A new survey by the European Insurance Association and the European Youth Parliament reveals that young Europeans want insurance purchases to be simpler, more digital, and user-friendly. The study collected responses from 651 youths across 33 countries.
While recognizing the importance of protective insurance, many respondents criticized the buying process as overly complex and burdened with paperwork. More than half (57%) found purchasing insurance difficult, and 70% called for clearer, more accessible information.
Protection was prioritized over price, with 82% willing to pay extra for better coverage and benefits. However, an equal share felt they lacked sufficient financial education in school to make informed insurance choices.
The survey also showed strong interest in investments, with 73% believing even small investments are valuable. Preferences for purchase methods varied between online, in-person, or a combination, highlighting the need for flexible distribution channels.
Additionally, 79% said insurers should promote responsible behavior, and most were willing to share personal data. Despite this, nearly 60% showed little interest in careers in insurance.
Thea Utoft Høj Jensen, CEO of the European Insurance Association, stressed the importance of these findings, calling for clearer, innovation-driven, consumer-focused regulations.
Anya Suprunenko, Executive Director of the European Youth Parliament, said young people can engage with complex insurance issues when given the chance to express their views.
The European Insurance Association urged EU policymakers and the insurance industry to foster innovation, use data to meet consumer needs, enhance financial education, simplify processes, and support retirement and investment planning.
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