MSIG survey reveals that 3 in 5 Singaporeans plan to travel in 2022
- Of the 60% respondents who intend to travel, more than half wants to go to countries beyond Asia.
- More than 80% of the respondents will purchase travel insurance for their vacation.
- COVID-19 coverage is listed as the top reason for their purchase of travel insurance but pricing is the deciding factor when selecting a plan.
SINGAPORE - Media OutReach - 28 March 2022 - A recent survey was commissioned by MSIG in collaboration with Ancileo, to better understand consumers’ attitudes towards the purchasing of travel insurance. The survey polled 400 Singaporeans aged 18 to 69 on their sentiments for post-pandemic travel.
For respondents with plans to travel, 82% of them says they will purchase travel insurance for their vacation.
Amongst those who do not plan to travel, 86% indicate that they will purchase travel insurance if they have to travel for essential reasons. This sentiment is similar across all age groups.
As one might expect, COVID-19 coverage (21%) came out tops when respondents were asked to rank the reasons that they buy travel insurance. Emergency and medical coverage came in second (19%), followed by trip cancellation coverage (16%).
Interestingly, COVID-19 benefits are not the deciding factor for respondents. When it comes to choosing their travel insurance plan, pricing is listed as the most important factor amongst respondents (20%), followed by ease of online claims service (16%) and COVID-19 benefits (15%). In particular, ease of online claims service held signiﬁcant importance for travellers between the ages of 35 to 44 years old who are married with young children.
Amongst other key findings, the survey found that Gen Z travellers aged between 18 to 24 tend to value personalisation of plans much more to suit their adventure-style trips while globetrotters tend to place higher priority on trip cancellation coverage as sudden rise in COVID-19 cases could lead to flight and accommodation cancellations.
Other findings that came out of the survey:
- Consumers appreciate value-added services as part of their travel insurance plan. High on the list is the arrangement of services for COVID-19 formalities (39%), airport lounge access in case of ﬂight delay (12%) and 24x7 telemedicine (9%). Arrangement of services will include advisory and hotline support for emergencies.
- 46% of consumers still prefer to buy travel insurance directly from insurers.
- 36% are open to purchasing travel insurance from travel players, with competitive pricing as the biggest motivation.
- 35% of respondents are open to purchasing in-path travel insurance.
- Only 15% of travellers that belong to an airline members’ program indicate that the biggest enticing factor for them to purchase in-path travel insurance is when the insurance plan comes with loyalty miles, with the majority still preferring price discount over loyalty miles perks.
Steven Leong , Senior Vice President, Retail Distribution, MSIG Singapore said, “The survey supports our understanding that consumers’ outlook for travel is brightening and there are pockets of opportunities to engage customers from different segments. It is important as insurers we keep innovating to meet the unique and diverse needs of our customers in the new travel normal. The results of the survey will better position us to provide such solutions to tap into changing traveller demands.”
“With travel beginning to take off again, one of our key focus this year is to also expand the availability of our travel insurance to more consumers through the power of collaboration,” he added.
To keep travel insurance affordable and accessible, MSIG has extended automatic COVID-19 coverage at no extra cost to its TravelEasy policyholders. From now till 30 April 2022, customers who purchase its Annual Trip plan will be offered a free Polymerase Chain Reaction (PCR) test.
About MSIG Insurance (“MSIG”)
A leading general insurer with a local presence of over 100 years, MSIG Singapore offers an extensive range of insurance solutions for commercial and personal risk protection, enabling the security and safety of individuals and businesses. MSIG Singapore holds an A+/Stable financial rating by Standard & Poor's.
A testament to its growing strength and influence, MSIG Singapore has garnered numerous awards for delivering digitally innovative and customer-centric solutions. It was named Asia's Most Transformative Insurer (2019) by the IDC Financial Insights and The Digital Insurer of the Year (2018) by The Asset, an independent financial research publication in Asia.
MSIG is a subsidiary of Mitsui Sumitomo Insurance Co., Ltd, and a member of the MS&AD Insurance Group – one of the largest general insurance groups in the world with presence in 50 countries and regions globally, 18 of which are in Asia Pacific including all ASEAN markets as well as in Australia, New Zealand, China, Hong Kong, Taiwan, Korea and India. Headquartered in Japan, MS&AD is amongst the top non-life insurance groups in the world based on gross revenue.
The issuer is solely responsible for the content of this announcement.