Insurance Europe

Access to insurance needs to become simpler, more digital and user-friendly to meet the distinct needs of Europe’s younger generation. This is the clear message from a survey conducted by Insurance Europe in partnership with the European Youth Parliament (EYP), which gathered the views of 651 young people from 33 European countries.

The results reveal that while young people value the protection that insurance offers, they often find it overly complicated to purchase. A majority associate insurance with safety and peace of mind but also describe it as “paperwork-heavy”.

Key findings include:

• Make it simpler: 57% did not find buying insurance as an easy process. 7 out of 10 also want clearer and more consumer-friendly information.
• Protection over price: 82% are willing to pay more for better coverage and benefits.
• Education gaps: 82% feel they did not receive enough financial education at school to make informed insurance decisions.
• Willingness to invest: 73% believe that even small investments are worthwhile.
• Keep distribution options flexible: Young people are divided on how they prefer to buy insurance – online, in person, or both.
• Risk prevention: 79% want insurers to play a greater role in promoting responsible behaviour, and most are open to sharing data.
• Attracting talent: Nearly 60% of young Europeans say they are not interested in working in insurance, citing other interests.
  
  

“This survey proves young Europeans understand the importance of insurance,” said Thea Utoft Høj Jensen, director general of Insurance Europe. “It gives us a deep dive of how the next generation expects clarity and innovation, reinforcing the need to create a regulatory environment that puts the consumer first by ensuring information is simpler and more concise”.

Anya Suprunenko, the Executive Director of the European Youth Parliament, commented, 'Young people are capable of engaging with complex issues like insurance. This survey and the broader collaboration show that when given the time and space to be heard, young people can express their needs and priorities clearly.''

Based on the findings, Insurance Europe is calling on EU policymakers to work with the insurance industry to:

• Encourage innovation that allows insurers to use data to meet consumer needs
• Support early financial education
• Simplify processes and information
• Promote retirement planning and investment
  
  

Read the full survey results

The survey results were published during Insurance Europe’s 15th International Conference, held in Brussels on 5 June. An innovation lab with nearly 60 young people also took place during the event, where participants discussed their expectations for the future of the insurance industry.