Access to insurance must become simpler, more digital and tailored to younger consumers if the industry is to remain relevant to the next generation, according to a new survey by Insurance Europe in collaboration with the European Youth Parliament (EYP).
The survey gathered views from 651 young people across 33 European countries. While most respondents acknowledged the value of insurance in providing protection and peace of mind, many described the process of buying it as overly complicated and burdened by paperwork.
The findings showed that 57% of respondents did not find purchasing insurance to be an easy process. Additionally, seven in 10 expressed a desire for clearer and more consumer-friendly information. Despite these challenges, the survey found that 82% were willing to pay more for better coverage and benefits, suggesting that product quality is a higher priority than price for many young consumers.’
A lack of financial education was also a recurring theme, with 82% stating they had not received sufficient education at school to make informed decisions about insurance. Still, 73% of respondents indicated they believed even small financial investments could be worthwhile, highlighting a general willingness to engage in planning for the future.
Respondents were divided on their preferred method for purchasing insurance, with no single distribution channel emerging as dominant. Many expressed interest in a combination of online and in-person options. Meanwhile, 79% said they want insurers to do more to promote responsible behaviour, and most indicated they would be willing to share personal data to support this.
The survey also pointed to a perception gap when it comes to insurance as a career. Nearly 60% of young respondents said they were not interested in working in the sector, citing other career preferences.
Commenting on the results, Thea Utoft Høj Jensen, director general of Insurance Europe, said the findings reflect a clear call for greater clarity and innovation, and reinforce the need for a regulatory framework that prioritises simple and accessible consumer information.
Anya Suprunenko, executive director of the European Youth Parliament, said the survey demonstrated that young people are willing and able to engage with complex issues when given the opportunity to do so.
In response to the findings, Insurance Europe is urging EU policymakers to support regulatory and industry measures that promote innovation in data use, improve early financial education, simplify insurance information and processes, and encourage long-term financial planning.
