From Yahoo Finance: 2025-05-28 11:10:00

Gen Z, born between 1997 and 2012, is a significant consumer group with low insurance rates. Only 21% have renters insurance, while life insurance rates are even lower. This generation’s skepticism towards traditional financial institutions and lack of understanding about insurance contribute to their reluctance to purchase coverage.

Many Gen Z individuals don’t trust insurance providers and lack understanding of insurance value. A significant portion believe insurance is covered elsewhere or don’t think about it at all. The industry has an opportunity to reinvent itself by partnering with content creators to demystify insurance through social media platforms.

Gen Z demands simple payment options and digital solutions for insurance purchases. Insurers can appeal to this generation by offering flexible micro-policies, subscription-style pricing, and digital on/off options. Adapting to Gen Z’s preferences and needs is crucial for the insurance industry to effectively engage this new generation and build trust.

To attract Gen Z, the insurance industry must simplify, digitize, and humanize its offerings. Traditional sales methods do not resonate with this generation. A total transformation of the industry’s mindset is needed to earn Gen Z’s trust and loyalty.



Read more at Yahoo Finance: Why isn’t Gen Z buying insurance?