£90bn of millennials’ home contents uninsured, says Getsafe
The survey’s results were drawn from the responses of 2,069 British adults between the ages of 18 and 65.
Getsafe, an insurtech that focuses on contents cover in both the UK and Germany, has identified what it considers to be a startling generational divide on attitudes to insurance.
Specifically, those aged 25 to 34 (millennials) generally seem disconnected from the idea, despite having possessions that are collectively worth over £35k. The difference is made even clearer when one considers that almost 90% of those in the 55+ demographic have taken out some form of home insurance.
In total, Getsafe estimates that £90bn worth of possessions could be uninsured. When factoring in all other demographics, this figure rises to £266bn.
Addressing the insurance divide
Insurance gaps exist all over the world and the root cause is often a lack of awareness or education about the subject. The survey indicates that the majority of respondents expressed similar sentiments: they do not properly understand what contents insurance is.
Once again, there is a clear divide between generations on this issue: 11% of 18 to 25-year-olds reported familiarity with the topic in comparison to 61% of over 55s.
“Many people seem to misjudge the value of the items they own – especially younger generations. But with the number of technological gadgets increasing, it can be easy to underestimate the worth of your possessions,” said Christian Wiens, CEO and Co-Founder of Getsafe.
“The survey highlights how much many Brits would stand to lose should their possessions be stolen or damaged by a risk outside of their control.”
Believing that the gap between the ‘haves’ and ‘have nots’ of the insurance world is unlikely to close unless the industry can “delight customers”, he added that the time had come “make people enthusiastic about insurance again.”
Read more from Wiens on this topic in our feature article ‘Refocusing insurance for the digital generation’.
Tribe and APOLLO announce national insurance campaign
Tribe Property Technologies in partnership with APOLLO insurance has announced a national insurance campaign to digitise insurance for condominium owners, renters, landlords, and developers across Canada. The aim of the campaign is to make insurance access easier and faster for owners while improving the coverage and protection of condominiums and rental buildings.
According to several surveys, nearly half of 4.5mn rented houses in Canada do not have tenant insurance protection, meaning those individuals and their families are put at risk of fire and water damage.
What does the national insurance campaign include?
According to Tribe, the company is working with APOLLO to ensure that this type of insurance is easier to access. It aims to achieve this by introducing a direct connection to APOLLO's insurance technology from both Tribe's strata and condo management platform and rental software to allow for increased education and awareness for owners into insurance risks and options.
It also includes the future ability for notifications for mid-term cancellations, and plans to offer protection from potential strata/condo corporation deductibles, Tribe said.
"We are excited to partner with APOLLO to bring accessibility, visibility, and education around insurance options to our communities and reflect the current lifestyle expectations of condo owners and residents while protecting the value of their biggest assets", said Joseph Nakhla, Chief Executive Officer of Tribe.
Nakhla added: “This agreement with APOLLO is just the first step under our Digital Services & Partnerships revenue pillar. We will continue to layer on services to drive revenue for Tribe, and bring convenience and savings for our users, with the goal of being able to offer a one-stop-shop to our development partners and the over 100,000 residents in Tribe-managed communities”.
APOLLO uses technology as a channel between insurance brokers, carriers, and their mutual clients, offering insurance options from multiple companies on one integrated online platform.
"We like that Tribe is taking a fresh approach to condo living and building smart homes through tech-enabled service, and an integration with their Community Platform supports our goals of making insurance more accessible and supporting the needs of communities”, said Jeff McCann, Chief Executive Officer of Apollo.