Travel insurance is superbly popular in Singapore. In fact, it is so popular that Singapore is listed as the most interested country in this topic by Google Trends, ahead of Australia and the UK. Given that there are 55 million passing through Changi Airport every year compared to 5.4mn people living in Singapore, that there is such a high interest in travel insurance is unsurprising. However, with dozens of providers with tiered plans that can be quite complex, it could be rather difficult to find the best travel insurance for your needs. To help you do just that, we have prepared the below list with the best travel insurance offers in Singapore.
Table of Contents
- Best Travel Insurance
Our Picks For the Best Travel Insurance in 2017
When shopping for a travel insurance, there are multiple factors you need to consider. Insurers tend to price travel insurance according to the destination and duration of your trip, and often tier their products with different levels of benefits. We list Some of the most important factors below:
- Duration of your trip
- Destinations of your trip
- Price range
- Travel Inconvenience benefits (i.e. delays, cancellations, etc.)
- Accident & Medical Benefits
- Others: Emergency Coverage, 24-hr Service, Sports Coverage
We’ve collected data on pricing and benefits for over 50 insurance products and handpicked the best travel insurance deals in Singapore. Below, we organize the travel insurance offers in regards to each major area of consideration and review one by one in detail. We have also ranked travel insurances by "value ratio,"* which compares how much you can get in coverage benefit to the cost of buying a travel insurance. We explain this further in the methodology section. The policies we've handpicked below cover most sports activities like skiing and scuba diving.
Cheapest Travel Insurance: FWD Premium
Some people might be looking for ways to get their trips insured at the lowest possible price, even at the cost of lower coverage benefits. For those people, FWD’s premium plan might be a good option to consider. For a coverage for 1-week for a trip in ASEAN, FWD's most basic travel insurance plan only costs S$20, and could cost about S$29 for a 2-week long trip (including the 5% discount you get for filling out a quick survey). Its prices for a 1-2 week trip in Asia and out of Asia (i.e. global) are also among the lowest in the market.
Aside from low prices, FWD Premium's coverage is far from minimal. With S$13,000 in travel inconvenience and S$400,000 in accident & medical benefits, FWD's Premium travel insurance plan lets you travel with your mind at ease without costing you S$50 to S$100. Please see below [tables[(#tables1) for our summary of the cheapest travel insurance policies in Singapore.
Cheapest Travel Insurance Summary
|Benefits (in S$)||FWD Premium||Etiqa Basic||SOMPO TravelJoy Vital||HL Assurance Basic||Industry Average|
|Personal Accident & Death||200,000||200,000||150,000||200,000||257,456|
|Accident & Medical||400,000||400,000||300,000||350,000||882,545|
|Emergency Medical Evacuation & Repatriation||1,000,000||1,000,000||600,000||Unlimited||774,074|
|Pricing (in S$)||FWD Premium||Etiqa Basic||SOMPO TravelJoy Vital||HL Assurance Basic||Industry Average|
|Value Ratio (ASEAN 1-Week)||1.33||0.91||0.92||0.83||1|
Best Value Travel Insurance in Singapore
Buying a travel insurance is not always about getting the cheapest price. You should always make sure you get sufficient amount of coverage so that you get compensated commensurately to your claim. For those people looking for the best value in travel insurance, we have found the below travel insurance products that represent the best deal in different coverage region.
Best Value for Money for Trips in ASEAN: Allianz Global Assistance Silver
If you are trying to find the best value in a travel insurance plan, you might want to consider getting Allianz’s Silver product. For short-term trips in SE Asia and Asia, we think Allianz Global Assistance Silver offers the best bang for your buck. How do we determine this? We have created a proprietary algorithm to compare a travel insurance’s benefits to its cost as a ratio. Let’s dig into what this product can do for you.
First, Allianz's Silver plan provides up to S$29,900 in trip inconvenience coverage, which includes S$15,000 in trip cancellation, S$12,000 in lost or damaged baggage, and about S$1,500 each for delays travel and baggage. This is quite decent for a travel insurance in Singapore, for which the average inconvenience coverage is about S$18,500. In terms of accident and medical coverage, it provides up to S$1.08mn of benefits (S$80,000 in accident and S$1mn for medical), meaningfully above the S$900,000 average in Singapore.
All of this benefit comes only at S$32 for a 1-week long trip in ASEAN and Asian countries, below the S$43 average we’ve seen in the market place. Providing at or above average benefits at below average cost, we think this is the best value for a travel insurance in Singapore for travelling in Asia. Please see our summary table below for its detailed pricing & coverage listings.
