Families at risk of being underinsured even with travel insurance
SINGAPORE, 20 April 2018 - While Singapore-based travellers are among the most well-travelled people in the world1, taking an average of 5.2 trips in 20172, the latest research from Singapore Tourism Board3 (STB) showed that short trips and perceived low risk destinations are the two top reasons for not purchasing travel insurance.
Release date: 20 April 2018
Among travellers who do purchase travel insurance, DirectAsia, a leading direct-to-consumer insurer, has found that travellers rarely pay attention to the specifics of their policies. This often leaves them exposed to unexpected losses abroad.
According to DirectAsia, parents travelling with children in particular are at the greatest risk of being underinsured. This is because while travel claims for children can be as high as that of an adult, coverage limits typically imposed on children are at half the adult levels - a detail unknown to most parents and travellers.
In addition, travel insurance buyers are not familiar with their plan’s coverage for hot button issues such as trip cancellation due to terrorism and haze, assuming those incidents are typically excluded from travel insurance policies.
Taking these pressing concerns and feedback from customers into consideration, DirectAsia has redesigned its travel insurance to better safeguard travellers - a move aligned with STB’s call for greater awareness on protecting against unexpected circumstances.
For starters, DirectAsia’s travel insurance now provides the same coverage limits for children as adults under the family plan. Moreover, under DirectAsia’s family plan, up to four children are insured at no additional cost. Families requiring an extra helping hand when travelling can add cover for domestic helpers under the same plan.
Understanding that travellers’ are increasingly concerned about terrorism, DirectAsia now covers, trip amendments or cancellations up to specified limits, should travellers decide to change or cancel their trip following a terrorist incident struck within 50km of their booked accommodation.
For the thrill-seeking adventurous traveller, DirectAsia has developed an optional add-on to cover extreme sports and activities such as triathlons, hiking or winter sports. The option to insure one’s valuable sports equipment is also available.
“Here at DirectAsia, we are as passionate about travel as anyone in Singapore, which is why we have created market-leading travel insurance so travellers can make the most of, and enjoy their holidays with a peace of mind. I am proud that our team went beyond the ordinary to create travel insurance which includes unique features that customers themselves told us they wanted – and which are not available elsewhere in the market – and yet retain competitive prices, which is clearly important. Our proposition is further enhanced by our top-notch claims service where more than 80% of travel claims are settled within 24 hours, a fantastic market-leading benchmark. Wowing customers is what live for at DirectAsia, and our new travel proposition is clear evidence of this,” said Bob Thaker, CEO of DirectAsia Insurance Singapore.
These unique benefits come as part of DirectAsia’s latest ‘No More Bad Souvenirs’ campaign. The move strives to remind travellers on the importance of protecting themselves, and taking control of their holiday happiness.
To find out more about DirectAsia’s travel plans, please click here.
1 Etihad Airways' Travel Survey Highlights Singaporeans' Preference for More Unique Travel Experiences
2 S’poreans took average of 5.2 trips in the last 12 months: Criteo
3 Study shows that short-trip duration and perceived “low-risk” destinations are the top two cited reasons for not buying travel insurance