Sharing economy insurance provider, Pikl has partnered with specialist insurer, Hiscox to develop covers designed for customers of the sharing economy.

The scheme will include policies aimed at people who let out their properties on a short-term basis.

Chief executive officer of Pikl, Louise Birritteri said the partnership gives credibility to the company’s policies.

“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,” she added.

National schemes manager at Hiscox, Lee Turner said: “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,” he added.

In March, the insurtech company published research which highlighted that over one million short-term rental hosts were not being adequately accommodated by major insurers in the UK.

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