Chubb Releases Industry's First Study Exploring Consumer Attitudes on Insurance Across Five Generations

Results of New Research Reveal Differences – from Gen Z to the Silent Generation – to Help Agents and Brokers Build Trust, Connection and Credibility

WHITEHOUSE STATION, N.J., Sept. 15, 2022 /PRNewswire/ -- A new Chubb study is the industry's first to explore the attitudes on insurance-related matters across five generations of affluent and high net worth consumers in the U.S. and Canada. The findings of "Selling Across Generations" reveal differences in how each generation searches for and purchases insurance, what they look for in an insurance carrier, their current coverages, the kinds of media they trust most, and how they currently engage with insurance agents.

According to the study, Gen Z and Millennials are the generations most likely to want their insurance agent or broker to advise them what decisions to make. Nearly half (46%) of Gen Z (born 1997-2012) and 43% of Millennial (1981-1996) respondents welcome this direction, compared to just 21% of Gen X (1965-1980), 36% of Baby Boomers (1946-1964), and 29% of the Silent Generation (1928-1945).

The younger generations are also the most receptive to having their agent or broker educate them on how insurance products and services can match their long-term goals. Majorities of Gen Z and Millennial respondents welcome that education (53% for both) versus about two-in-five for Gen X and Baby Boomers. The study also found that younger generations are more likely to use social media reviews when choosing an agent or broker to advise them. Most Gen Z (94%) and Millennial (89%) respondents rely on social media reviews ahead of choosing an agent, compared to 64% for Gen Xers and 56% for Baby Boomers.

The new research reflects Chubb's commitment to provide independent agents and brokers with valuable resources to support them in their business. This quantitative study is being released in conjunction with additional research that agents and brokers can use to tailor their engagement with each of these generations to build greater trust, connection and credibility.

"It's critical in today's competitive business environment that we understand the dynamics of catering to five different generations with each evaluating and purchasing insurance very differently," said Ana Robic, Vice President, Chubb Group and Division President, Chubb North America Personal Risk Services. "We are pleased to offer agents and brokers this research and other resources to help them close generational gaps in sales relationships. We encourage our distribution partners to dive into what we've made available – and along with us – harness these insights to meet the unique risk management needs of our mutual clients across generations." 

Other key survey findings:

  • Not unexpectedly, the younger generations tend to have fewer insurance coverages than older generations, and more than one-third of all respondents have an add-on insurance product, such as coverage for liability or valuable articles. Current use of an insurance agent – including both independent and captive – was high across all generations with, perhaps surprisingly, the highest usage among Gen Z (80%) and Millennials (83%). Across all generations, 46% prefer purchasing through an independent agent, the study found.
  • Two-thirds (66%) of respondents in all generations believe it is very important for an agent or broker to listen to their needs. Respondents also placed a high value on the responsiveness of their agent or broker (69%) and their industry knowledge (68%). Only 51% said industry certifications held by their agent was very important. 
  • Gen Z is the generation most likely to strongly agree that they need an agent to define their goals and challenges.  Some 44% feel this way, versus 29% of Gen Xers and 19% of Baby Boomers.

When asked to assess the advertising methods used by insurers, online client reviews and word of mouth were rated the most trustworthy. Other sources, including client video testimonials, influencer marketing, and print and broadcast advertising, had lower levels of trust.

For more information, visit, Chubb's quick reference guide, or download Chubb's Genintelligence® report, "Selling Across Generations," which harnesses insights and data to deconstruct myths, uncovers unexpected truths, and explores how agents and brokers can authentically connect with clients. For a preview of key findings, please visit Key findings from the Chubb study.

About the Survey
This is the first survey by Chubb measuring U.S. and Canadian consumers' generational attitudes towards insurance- related decisions. The defined generations used for this study were Gen Z (born 1997-2012), Millennial (1981-1996), Gen X (1965-1980), Baby Boomers (1946-1964) and Silent Generation (1928-1945).

Conducted by Dynata, a leading global provider of first-party consumer and professional data, the survey was fielded in the U.S. and Canada from 6/1/22 – 6/15/22. The results are based on 1,151 completed interviews from those with annual household incomes of $200,000 or more.   

About Chubb
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs more than 34,000 people worldwide. Additional information can be found at:

Chubb Insurance Company of Canada has offices in Toronto, Calgary, Montreal and Vancouver and provides its coverages and services through licensed insurance brokers across Canada. For additional information, visit:



For further information: Media Contacts: Eric Samansky: (215) 640-4666, or Laurie Taylor: (908) 903-2611,