Chubb shared economy insurance

Shared/Gig economy – a developing source of flexible work that provides a variety of opportunities for contractors who are seeking to move away from structured employment while enabling people to have flexible working arrangements operating in parallel to their regular employment.

The shared economy business has grown nine-fold in the four years between 2015-2019 and is estimated to be worth over $15 billion a year in Australia in 2021. This has resulted in a 39% increase in the private transport sector over this period. The Actuaries Institute of Australia has reported that shared economy business:
 

• is increasing across the consulting industry for legal, marketing, web designer, and financial services, driving the contingent/freelance workforce in Australia; and
• suits millennials who are seeking flexibility and diverse experiences from their employment.

Across Australia, we have seen an increase in shared economy usage by existing users and new users to the shared economy industry. This was primarily driven by the impact of Covid-19, where now more than two-thirds of Australians are actively participating in the shared/gig economy market.

The shared/gig economy business in Australia is expected to continually grow. It is predicted that contingent workers (currently 25%) will represent 40% of the workforce by 2025.

Chubb overview

Chubb A&H has:

• had a focus on shared economy insurance programs for the past four years;
• developed an extensive knowledge, expertise, and experience in underwriting and managing shared economy insurance programs with dedicated resources locally and regionally.

Looking to grow into the white-collar shared economy industry – health care, financial industry, office sharing, & education services.

Chubb continues to stay close to ongoing market developments in the shared economy environment.

An efficient and effective approach for new partners.

The success in this area has been driven by local and global relationships that have developed a reputation locally as the premier provider of such cover in the A&H market.

Market leading claims experience – Chubb A&H claims team is trained and experienced in handling shared/gig economy claims.

With this strong foundation, Chubb is now looking to further grow its shared economy book of business into 2021 and beyond.

Chubb approach

• Open to start-up businesses to established providers.
• Work with the policyholder to develop a partnership.
• Looking to grow & diversify our current portfolio.
• Able to consider crossline benefits and enhance coverage benefits.
• Ability to underwrite regional/global arrangements.
• Expand into white-collar shared/gig economy industries.
• Partner has an active risk governance procedure in place.
• Group Policy structure for providing insurance.