Best Value for Money for Trips in Asia: SOMPO TravelJoy Elite
We think SOMPO’s TravelJoy Elite (formerly known as Tenet Insurance) is one of the best value travel insurance products in Singapore for covering your trips in Asia, outside of ASEAN. Its price for a 1-week trip is about S$47, lower than the average cost of S$50 we’ve seen for travel insurances with an Asia coverage.
To be the best value, however, you need to have both a great price and a great benefit coverage. SOMPO’s TravelJoy Elite comes with up to S$26,000 in inconvenience coverage including S$15,000 in trip cancellation, S$2,000 in trip delays, S$8,000 in lost or damaged baggage, and S$1,000 in delayed baggage. It also provides a decent accident and medical coverage of up to S$1.5mn. Given this, SOMPO’s TravelJoy Elite offers above average benefits at below average cost, especially for trips longer than 1 week. Below, we have summarized different pricing options & benefit coverages for this product in detail.
Best Value for Money for Trips Outside of Asia (Global): FWD First
We think FWD's First plan is one of the best value travel insurance products in Singapore for covering your trips globally, outside of Asia. Its price for a 1-week trip is about S$51, more than S$15 cheaper than the average cost of S$69 we’ve seen for travel insurances with a global coverage.
The reason why FWD's First travel insurance plan has one of the best value is that it boasts a great price and a great benefit coverage. FWD's First plan covers up to S$24,500 in inconvenience coverage including S$15,000 in trip cancellation, S$1,000 in trip delays, S$7,500 in lost or damaged baggage, and S$1,000 in delayed baggage. It also provides a top notch accident and medical coverage of up to S$1.4mn. Given this, FWD's First plan represents above average benefits at below average cost, especially for trips outside of Asia. [Below[(#table2), we have summarized different pricing options & benefit coverages for this product in detail.
Best Value Travel Insurance Summary
|Benefits||Allianz Silver||SOMPO TravelJoy Elite||FWD First||Etiqa Business||Industry Average|
|Personal Accident & Death||80,000||500,000||400,000||400,000||257,456|
|Accident & Medical||1,080,000||1,500,000||1,400,000||1,400,000||882,545|
|Emergency Medical Evacuation & Repatriation||Unlimited||Unlimited||1,000,000||1,000,000||774,074|
|Pricing (in S$)||Allianz Silver||SOMPO TravelJoy Elite||FWD First||Etiqa Business||Industry Average|
|Value Ratio (ASEAN 1-Week)||1.96||1.93||1.76||1.58||1|
Best Annual Travel Insurance Plans
If you are a frequent traveler, you may want to consider getting an annual travel insurance. This particular type can insure your trips all year around, as long as your destination is within your insurance’s coverage. On average, insuring trips in Asia costs about S$280 per year and insuring trips outside of Asia (i.e. Global) cost about S$380 per year. Given that 1-week coverage usually costs about S$40 to $70 depending on the region, we recommend getting an annual insurance for people who travel more than 5-6 times per year.
Below, we review two travel insurance plans that represent the best deal in terms of annual plans. Their prices are similar and both provide great coverages for trips in different regions across ASEAN, Asia and Global. However, they differ slightly in terms of their benefits.
Best Annual Plan for Travel Inconvenience Coverage: Allianz Global Assistance Silver
We think Allianz Global Assistance Silver plan is one of the best annual plans you can get if you travel quite frequently. For an annual coverage in ASEAN, this plan only costs about S$187 compared to the industry average of S$280. Asian and global coverage are also competitive at S$187 and S$252, compared to S$313 and S$408 of industry average, respectively.
Where Allianz Global Assistance's Silver plan really outshines its competitors is its travel inconvenience coverage. Travel inconvenience accounts for roughly 60% of travel insurance claims, and Allianz's Silver plan provides about S$30,000 of coverage benefit in this area, significantly greater than the industry average of S$18,500. Its personal accident and medical benefits are also competitive at S$1.08 million.
Best Annual Plan for Medical Coverage: FWD First
We think FWD's First Travel Insurance Plan is one of the best annual plans you can get if care more about personal accident and medical benefits than travel inconvenience benefits. For an annual coverage in ASEAN, this plan only costs about S$2177 compared to the industry average of S$280. Asian and global coverage are also competitive at S$229 and S$316, compared to S$313 and S$408 of industry average, respectively.
While medical and personal accident accounts for roughly 40% of travel insurance claims, some people may care more about this than travel inconvenience especially if they plan to engage in potentially dangerous sports activities during their trip. FWD's First plan provides about S$1.4mn of coverage benefit in this area, significantly greater than the industry average of S$900,000. Its travel inconvenience benefits are also competitive at S$24,50.
