Insurers are not known for moving quickly, but the industry has to keep up with a situation in which, in an economy of renting rather than owning goods, customers often no longer need long-term cover.
Three years ago, insurance industry executives were summoned to 10 Downing Street by then-Prime Minister David Cameron, who was worried that a lack of insurance cover was holding back new rental-based business models.
Graeme Trudgill, chief executive of the British Insurance Brokers' Association, said that from an insurance perspective the risks attached to renting are very different from those attached to ownership - and insurers do not have much data on the former.
"Insurance was a headache for me. Watching how owners tried to get insured felt absurd," said entrepreneur Humphrey Bowles, who once worked for the accommodation website onefinestay.
Some larger insurers are now keen to move into the rental business. Allianz provides insurance for Drivy, which lets people rent out their cars to others. Meanwhile, UK insurer Admiral has just launched Veygo, which allows people who use a car but do not own it to insure themselves.
For Bowles, however, the problem lies in home insurance policies, which are all designed for long-term residents or landlords. None of them is designed for properties that are sometimes owner-occupied and sometimes rented out.
Bowles now runs Guardhog, one of many companies trying to fill this gap in the market. The home insurance Guardhog has launched supplements traditional policies, covering homeowners during periods when their homes are rented out.
"The basic idea is that we provide cover on demand, eliminating the uncertainty inherent in renting out a home. Insurance has been a big factor holding people back from renting," he said.
Insurers are targeting more than property and car rentals. Other insurers have designed policies for people who want to rent out their belongings - even their pets - or for those who hope to earn extra income through freelance work.
Startup Tapoly is about to begin offering insurance to freelancers. Its founder Janthana Kaenprakhamroy said: "They only work part-time, or only need work-related insurance as part of an employment contract, but all that is available on the market are annual policies."
Source: Sina 2018-01-03