A recent survey by the Geneva Association reveals that appetite for more insurance is highest among Gen Z respondents (32%), particularly for private health and property insurance.

The survey, conducted globally by the Geneva Association, polled 28,000 households across France, Germany, Italy, Japan, Spain, the U.K., and the U.S. It focused on six demographic groups: low-income earners, Gen Z, migrants, the elderly, the self-employed, and the chronically ill.

Among these subgroups, Gen Z stands out with the highest demand for more insurance, with nearly a third (32%) expressing the need for more coverage, especially in the U.S. and Japan.

For all groups, affordability remains the primary barrier to obtaining insurance, particularly for low-income respondents. However, for Gen Z, lack of time to research products is a significant factor, particularly in Japan, Germany, and Spain, where it surpasses concerns about affordability.

The report highlights that underinsurance is most prevalent among Gen Z, low-income earners, and migrants across all seven countries, pointing to inclusion gaps.

Ownership of voluntary insurance is highest in France (92%) and lowest in the U.S. (78%).

Jad Ariss, Managing Director of the Geneva Association, commented, “Inclusion gaps are present and potentially growing for many socio-demographic groups in developed economies. This is a worrying trend. Insurers can make a huge contribution to addressing these gaps, which would not only enhance the financial resilience of underserved populations but also open up new growth opportunities for the insurance industry in mature markets.”

Kai-Uwe Schanz, Director Social & Financial Inclusion at the Geneva Association and author of the report, added, “Insurers need to adapt their offerings and approaches to meet the specific needs of underserved groups. Our research shows that there is a clear opportunity, particularly with Gen Z, for insurers to close inclusion gaps. Improving accessibility to insurance – for example through digital channels – and offering more affordable, flexible and personalised products will be key to appealing to the Gen Z demographic.”