Edition

Perceptions of Younger Generations on Risk and Insurance

Authors

Eric Sondergeld, ASA, CFA
Marie Ammar
Greenwald Research

Description

This study aims to explore the evolution of and trends in how consumers from younger generations understand, investigate, and purchase private insurance plans, including:

  • Younger consumer attitudes regarding risks they face and the insurance products that can help them manage/mitigate these risks;
  • Do younger consumers think in terms of risk or do they purchase insurance either because it is required or that they “should?”;
  • Their preferences for the purchase method of various types of insurance;
  • Their views on coverage levels;
  • Their use of social media and InsurTech/FinTech and how this affects their planning; and
  • Their views on and use of insurance agents and other financial professionals for education, advice, and products.

Materials

Perceptions of Younger Generations on Risk and Insurance

Thank You

The authors’ deepest gratitude goes to those without whose efforts this project could not have come to fruition: the volunteers who generously shared their wisdom, insights, advice, guidance, and arm’s-length review of this study prior to publication. Any opinions expressed may not reflect their opinions nor those of their employers. Any errors belong to the authors alone.

Project Oversight Group members:
William Brummond, PhD, FSA, MAAA
Grace Caress, FSA, MAAA, EA
Vladimir Krepkiy, FSA, MAAA. FCIA, FCA
Sudha Shenoy, FSA, MAAA, CERA
Ronnie Thottaplackal, ASA, MAAA
Lin (James) Xia, FCAS

At the Society of Actuaries Research Institute:
Jan Schuh, Senior Research Administrator
Ronora Stryker, ASA, MAAA, Senior Practice Research Actuary

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