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.
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.