A new survey by Klook Protect, Klook’s travel-focused insurance division, has uncovered significant discrepancies in travel insurance coverage as it relates to modern consumer needs. The study, conducted by Canvas8, surveyed 2,500 individuals in Singapore, Malaysia, the Philippines, Hong Kong, and South Korea in February 2024.
The findings indicate that traditional travel insurance fails to align with the preferences of millennial and Gen Z travelers. The “Travel Troubles Beyond Lost Luggage 2024” report highlights that these younger generations face unique risks and have distinct needs that are not adequately addressed by conventional policies.
Chuan Sheng Soong, CEO of Klook Protect, noted that millennials and Gen Z travelers, characterized by their adventurous spirit, tech savviness, and independence, often find existing travel insurance options inadequate. He emphasized the need for insurance products that better reflect their modern travel behaviors and enhance their travel experiences.
Travel in 2024 presents new challenges, including climate change, economic pressures, and health concerns, which contribute to an increased risk profile. Notable issues include severe flight turbulence, rising crime in popular tourist spots, and health threats from climate-sensitive diseases. These evolving risks underscore the necessity for updated travel insurance solutions to ensure comprehensive protection for today’s travelers.
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