Singapore Travel Insurance Survey 2022

Singapore. A recent survey about buying travel insurance in Singapore commissioned by MSIG in partnership with Ancileo revealed that COVID-19 coverage is the main reason for buying travel insurance in Singapore. About 21% of respondents ranked COVID-19 coverage on top when asked to list the reasons for their travel insurance purchase.

Emergency and medical coverage (19%) came in as the next reason for their purchase. Then, trip cancellation coverage (16%) is the third reason.

However, COVID-19 coverage is not the main deciding factor when buying travel insurance. The survey reveals that pricing (20%) is the most important deciding factor, followed by ease of online claims service (16%) and COVID-19 benefits (15%).

The survey also showed that 3 in 5 respondents (60%) expressed a high desire for travelling this year. Furthermore, about 82% of respondents with plans to travel answered that they will purchase travel insurance.

Another interesting finding from the survey, Gen Z travellers (18 to 24 years old) tend to value the personalisation of the travel insurance plan. They prefer a plan that will suit their adventure style. However, the globetrotters tend to prioritise trip cancellation coverage.

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Other findings from the latest Singapore Travel Insurance Survey

Among the top three services, the respondents valued the most are the arrangements of services for COVID-19 formalities, airport lounge access in case of light delay, and 24×7 telemedicine.

About 46% of the respondents prefer to buy directly from insurers, while 36% are open to purchasing from travel players with pricing as the main consideration.

Moreover, about 35% of respondents are open to purchasing in-path travel insurance.

The recent data only shows that getting travel insurance with COVID-19 is seen as highly essential in the uncertain global environment.

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