WASHINGTON, July 22,
2024 /PRNewswire/ -- A new survey from the National
Association of Insurance Commissioners (NAIC) found that 35% of Gen
Z adults currently pay for a cellphone protection plan, while only
21% have renters insurance. It may be because many don't understand
their risks and why having the right insurance coverage
matters.
Today, Andrew N.
Mais, President of the NAIC and Connecticut Insurance
Commissioner, discussed the survey and shared why Americans,
especially young adults, need to prioritize insurance coverage
during a satellite media tour broadcast from the University of Connecticut's Stamford campus. Nine television and nine
radio outlets interviewed Commissioner Mais during the Monday
session.
Over half of respondents (54%) shared they feel "overwhelmed or
anxious" at "the thought of dealing with insurance." About 1 in 3
young adults (34%), for instance, said they were "going to try to
wait as long as possible" to get their own life insurance, with
over 1 in 4 (28%) saying the same for health insurance.
Just over 1 in 4 Gen Z adults could correctly identify the
insurance terms "deductible" (27%) and "copay" (29%). A higher
percentage (36%) said they could identify "out of pocket," while
only 19% said they could define "out of network." The survey also
found 22% of Gen Z respondents have little or no awareness of the
importance of auto insurance, and 14% have little or no awareness
of the importance of health insurance.
"There's a gap in insurance knowledge among Gen Z
adults," said Mais. "This is a critical time in their
lives, as they are laying the groundwork for their financial
futures, and as an insurance regulator, I know how confusing
navigating the world of insurance can be. The good news is you
don't have to figure these things out by yourself. There are
independent resources to help consumers of all ages and stages of
their lives get answers to insurance questions and ensure there are
no gaps in their coverage."
"Our survey also revealed some encouraging findings about Gen
Z," Mais continued. "For example, 61% of Gen Z adults
surveyed already pay for their own health insurance, while 49%
carry automobile coverage. There are several areas where we have a
solid base to build on as we 'Mind the Gap,' or help close
protection gaps and ensure more people have the coverage they
need."
State Departments of Insurance (DOI) advocate on behalf of
consumers across all coverage types in the insurance world. If
consumers have questions or concerns about obtaining insurance
coverage, filing claims, appealing denied claims, insurance
fraud, or resolving issues with an agent, broker, or
insurance provider, their state's DOI is here to help.
Find out how to contact each state DOI at the NAIC's
website, naic.org. The NAIC website also answers some of
consumers' most asked questions about selecting
the right plan for them.
About the Survey
The NAIC commissioned Atomik Research to conduct an online
survey of 1,003 adults throughout the
United States. The sample consists of Gen Z adults, ages 18
to 27, throughout the U.S. The margin of error for the overall
sample is +/- 3 percentage points with a confidence level of 95
percent. Fieldwork took place between June
24 and June 26, 2024. Atomik Research is an independent
creative market research agency.
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SOURCE NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS