Young people believe that access to insurance must become simpler, more digital, and user-friendly to meet their distinct needs, according to a recent survey by Insurance Europe in partnership with the European Youth Parliament (EYP).
The survey gathered responses from 651 young people across 33 European countries. While respondents said they value the protection insurance offers, many find it overly complicated to purchase, describing the process as “paperwork-heavy.”
57% of respondents said buying insurance was not an easy process, with 7 out of 10 calling for clearer and more consumer-friendly information.
Protection was ranked as a higher priority than price, with 82% of respondents willing to pay more for better coverage and benefits.
At the same time, 82% said they had not received enough financial education at school to make informed insurance decisions.
The survey also highlighted a strong interest in investment, with 73% believing that even small investments are worthwhile.
Young people were divided on how they prefer to buy insurance—online, in person, or both—indicating that distribution options should remain flexible.
In addition, 79% of respondents said insurers should play a greater role in promoting responsible behaviour, and most indicated they were open to sharing data.
However, nearly 60% of young Europeans said they were not interested in working in the insurance industry.
Thea Utoft Høj Jensen, director general of Insurance Europe, said, “This survey proves young Europeans understand the importance of insurance.
“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 urges EU policymakers to collaborate 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, and promote retirement planning and investment.
