Medical and health insurance ownership low amongst Gen Zs: Ipsos report

Only 17% of Gen Zs have critical illness insurance.

Health and medical insurance ownership is notably lower among Gen Zs in  Hong Kong, Ipsos reported.

In Hong Kong, only 23% of Gen Zs have accident insurance, and only 17% have critical illness insurance.

Fewer Gen Zs have outpatient insurance (12%), hospital insurance (9%), and Voluntary Health Insurance Scheme plans (7%).

The report also found that Gen Zs in Hong Kong are more inclined to take personal loans for medical expenses than their older counterparts (13% vs 5%). 

“This calls for insurance companies to increase awareness and education about the importance of health and medical insurance among younger adults,” Ipsos said.

“Additionally, designing insurance products that align with the lifestyle and preferences of younger generations, possibly bundled with personal loan products, could be an effective strategy,” Ipsos added.