What Younger Consumers Want from Insurance [New Study]

— Apr. 25, 2023 —
Published in News Releases
on prnewswire.com

New Study from the Society of Actuaries Research Institute Identifies Younger Generations’ Perceptions on Insurance

A new study from the Society of Actuaries (SOA) Research Institute analyzes how younger consumers understand, evaluate and purchase insurance plans. The study also investigates younger consumers’ perception of risk and the impact of the COVID-19 pandemic on how they value insurance. The report, “Perceptions of Younger Generations on Risk and Insurance,” examines the results of an online consumer survey.

Key Findings Include:

• 41% of young consumers feel it is important to have insurance.
• 63% surveyed consider themselves risk neutral, while 23% consider themselves more risk averse, and 14% consider themselves risk tolerant.
• Between 60% and 80% of younger consumers are somewhat or very concerned about the financial impact of each of 12 financial and insurable risks, such as car accidents, damage to personal property or damage to residence.

According to the survey, 61% of younger consumers intend to purchase one or more types of insurance within the next 12 months. Roughly half will prefer to purchase it online — regardless of type.

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