S'pore millennials, Gen Z find traditional travel insurance 'outdated'

A fifth of respondents hesitate to buy insurance due to not knowing what is covered.

Nearly a third (30%) of Singapore’s Gen Z and millennial travellers decide to buy travel insurance just a week – even days – before their trips.

This last-minute purchase is mainly due to their view of traditional travel insurance as “outdated” due to its “cookie-cutter approach,” according to a survey by Klook Protect, the insurance arm of travel platform Klook.

The survey, which polled 2,500 respondents across five Asian markets (Singapore, Malaysia, the Philippines, Hong Kong and South Korea), revealed that 34% of Singaporean travellers struggle with making insurance claims, slightly behind Malaysia at 36%.

Despite careful planning in Asian households, Klook Protect noted that six in 10 Singaporeans purchase travel insurance less than a month before their trip, with half buying just days to a week prior.

Chuan Sheng Soong, CEO at Klook Protect, noted that millennials and Gen Zs look for travel insurance that goes beyond protecting their general safety as they want to be fearless and “experience the thrill”.

Other factors discouraging travel insurance purchases include understanding what is covered (22%) and dealing with processes that are too complex (22%) or too long (20%).

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