CHART OF THE DAY: More than 80% Singaporeans seek to buy travel insurance for 2022 vacation

COVID-19 coverage is the top reason for buying travel insurance.

About 4 in 5 (82%) Singaporeans said they will buy travel insurance as they plan to travel to countries in 2022, a chart from insurance firm, MSIG Singapore, showed.

The chart was from the latest MSIG Singapore survey which also indicated that 60% respondents intended to have a vacation in 2022.

Of those who do not plan for leisure travel, 86% disclosed that they will only purchase insurance for essential travel. 

Over 46% of Singaporeans said they also prefer to buy insurance directly from insurers whilst 36% are open to purchasing travel insurance from travel players, with competitive pricing as the biggest motivation.

Expectedly, COVID-19 coverage is the top reason when buying travel insurance with 21%, followed by emergency and medical coverage with 19% and trip cancellation coverage with 16%.

When choosing a travel insurance plan, pricing is tagged as the most important factor with 20%. Following this is ease of online claims service with 16% and COVID-19 benefits with 15%.

Of those intending to travel, 36% Singaporeans bared that they are eyeing to travel to countries outside of Asia.

Generation Z travellers aged between 18 to 24 value personalisation of plans when availing trips while globetrotters prioritise trip cancellation coverage due to the impact of COVI-19 surge on flight accommodation. 

In collaboration with insurance service provider, Ancileo, MSIG polled 400 Singaporeans aged 18 to 69 years old on their post-pandemic travel choices.