By: Luke Jones, Published on August 17, 2018 03:54 PM, Last Update on August 31, 2018 12:56 PM
This week, the Quebec government announced recommendations of a working group dedicated to sharing economy niches, such as ride-sharing and home-sharing. In response to the reveal, the Insurance Bureau of Canada (IBC) has praised the decision and welcomed recommendations made by the group.
In a press release, the IBC say the body is especially pleased to see a recommendation that enables property and casualty group insurance to be sold in Quebec. This recommendation would also call for the regulation of such coverage.
Meeting the demands of consumers with group policies would allow gaps in the sharing economy insurance market to be filled. The IBC says current problems occur because personal policies don’t fit the parameters of sharing services such as Uber and Airbnb.
“Group insurance is a key part of the P&C insurance industry’s process for adapting to the sharing economy models we have seen appearing over the past few years,” said Johanne Lamanque, vice-president, IBC-Quebec. “It will even better protect consumers, so the work to establish it in Québec should resume without delay,” she added.
IBC has long pushed for innovation in the P&C industry and says sandboxing regulations around the industry could spur innovation.
“Consumers’ needs and habits are continually changing and we must be able to adapt just as quickly in order to always properly protect them. In this respect, insurance is essential to the sound development of the sharing economy,” IBC added.