Lloyd's found that 71% of consumers globally would be more likely to use sharing economy services if insurance was offered

The shared economy has been growing for a number of years andit's only likely to dominate going forward. As technology'srole in the shared economy continues to expand, individualshave grown accustomed to the numerous benefits that come withit convenience, flexibility and cheaper costs,among others.

But the shared economy also comes with a number of risks, andfiguring out who is responsible is a critical question for anyparty involved. To answer such a vast question, Lloyd's commissioned a survey conducted byresearch agency Coleman Parkes to learn more about how all partiesinvolved in the shared economy perceive and manage the risksinherent in the sharing economy model around the world.

Mapping out the benefits and risks

Among the 5,000 individuals surveyed across the U.S., U.K.and China, clear regional differences emerge between the threecountries.

Compared with protection for the provider, only 47% of total respondents believed the responsibility should fall upon the sharing economy platform.

For 58% of consumers in the U.K. and U.S., the risks outweighthe benefits of using the services. Chinese consumers are morepositive with 68% perceiving greater benefits thanrisks. There were mixed reviews on whether the shared platformor provider should provide protection for the consumer; there weresimilarly mixed views on who should provide protection for theprovider.

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Denny Jacob

Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].