MZ Generation Monthly Insurance Premiums: Men Pay 40,000 Won More Than Women

Among the MZ generation (Millennials + Generation Z), it was found that men pay higher insurance premiums than women.

On the 8th, fintech company Habit Factory analyzed data from 50,000 randomly selected customers and found that as of the end of last month, men in their 20s spent an average monthly insurance premium of 251,446 KRW, while women spent 210,823 KRW. Men and women in their 30s paid 306,448 KRW and 267,683 KRW respectively. This analysis included all types of insurance such as protection insurance, savings insurance, general insurance, and automobile insurance.

The average number of insurance policies held by people in their 20s and 30s is 5.2. The top three most held products were found to be children’s insurance, indemnity insurance, and travel insurance, in that order.

There was a difference in insurance involvement between those in their 20s and 30s. According to a survey conducted by Habit Factory in June targeting 500 men and women aged 25 to 39, 66.9% of those in their 30s responded that they “researched insurance products themselves,” showing a high level of involvement, whereas 63.6% of those in their 20s chose “family or acquaintances researched on their behalf.”

Regarding insurance premium payments, 84.3% of those in their 30s answered that they “pay the premiums themselves,” while 47.9% of those in their 20s selected “family pays the premiums on their behalf.”

When asked about the channels through which they subscribed to insurance products, 65.6% answered “insurance agents,” and 26.4% answered “applications and websites.”

The most important feature of insurance management apps was “product comparison,” accounting for 44.5%. Next were “product exploration” at 33.2% and “insurance claim” at 31.4%.

Regarding situations in which they use insurance management apps, 60.4% responded “when they want to see their insurance subscription status at a glance.” This was followed by “when they have questions about insurance” (45.9%) and “when insurance remodeling is needed” (42.4%).

A representative from Habit Factory said, “We will analyze various data and seek customized strategies based on consumer awareness.”