UK's teenagers worth 2.4 billion*

UK teenagers are worth an average of nearly £500 every time they step out of the front door a new study reveals today.

Teenagers are worth nearly £50 more** when they leave the house than in 2010 according to Allianz Your Cover, thanks to the clothes they wear and the gadgets they carry.  If a teenager is also carrying an iPad, MP3 Player and a hand-held games console they could be worth as much as £810.

Andy James of Allianz Your Cover, said: “Young people are carrying more expensive belongings than ever before. Our research shows this figure is going up every year - over the course of two years the amount of cash teenagers are carrying has increased from £42 to £89.

“We are encouraging teenagers and their parents to do what they can to prevent theft outside of the home. Being vigilant when out, mindful of personal safety and only carrying essential items, can all help to reduce the risk of items being lost or stolen.”

It appears however parents are unaware of this spiralling trend as only 5% think their teenagers are taking more expensive items out with them when compared to this time last year.

The average teenager carries:

Perturbed Parents

Parents reveal that over half (54%) of their teenage children have lost or had an item stolen – an increase from a third (29%) in 2010. This rising trend is worrying parents as nearly half (48%) think their children are vulnerable to crimes such as mugging and more than a third (35%) are more concerned than 12 months ago.

The items teenagers are most likely to lose or have stolen are:

Mobile phone (23%)

Cash (20%)

Watch (19%)

Andy James continues: “Of the parents whose teenage children have lost or had an item stolen, only a third (32%) have claimed or have considered claiming on their house insurance for the loss.  As teenagers are carrying increasingly expensive belongings, parents should make sure their home insurance covers their teens’ possessions outside of the home if something unfortunate should happen when they are out and about.”

Your Cover Insurance, Allianz UK’s flexible insurance offering enables policy holders to purchase personal possessions cover which gives additional protection for items outside of the home.

For more information please visit: www.YourCoverInsurance.co.uk

Ends

Notes to Editors:

A survey of 2,000 respondents was carried out in October 2011 by 72 Point on behalf of Allianz Insurance.

*£495.36 (What an average teenager is worth when they leave the house – Allianz Insurance Research) x (4,699,400 no of 13 - 18 year olds in the – ONS population statistics 2007 update) =  £2.37 billion

**The average teenager was worth £456 in 2010 according to Allianz Insurance Research carried out by 72 Point

About Allianz

Allianz Insurance is one of the largest general insurers in the and part of the Allianz SE Group, the largest property and casualty insurer worldwide. Reassuringly in these uncertain financial times, in July 2011 the Standard and Poor's rating for Allianz Insurance was reaffirmed as AA-with a stable outlook and the rating of Allianz SE was also reaffirmed as AA with a stable outlook.

About Your Cover

Your Cover is a new breed of insurance product, offering cover that customers select to precisely match their own lifestyle and circumstances. Using an  easy to use ‘Quote and Buy’ website, Your Cover makes it simple to design, obtain a quote and manage your insurance online.

The result of two years' research involving thousands of insurance buyers, Your Cover is a product from Allianz Insurance plc, which is a part of the global Allianz Group.