Singaporeans unsure about purchasing travel insurance, despite travel difficulties

According to new research from financial comparison website Finder, 47 per cent of Singaporeans who travelled overseas last year experienced a flight delay.

Additionally, 34 per cent said their flight was cancelled, 28 per cent missed a flight and 21 per cent experienced lost baggage.

However, 17 per cent of Singaporeans who intend on travelling internationally this year said that they either will not take out travel insurance or are unsure if they will.

Finder’s Editor at Large, Angus Kidman, said that travel insurance, especially for overseas travel, is something you should buy but hope you’ll never have to use.

“Airlines were plagued with disruptions in 2022 due to staff shortages. While things have started to improve in 2023, there’s no guarantee you won’t face issues,” he said. “It’s shocking that eight per cent of Singaporeans who plan to travel abroad in 2023 aren’t planning to buy travel insurance and nine per cent are unsure.”

He concluded: “I understand that insurance can feel like wasted money if you never make a claim, but all it takes is one unexpected stay at an American hospital and you could find yourself owing tens of thousands of dollars.”