Chinese consumers most likely to use sharing economy, least likely to buy insurance, survey finds

Chinese consumers are more willing to use the sharing economy platform to hire holiday homes or rental cars than their counterparts in the US and UK, but they are the least willing to get insurance cover when using these services, according to a Lloyd’s of London survey released on Wednesday.

The survey was based on 5,000 consumers, including 2,000 in China, 2,000 in the US and 1,000 in Britain. The survey also polled 30 sharing economy companies with a focus on how they manage risks.

The sharing economy companies, including Didi Chuxing, Uber Technologies and Airbnb, use the internet as a platform to connect providers and customers.

The survey showed that Chinese customers are the most willing to use these platforms, even as they believe there are risks involved. Some 68 per cent of Chinese customers believe the benefits of using the sharing economy are greater than the risks, compared with 58 per cent of US customers.

Chinese customers ranked as the least likely to buy insurance coverage when using sharing platforms to hire cars or holiday homes, whereas Britons ranked as the most likely.

About 71 per cent of Chinese consumers believe platform providers such as Uber and Airbnb should provide insurance cover to safeguard their interests, while 21 per cent said it should be the home or car owners responsibility to arrange it.

Opinion was more evenly split in the US, with 43 per cent of respondents saying it should be the platform providers who provide insurance, while 40 per cent saw it as the duty of homeowners or car owners. Consumers in Britain were split down the middle on the issue, with 39 per seeing it as the duty of platform operators, and 39 per cent viewing it as the duty of asset owners.