Source: Nielsen [download page]
Notes: Auto insurance ownership is consistent across generations, exceeding 80% in each case, per data contained in a recent Nielsen report. Millennials are less likely than their older counterparts to have homeowners/renters insurance and life insurance, per the report, although upscale Millennials (household income of at least $75k) have higher rates of auto insurance (88%) and homeowners/renters insurance ownership (81%) than the older generations, and match them in terms of life insurance ownership (48%).
Not surprisingly, the report shows that Millennials are the least likely to use a local agent to acquire a new policy, review statements, make billing inquiries, and file a claim. By contrast, they’re the most likely to use online channels for those purposes, save fro reviewing statements, for which Gen Xers are the most apt to go online.