How to read insurance quotes
Insurance industry experts, who tend to be younger, are more likely to have insurance knowledge and to have paid premiums, according to a new study.
The survey by the Canadian Insurance Research Institute (CIRI) and the University of Toronto found that more than half of insurance professionals aged 35-64 had been paid for premiums and that more young people were using their insurance knowledge than older people.
The survey asked insurance industry experts a series of questions to assess their knowledge and the risk that they had taken.
It also looked at how much they were paid for their work and how much it could cost to use their knowledge.
“Our findings suggest that young people are more knowledgeable than older individuals in the insurance industry,” said CIRI vice-president David Stroud.
“The gap between younger and older insurance industry professionals in terms of their knowledge has grown since the last survey in 2016.”
The study found that among the respondents, a significant percentage of insurance industry insiders were older than 35.
Almost three-quarters of those in the 65-69 age group had been compensated for premiums in the past 12 months.
This was especially true for older professionals, according the survey.
In addition, one in four insurance industry insider had been fined in the last year.
This was significantly higher than the one in seven average fines in the other age groups.
Among those surveyed, a greater proportion of those with more than a year of experience were older.
Those with less than a decade of experience had a lower proportion of people in their age group with experience.
Younger people were more likely than older ones to have had insurance coverage at least one time in the previous 12 months and had paid premiums.
However, younger people were also more likely not to have a personal policy or insurance for a home, and they were more than twice as likely to not have a home insurance policy.
The CIRII study also found that people in the 35-49 age group were more knowledgeable about their insurance policy and paid premiums than those aged 55-64 and older.
They were also about twice as knowledgeable about the risk they were taking.
In the case of home insurance, older adults were also much more likely overall to have home insurance coverage and to not be familiar with the policy, compared with younger adults.
The study also identified that, among the people with insurance, there was a significant gap between those with insurance experience and those with less experience.
About half of those who had insurance experience were paid to work on the insurance policy for a month or more, compared to about a quarter of those without.
There was also a significant difference in the way older people were paid and the amount they were compensated for their services.
Among those with paid insurance, the average paid compensation was about $1,300.
For those without, it was about double that amount.
The study, titled The role of insurance knowledge in risk management, will be published in a special issue of Insurance in the News.