UK: Sharing economy insurance provider Pikl has partnered with specialist insurer Hiscox to develop a scheme which provides insurance for customers of the sharing economy.
The first policies will be aimed at people who let out their properties on a short-term basis.
The scheme follows the publication of Pikl’s industry-wide report ’Insuring the sharing economy in 2019’ in March, which highlighted that the insurance needs of over one million short-term rental hosts were not being adequately accommodated by major insurers in the UK. Since then, Pikl has designed and developed a Host Insurance product, utilising the expertise of the Hiscox schemes team to bridge this gap in cover.
In addition to this scheme, Pikl plans to develop additional products that target other customer groups within the sharing economy.
Pikl CEO Louise Birritteri 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,” added Turner.
Earlier this year, Pikl announced that it had raised £2.5 million in its latest funding round which included an investment from Direct Line founder and chairman of esure Group and GoCo Group, Sir Peter Wood.