Insurance joins sharing economy
By Meng Fanbin
The rapid development of sharing economy in China brings big opportunities for the insurance industry, according to experts.
That’s because sharing economy is characterized by solid demand for certain products and services from risk-averse, cost-conscious consumers.
“For both users and providers of products and services in sharing economy, there are problems of risk, which can be solved reasonably through insurance mechanisms,” said Yuan Yong, a consultant with Aon-COFCO Insurance Brokers Co Ltd, a joint venture between Aon Corp and COFCO Corp.
The concept of sharing economy was introduced to China in the early 21st century. All kinds of products are shared through innovative services. Bicycles, umbrellas, accommodation, books, cars, jewelry, expensive fashion, office space … all these have come to constitute sharing economy in the last four years.
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