Younger generation flocking to buy insurance online

Online insurance is gaining popularity in China, driven by an increasing number of young people looking to cover themselves using quick, low-cost, social media-powered apps, according to a new industry report.

The survey by WeSure, an online insurance portal backed by tech conglomerate Tencent Holdings Ltd, finds young people have become the main buyers of online insurance.

Among those surveyed, 80 percent of online insurance applicants were born in the 1980s and 1990s, and more than a third, 36.4 percent, were aged under 24.