Expertise from A-Z: Sharing economy: Learning to share

With the sharing economy set to rocket in value over the next 10 years, the changing attitudes of the younger generation means insurers need to ditch their ‘one size fits all’ approach to insurance

The sharing economy – although lacking strict definition and having somewhat of an identity crisis with numerous other names – involves people sharing idle or underutilised assets. From a car ride to work, to renting a stranger’s flat in a far-flung location for a weekend away, the sharing economy brings together supply and demand through a common platform or community.

Despite such swaps not necessitating a financial transaction per se, the estimated worth of the UK sharing economy was £0.5bn