22 October 2015

Federal Labor recognises the importance of insurance in sharing economy

The Insurance Council of Australia (ICA) supports federal Labor’s recognition of the vital role insurance has to play in developing the sharing economy.

In releasing its national principles for the sharing economy, the Opposition highlighted the importance of insurance in protecting service providers and consumers who use the new business models.

ICA CEO Rob Whelan said: “Insurers agree that sharing economy companies and those who operate them must have appropriate insurance policies to cover customer and third-party risk.”

Mr Whelan said the release of Labor’s principles was a welcome contribution to the policy discussion in this area.

“The growth in peer-to-peer online companies has created challenges for insurers that require regulatory certainty to resolve,” he said.

“The ICA has been calling on governments to clarify the regulatory environment governing sharing economy businesses.

“Once that occurs, insurers will respond quickly to market demand by developing products that protect the interests of businesses and their customers.”

Mr Whelan said the general insurance industry would watch with interest as the Opposition developed its guiding principles into concrete plans for rules and regulations, and contribute as required.

“The ICA and its member companies will continue to work with all levels of government as they seek to respond to the changing business environment,” he said.


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