A new survey conducted by Insurance Europe in collaboration with the European Youth Parliament (EYP) reveals that the insurance industry must adapt quickly to remain relevant among younger generations. The study, which collected insights from 651 young people across 33 European countries, underscores the growing need for simpler, more digital, and user-friendly insurance services.
While most respondents acknowledged the importance of insurance in providing protection and peace of mind, many described their experience with purchasing policies as complex and outdated. Specifically, 57% said they did not find the process easy, citing excessive paperwork and unclear information.
The demand for clarity is echoed by 70% of participants who called for more consumer-friendly communication. Interestingly, 82% of respondents said they would be willing to pay higher premiums for better insurance coverage and benefits—indicating that product quality, rather than price, is a top priority for this demographic.
A major concern highlighted by the survey was the lack of financial education. An overwhelming 82% of respondents felt they had not received adequate instruction in school to make informed decisions about insurance. Despite this, 73% believed that even small-scale financial investments can yield worthwhile results, suggesting a readiness to plan for the future.
The data also revealed diverse preferences in how young people want to purchase insurance, with no dominant distribution channel emerging. Many expressed interest in a hybrid approach that combines digital convenience with human support. In terms of values, 79% said they expect insurers to promote responsible behavior, and most are open to sharing personal data if it supports such efforts.
However, the appeal of a career in insurance remains limited. Nearly 60% of respondents said they were not interested in working in the sector, preferring other industries.
Commenting on the findings, Thea Utoft Høj Jensen, Director General of Insurance Europe, said the results highlight a strong demand for greater transparency and innovation. She emphasized the need for a regulatory framework that ensures insurance information is both simple and accessible.
Anya Suprunenko, Executive Director of the EYP, added that the study proves young people are capable of engaging with complex financial topics when given the opportunity.
In response to the report, Insurance Europe is calling on EU policymakers to implement measures that support innovation in data use, enhance early financial education, streamline policy information, and promote long-term financial planning. These steps, experts suggest, are essential to building trustworthy insurance solutions that resonate with the next generation.
Related topic:
Cambodia’s Insurance Regulator Hosts Seminar to Raise Vehicle and Health Insurance Awareness
10 Ways Young UK Drivers Can Avoid High Car Insurance Costs
Former Nippon Life Leader Tsutsui Takes Helm of Japan’s Top Business Lobby
