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The Sharing Economy and Insurance: Adapting to New Business Models in Asia
The rise of the sharing economy in Asia has led to an undeniable shift in traditional business models, reshaping our interactions with services and redefining concepts of ownership. A host of companies — from ride-hailing giants to freelance platforms — now operate in this space, providing everything from car rentals to on-demand cleaning services. This economy isn’t just about sharing; it’s about building flexible ecosystems where services can be accessed on demand and transactions occur with agility and minimal bureaucracy. However, as these platforms grow, they bring unique challenges for insurance providers tasked with safeguarding gig workers, platform operators, and users alike.
In particular, the sharing economy’s hallmark flexibility raises questions about liability and coverage, as the landscape often blurs the lines between personal and commercial usage. Recognising these challenges, insurers across Asia are seeking ways to adapt, creating policies specifically tailored to meet the needs of gig workers, platforms, and users.
Understanding the Scope: The Rapid Growth of Asia’s Sharing Economy
Asia’s sharing economy is expanding rapidly, with ride-hailing and food delivery services among the most visible players. Leading companies like Grab, Gojek, and Didi…
