Kathmandu. Nine out of ten Singaporean passengers or 86 percent are covered by travel insurance. This is the highest coverage in the world.
Figures from Radian and Ipsos show this. According to a survey of 1,000 Singaporean passengers conducted between February 27 and April 7, more than half, or 51 percent, want to continue with travel insurance in the future. Singaporeans are also one of the world’s highest spending travelers. The average vacation budget is $2,818.
Of the passengers, 86 percent said their travel insurance is temporary and solo travel. About half, or 46 percent, have annual insurance coverage. While 2 percent have credit card-linked coverage.
Almost all, or 93 per cent, of Singaporeans are insured for most of their personal belongings and 92 per cent for traffic accidents. Nine out of ten, or 90 per cent, insure health risks, 87 per cent for personal attacks and 83 per cent for natural disasters.
In addition to coverage, Singaporeans want comprehensive multi-risk protection, embedded support, and the trust to accompany them on every trip, according to Hassan Benour, CEO of Radean Asia Pacific. “Artificial intelligence (AI) is helping passengers plan faster but the final decision is still up to the people,” Benour said, adding that this is another opportunity for insurance companies and industry partners. Combining digital speed with reliable human guidance to meet the parameters of one of the world’s most demanding travel markets. ’
About 47 per cent of Singaporeans expect to rely more on AI to compare travel insurance products in the future. Nearly half or 45 per cent of Singaporeans have specifically used AI to plan or book holidays to research destinations, compare travel options and create itineraries. About 48 per cent said they would consider letting AI book on their behalf. – Agency
