The rise of the gig economy has transformed the way people work, especially among the younger generation. Gen-Z values flexibility, autonomy, and the ability to balance work with personal interests and lifestyle choices. Terms like gig work, flexi-work, on-call work, and freelance work have become common descriptors for non-traditional forms of employment, collectively forming the gig economy.
In Hong Kong, the gig economy is also on the rise. According to government data, a significant portion of the working population is classified as self-employed. However, this shift towards gig work comes with its challenges, particularly in terms of insurance protection. Angela Wong, Chief Marketing and Customer Officer at AXA Hong Kong & Macau, highlights the importance of insurance coverage for freelancers who may be exposed to various risks such as illness and accidents.
A World Bank report emphasizes that those working in non-standard forms of employment are often outside the protection of social safety nets, leaving them vulnerable to income shocks. This underscores the need for insurance policies that extend access and coverage of traditional social insurance schemes to the most vulnerable segments of the workforce.
One of the most critical coverage gaps for gig workers is in health and accident insurance. Without adequate protection, a minor illness or accident can lead to substantial medical bills, jeopardizing their financial stability. Angela Wong stresses the importance of life insurance, family protection, and retirement savings for gig workers, who often lack the safety net of employer-sponsored plans.
Recognizing the expansion of the gig economy and the associated protection gap, AXA offers comprehensive and suitable solutions tailored to the needs of self-employed individuals. The company believes that being self-employed shouldn’t come with unnecessary risks, and aims to provide peace of mind and financial security for gig workers.
In conclusion, as the gig economy continues to grow, it is essential for freelancers and self-employed individuals to prioritize insurance coverage to protect themselves against unforeseen circumstances. By addressing the insurance needs of gig workers, companies like AXA are helping to bridge the protection gap and support the financial well-being of those in non-traditional forms of employment.
