The latest survey by bancassurer CBC highlights major generational differences among the 1,084 respondents in the way insurance products are managed, particularly when it comes to sustainability issues.
For example, more than one in four Belgians (27%) aged between 18 and 70 say they are encouraged to review their insurance policies or take out additional insurance, given the increasing number of extreme weather events (storms, floods, etc.).
In the 18-24 age group, almost six out of 10 respondents (57%) are considering changing their insurance cover.
One Belgian in three (33%) also believes that it is possible to invest in insurance in a sustainable way, according to the study presented on Monday. This percentage rises to 42% among 18-24 year-olds and 44% among 25-34 year-olds.
Almost one out of two respondents (48%) said they did not know. This rose to 64% among 55–65-year-olds.
‘There is an interesting generational effect. Young people are more concerned about the environment than older people,’ points out Pierre Devolder, professor at the Catholic University of Louvain (UCLouvain).
‘We are seeing a change in attitude as regards savings products," says Patrick Dallemagne, Director of CBC Assurances.
"In the space of a year, the proportion of people who have invested their life insurance in sustainable funds has risen from 12% to 16%," he adds. "There is greater awareness, and this will be a key issue for the future."
While the sector is not immune to digitisation, insurers will also have to take the new attitudes of young people into account.
Since 1 October, it has been easier to cancel insurance policies. Although 72% of Belgians have not heard of these legislative changes, 46% (58% among 18-24 year olds) say that this could encourage them to change insurers more regularly.
