Lloyd’s has signalled it is ready to tap into the growing opportunities created by the booming gig economy.

Determining what exactly needs to be insured and developing new solutions for risks not covered by traditional insurance products remain huge challenges, but Lloyd’s market participants say they are up to the task.

“One of the benefits of Lloyd’s is there’s a multitude of diversity in terms of appetite in the market,” Apollo Syndicate 1969 Deputy Head of Casualty Chris Moore told a virtual market roadshow audience last week.

“The ability to share risk among the marketplace allows access to more capital through syndicates supporting those growing risks together.

“There’s an open-door policy at Lloyd’s that allows customers to come in if they’re not getting something from the insurance industry and to collaborate and create a new solution.”

Mr Moore made the comments at a virtual roadshow discussing ways to manage risks arising from new business models such as the sharing economy.

Analysis from management consultancy Oliver Wyman presented during the forum showed the sharing economy – often referred to as the gig economy in recognition of the changing nature of work – is set to increase more than 1150% from 2015 to 2025.

“Within the Apollo team alone, we see 10-20 submissions a week for sharing economy companies,” Mr Moore said.