Why travel insurance is important and what to look out for when buying a policy

It is that time of the year again to escape the hustle and bustle of school and work - perhaps for a snowy Christmas in the mountains of Japan, some peace and quiet on the beaches of Thailand, or to satisfy cravings for street food in Taiwan.

- Sarah Koh

These destinations, though popular among both young and old Singaporeans, are among several places that have been hit by deadly natural disasters in 2024.

On New Year's Day, a 7.6-magnitude earthquake struck central Japan, killing more than 200 people.

The earthquake in Taiwan in April was the biggest the country had seen in 25 years, killing nine people and injuring around 1,000.

A Singaporean couple went missing near a hiking trail during the quake, and are still unaccounted for.

The Straits Times spoke to the General Insurance Association of Singapore (GIA) and four insurance companies to find out how travellers can best protect themselves and what to look out for when buying travel insurance.

1. WHY SHOULD I GET TRAVEL INSURANCE?

Industry experts said travellers need to be adequately insured in case they need medical treatment overseas.

MSIG senior vice-president of technical services Jeremy Lian said medical expenses were among the top three types of claims by its travel insurance policyholders in 2023, and the amount claimed for such expenses was the "most significant".

"Without travel insurance, the cost of urgent medical treatment and medical evacuation can be prohibitive and beyond the means of the average traveller," he added.

There have been reports of uninsured travellers resorting to crowdfunding to cover their emergency medical evacuation or overseas medical expenses in recent years, said a GIA spokesperson.