4 out of 5 Singaporeans to buy travel insurance in 2022

Of these with ideas to vacation, 82% reported they would order vacation insurance for their trip.

Even amid those people who did not program to vacation, the intent to acquire travel insurance coverage remained usually higher, with 86% indicating they would nonetheless commit in journey insurance policies if they experienced to vacation for necessary causes. The sentiment was a shared one particular throughout all age groups polled.

Forty-six per cent of customers chosen to purchase right from insurers, though 36% had been open to paying for vacation insurance from journey players, competitive pricing remaining the largest drive.

In choosing their vacation insurance policy approach, only 15% of Singaporeans identified COVID-19 positive aspects as the determining factor, slipping guiding pricing (20%) and relieve of online statements services (16%).

The survey located that ease of on the net claims company was especially essential to travellers between the ages of 35 and 44 who are married and with youthful little ones, when Gen Z travellers (between 18 and 24 yrs of age) tended to price personalisation of their travels.

Travellers appreciated price-added services as element of a journey insurance coverage approach, with arrangement of products and services for COVID-19 formalities position optimum among the them (39%), followed by airport lounge accessibility in circumstance of flight delay (12%) and 24/7 telemedicine (9%).

“The study supports our comprehension that consumers’ outlook for vacation is brightening and there are pockets of opportunities to interact shoppers from different segments,” claimed Steven Leong, MSIG Singapore senior vice president for retail distribution. “It is critical as insurers we hold innovating to meet up with the exceptional and various demands of our shoppers in the new vacation normal. The success of the survey will greater placement us to offer such remedies to tap into switching traveller requires.”

MSIG has prolonged automated COVID-19 coverage at no added cost to its Vacation Straightforward policyholders to retain vacation insurance policies very affordable and obtainable.

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