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PIKL PARTNERS WITH HISCOX TO PROVIDE INSURANCE FOR CUSTOMERS OF THE SHARING ECONOMY
We are pleased to announce we have partnered with specialist insurer Hiscox to develop a scheme providing insurance for customers of the sharing economy. The policies will be aimed at individuals who are letting out their properties on a short-term basis.
The scheme follows the publication of our industry-wide report ’Insuring the sharing economy 2019’* back in March 2019, which highlighted that the insurance needs of over 1 million short-term rental hosts that were not being adequately accommodated by major insurers in the UK. Since then, we have been designing and developing a Host Insurance product, utilising the expertise of the Hiscox schemes team to bridge this gap in cover.
In addition to this scheme, we have wider plans to develop additional products that target other customer groups within the sharing economy.
Louise Birritteri, CEO, Pikl, said “We’re very excited to enter this partnership with Hiscox. This not only gives our policies credibility, it also gives us a much greater ability to tailor our products to cover lots more sharing economy situations and provide cover to a broader range of properties and operators in this growing market.”
Lee Turner, National Schemes Manager at Hiscox, said: “We’re delighted to be partnering with Pikl who are developing innovative insurance products and have a huge passion for all things sharing economy.
“The sharing economy is an exciting growth market that poses new and interesting challenges for insurers and benefits from having a specialist focusing specifically on the market. We expect the demand for these sorts of products to increase as this market grows.”
*The ’Insuring the sharing economy in 2019’ report is based on a combination of mystery shopping and a series of qualitative interviews with representatives of the UK’s largest insurers, who manage 90% of gross written premium (GWP) in the UK property insurance market. The survey group represents £4bn of a market worth c£4.5bn, source: Deloitte UK household insurance seminar September 2017 (which pulls together a summary of PRA returns by insurers). It was the most recent report published at the time of the survey.