Kathmandu. The Genji generation has the lowest life insurance ownership in the world. This is according to the 2025 LIMRA and Life Happens study.
According to the study, more than 60 percent of people worldwide lack insurance, and only 36-42 percent of people in the United States have insurance coverage. In contrast, young people are doing better than Genji. Baby boomers have a life insurance ownership rate of 57 percent, GenX 55 percent and Millennials 50 percent.
Globally, life insurance ownership is low along with GenG in regions such as South and Southeast Asia. That’s because overall insurance penetration is low. Markets such as Canada (with a significant share of young people overall, about 73 per cent) and parts of Europe, such as France (with more voluntary coverage), see higher rates.
The main reasons for the lack of interest include overestimating the cost. That’s because millennials believe that older adults are 7-12 times older than they actually are. Life insurance is often considered as a more expensive automobile policy.
Delays in traditional milestones such as marriage, parenting and homeownership have also reduced the urgency. Lack of information, complex conditions and complicated processes have created confusion in the Genji generation. As a result, it has become challenging to get insurance.
Other financial pressures such as student debt, high living costs, inflation and economic instability are also preventing Genji generations from applying for insurance. Moreover, many of them consider insurance unnecessary until they are old and make it a low priority.
Despite the obstacles, many in Genji understand the importance of life insurance. About 49 percent believe insurance coverage is needed and 68 percent of those under 40 believe life insurance is necessary for financial health.
Insurers should move to digital platforms with user-friendly apps to increase interest in the company. Insurance companies can also use social media to reach up to 84 per cent of the genes they use for financial information. They may also offer individual and flexible policies, including immediate welfare or life benefits. Providing affordable, transparent options and simplifying complex terms can also build trust.
According to experts, optimizing GenG preferences can help bridge the growing security gap and secure future market growth.
