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Why buy sharing economy insurance solutions at Lloyd’s?

Helping platforms mitigate unique risks, while building trust to unlock future growth

The sharing economy has grown exponentially, fundamentally changing the business landscape. In 2014, it was estimated that the size of the global sharing economy was circa $15 billion and it is expected to reach $335 billion by 2025 according to PwC estimates.  

The sharing of assets and services creates new opportunities but also new risks. These risks are complicated by the fact that the sharing model creates new multi-party relationships between consumers, providers and shared platforms.

To grow sustainably, shared platforms need insurance solutions for their unique, rapidly changing business models. It can be difficult for traditional insurance coverages to be applied to the sharing economy as assets are fragmented when they are owned and shared amongst users.

In response, Lloyd’s brokers and underwriters have partnered with sharing economy companies to address these challenges with bespoke insurance products. The market's fit-for-purpose products are tailored to grow and change with the platform from a scrappy startup with eight people to a household name facilitating millions of accommodations a year.

As a market, Lloyd’s was founded on the premise of sharing risk, making it a natural partner for sharing economy companies. Lloyd’s syndicates aren’t just able to understand and create tailored policies for the shared economy, sharing is in their nature and part of what they do every day.

Sharing economy statistics

Lloyd's research shows that consumers expect protection and that providing it can break down barriers to growth


% of consumers that expect protection when they use and share services


% of consumers who have shared an asset / service through a platform


% of consumers that would consider sharing if insurance was offered

Source: 'Sharing risks, sharing rewards' report, Lloyd's, 2018