Canadian Underwriter

Millennials lacking on the insurance front: Ratehub.ca survey


March 13, 2018   by Staff


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Copyright : Cathy YeuletA significant number of millennials do not have insurance, according to a new survey by online rate comparison website Ratehub.ca.

Altogether, the poll of 1,000 Canadians found 15% of millennials say they don’t have insurance at all, compared to 8% of Generation Xers and 6% of baby boomers. For those young Canadians who are renting, only 22% had tenant insurance, compared to 31% of Gen-Xers and 44% of baby boomers.

Related: Millennials in Insurance

The survey also found that millennials were more likely to turn to their emergency fund than insurance, with Ratehub.ca hypothesizing that for certain individuals, insurance isn’t a priority until major life changes arise—such as buying a home or starting a family.

Furthermore, 44% of millennials said they feel most Canadians only have a fair or poor understanding of their insurance coverage. They overwhelmingly listed getting a good rate as the most important factor in choosing their coverage, followed by the ease in signing up for coverage, and a convenient claims process.

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This story was originally published by Canadian Insurance Top Broker.