Europe
- Swedish insurer If P&C Insurance and Socotra launch a new car-sharing insurance
- Improving pay and conditions in the gig and sharing economies
- AI impact on the gig and sharing economies
- Abbreviations, acronyms, and initialisms
- Methodology
- Secondary sources
- Further reading
- About GlobalData
- Contact Us
Search Inside Report
Pricing
Currency Rates
Questions or Comments?
Our team has the ability to search within reports to verify it suits your needs. We can also help maximize your budget by finding sections of reports you can purchase.
