UAE – 2nd highest penetration rate globally of shared economy
Wednesday, 08 01 2018, Category: Technology, Country: U.A.E
With nearly 680 million people using assets or services purchased through sharing economy platforms globally, new research from Lloyd’s the specialist Insurance market and Deloitte analyses how insurance can support growth against key risks in this booming sector. The study focuses on the peer-to-peer model and specifically the services, real estate and finance sectors.
Squaring risk in the sharing age: How the collaborative economy is reshaping insurance products calls attention to the role of the insurance industry in supporting shared platforms through all stages of maturity.
Focusing on six key markets Germany, France, UAE, UK, US and China), the study reveals that more than a quarter of the population has either bought services or rented possessions from their peers via shared platforms in the past three years. However, the penetration rates differ considerably by country yielding notable geographic insights.
The UAE displays the second highest penetration rates globally for sharing second only to China. In the 2015-18 period, more than 4 million people (54%) shared assets on online platforms and 5 million (61%) consumed them. The UAE market has attracted global sharing economy giants and managed to nurture several local players and a growing freelancing service offering.
Source: Mena Herald