Sharing Economy: Implications for the Insurance Industry in Canada

“Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it is the only thing that ever has.” – Margaret Mead

This spring, the Institute published the latest addition to the Institute’s ongoing Emerging Issues Research Series. The 2017 report, Sharing Economy: Implications for the Insurance Industry in Canada, is available in both English and French as a PDF download from the Institute website.

The report looks to answer some pressing questions, including how much sharing is happening in the sharing economy, what is the tipping point of disruption (and are we past it), and how can the insurance industry innovate alongside insurtech and peer-to-peer startups.

The report looks at opportunities that arise for the insurance industry when the lines between personal and commercial coverage are blurred, and also addresses new risks brought on by new players in the industry. The report concludes with recommendations that encourage our industry to monitor and report, identify and assess, and prepare to respond to the challenges of the new sharing economy.

More about the Emerging Issues Research Series

Previously in the series of annual research reports is Automated Vehicles: Implications for the Insurance Industry in Canada (2016), which provides insight and information regarding liability and road safety issues of automation in vehicles on our roads. Whether you believe society can make the evolution from no feet required, to no hands required, to no eyes required on the road, to no body required in the car, this report provides perspective on the drivers that are advancing automation.

The first report, Cyber Risks: Implications for the Insurance Industry (2015), continues to demonstrate the importance of understanding cyber risks, given the daily headlines reporting on internal and external data breaches and the need for better cyber security awareness and coverage.

Through this Emerging Issues Research Series, the Institute is establishing itself as the source for research and information on emerging issues and trends impacting the insurance industry in Canada. The CIP Society is proud to support this effort on behalf of its membership and for the benefit of the industry.

New demographic research

Earlier this year, the Institute embarked on its third census and survey of the industry’s workforce. Human capital issues continue to be at the forefront of industry concerns for today and increasingly for the future. Since the Institute’s first report in 2007/08, and the subsequent census in 2012/13, we have seen significant change in the industry’s workforce. Given that there have been significant changes in the general labour force in Canada – with the dominance of millennials in the workplace – it is anticipated that significant changes will be noted in the p&c insurance industry as well.

Gathering of the data will continue through to the end of 2017 and the reports will be published in 2018. The reports will support the industry in understanding the human capital issues impacting the industry’s current and future workforce and to provide a sound foundation for managing the future work force of Canada’s p&c insurance industry.