Markets specific deep dive
Benchmarks and key trends observed from 12 markets studied
"We expect increased pent-up demand for travel globally as countries start to reopen borders and relax their quarantine and testing policies. This should translate into a corresponding demand for travel insurance."
"MSIG remains competitive in pricing and coverage that include COVID-19 benefits. Single trip policyholders are covered for up to S$200,000 for COVID-19 related overseas medical expenses and evacuation. This benefit goes up to S$500,000 for family cover."
"Although Australian travellers’ shop for insurance, they are generally commission shopping rather than product shopping. Given Indonesia and the USA are the two most popular destinations after New Zealand, medical cover and repatriation are essential for travelling."
"We do expect there to be a pricing impact for customers to reflect ongoing COVID coverage but also are expecting insurers to develop longer term pandemic coverage, especially if the reinsurance markets are willing to support."
"Apart from aggressive pricing strategy, travel players can increase the conversion rates by offering flexible cancellation for any reason, quarantine costs during travel, and travel curtailment benefits."