Best Annual Travel Insurance Summary
|Benefits (in S$)||Allianz Silver||FWD First||Etiqa Business||Direct Asia Insurance Travel 500||Aviva Travel Plus||Industry Average|
|Personal Accident & Death||80,000||400,000||400,000||500,000||100,000||257,456|
|Accident & Medical||1,080,000||1,400,000||1,400,000||1,000,000||2,100,000||882,545|
|Emergency Medical Evacuation & Repatriation||Unlimited||1,000,000||1,000,000||500,000||2,000,000||774,074|
|Pricing (in S$)||Allianz Silver||FWD First||Etiqa Business||Direct Asia Insurance Travel 500||Aviva Travel Plus||Industry Average|
|Value Ratio (ASEAN 1-Week)||1.96||1.76||1.58||1.08||1.54||1|
Travel Insurance with the Best Coverage: Allianz Global Assistance Gold Travel Plan
We think Allianz Global Assistance’s Gold Travel Plan is one of the best travel insurances in Singapore because of its travel inconvenience coverage. Why is this important? Because travel inconvenience is the thing that happens most frequently among all the things that a travel insurance is supposed to cover. According to some studies, about 20% of all flights globally are either cancelled or delayed, and could be especially worse for a tropical region like SE Asia with frequent hurricanes.
Allianz’s Gold Travel Plan comes with up to S$40,000 compensation in travel inconvenient coverage, which is more than 2x the average cost we’ve seen in Singapore (S$16,313). To break this down further, it pays up to S$25,000 for cancelled trips, and up to S$15,000 for lost or damaged baggage. You can also receive up to S$1,500 for delayed flights and up to S$1,400 for delayed baggage. It also offers “unlimited” medical and accident coverage, meaning it will pay whatever it costs you to receive proper treatment.
While it’s obvious that Allianz’s Gold Travel Plan is the best travel insurance in Singapore in terms of coverage, what’s less obvious is that it also comes with a great pricing. For instance, a 1-week coverage for a trip in the ASEAN region could cost you about S$47 to get this travel insurance (S$278 for an annual plan). Somewhat "comparable" premium plans in Singapore are NTUC Travel Insurance’s Preferred Plan, Amex’s Voyage Guard Superior, AIG’s Travel Prestige and Aviva’s Travel Plus. These can cost you anywhere between S$30 to S$100 (or S$350 to S$450 for an annual plan), but they come with worse travel inconvenience coverage of S$20,000 to S$31,000 and accident & medical coverage of S$1.5mn to S$2.5mn. You can see the details of Allianz Global Assistances’ Gold Travel Plan, including pricing for different periods & regions, in the table below.
|Benefits (in )||Allianz Gold Travel Plan||Industry Average|
|Personal Accident & Death||Unlimited||257,456|
|Accident & Medical||Unlimited||882,545|
|Emergency Medical Evacuation & Repatriation||Unlimited||774,074|
|Pricing (in )||Allianz Gold Travel Plan||Industry Average|
To arrive at a list of best travel insurance products in Singapore, we collected data on more than 50 insurance product offerings by more than 20 insurers in the country. Please see below table for the full list of companies. Data we collected span all benefit coverages from personal accident, medical, emergency repatriation, trip cancellation, lost or damaged baggage, trip/baggage delays to sports coverage. We also collected pricing information for each product by destination country and by duration of coverage (1-week, 2-week and annual).
|Insurance Companies In Sample|
|AIG||AXA Insurance||EQ||Hong Leong Group||SOMPO Insurance (formerly known as Tenet Insurance)|
|Allianz Global Assistance||AXA@Post||ERGO||Liberty Insurance||Tokio Marine Insurance Group|
|American Express||DBS||Etiqa||MSIG||Wise Traveller|
|Aviva||Direct Asia Insurance||FWD||NTUC||BudgetDirect|
In order to arrive at the best list, we look at multiple factors. First, we consider the amount of money one is entitled to when certain events occur (i.e. medical and inconvenience). Then, we create a ratio of benefits to cost of insurance to measure how good of a value each product offers. This measure is a proxy for how much an insured person can get for what he pays. Note that we weigh each benefit area in terms of frequency of claims: travel inconvenience is given a weighting of 60% while personal accident and medical benefit is given a weighting of 40%. Below is a visual illustration of how different travel insurance product ranks in this ratio we created. This particular example assumes 1-week trip within ASEAN region. However, this can vary for other regions and for longer trips, especially if you purchase an annual package.
If you want to purchase a travel insurance to cover your trip, but do not want to spend extra budget for doing so, there are ways of getting free travel insurance coverage. For example, there are travel credit cards that provide free travel insurance coverage to the cardholders. These packages are also quite decent, on the high end of the market. For interested readers, we have prepared a list with detailed analysis of cards with complimentary travel insurance.