China’s business insurance to boost sharing economy

April 25 2018 by InsuranceAsia News Staff

A survey conducted by Lloyd’s said the introduction of business insurance protection in China will allow the country’s sharing economy to flourish.

According to the survey, 81% of Chinese consumers would be more comfortable using sharing-economy services if insurance were offered.

Another 78% would be more likely to consider sharing or offering a service if insurance were accessible.

About 82% of Chinese service-providers also say they would get more customers if insurance were available.

The survey involved 2,000 respondents from the US, 1,000 from the UK, and 2,000 from China.

It also surveyed representatives from 30 sharing economy companies.

The State Information Center in China said the market value of the country’s sharing-economy sector grew 30% to reach Rmb4.5 trillion (US$680 billion) last year and is expected to maintain annual growth of about 40% over the next few years.