4 out of 5 Singaporeans to buy travel insurance in 2022

Of those with strategies to travel, 82% reported they would invest in travel insurance for their trip.

Even between these who did not approach to travel, the intent to acquire journey insurance plan remained normally higher, with 86% indicating they would however commit in journey insurance coverage if they had to journey for crucial motives. The sentiment was a shared one throughout all age teams polled.

Forty-six per cent of buyers favored to invest in straight from insurers, although 36% ended up open up to paying for vacation coverage from journey players, aggressive pricing currently being the most important motivation.

In picking out their vacation insurance approach, only 15% of Singaporeans determined COVID-19 advantages as the selecting aspect, falling driving pricing (20%) and simplicity of on line claims support (16%).

The survey uncovered that simplicity of on-line promises assistance was specifically important to travellers concerning the ages of 35 and 44 who are married and with young children, although Gen Z travellers (among 18 and 24 yrs of age) tended to benefit personalisation of their travels.

Travellers appreciated worth-added services as portion of a travel insurance policy program, with arrangement of providers for COVID-19 formalities rating greatest amid them (39%), followed by airport lounge obtain in case of flight delay (12%) and 24/7 telemedicine (9%).

“The survey supports our knowing that consumers’ outlook for travel is brightening and there are pockets of prospects to have interaction consumers from distinct segments,” said Steven Leong, MSIG Singapore senior vice president for retail distribution. “It is critical as insurers we retain innovating to fulfill the exceptional and diverse demands of our shoppers in the new journey normal. The results of the study will much better posture us to provide such answers to tap into altering traveller demands.”

MSIG has extended automated COVID-19 coverage at no more price to its Travel Quick policyholders to continue to keep journey coverage reasonably priced and accessible.