87% of Singaporeans eye travel insurance purchase this year

Travellers said they want to be covered against scams or theft.

Almost nine in ten Singaporeans planning to travel in the coming year say they will purchase travel insurance, according to the latest Allianz Partners Travel Index. 

The survey, which polled over 500 adults in Singapore, indicates that personal safety, medical concerns, and travel disruptions are the primary drivers behind insurance purchases.

Amongst the key motivations for buying travel insurance, 73% of respondents cited protection against unforeseen events, 68% mentioned security, and 24% indicated a desire to cover the cost of their trips. 

Specific concerns include personal safety (59%), illness (56%), scams or theft (55%), flight delays and cancellations (55%), and extreme weather (46%).

Singaporeans are more likely than the broader Asia-Pacific (APAC) average to take out insurance, with 87% planning to do so, compared to 86% region-wide. 

The data shows a direct link between travel spending and insurance uptake—those planning to spend over $3,000 on travel are 24% more likely to purchase insurance than those with a budget of $1,100 or less.

When purchasing insurance, 55% of Singaporean travellers said they would buy directly from an insurance provider, whilst 17% would use a travel website, and 9% would purchase through an airline, hotel, or tour operator.

The findings highlight a strong focus on financial protection and preparedness amongst Singaporean travellers, particularly as cost-of-living pressures persist. 

Despite budgeting less on average for travel compared to other APAC markets like Australia, New Zealand, and Hong Kong, Singaporeans remain committed to safeguarding their travel plans through insurance.