Kuala Lumpur, 2nd November 2023 – Europ Assistance (“EA”), the first travel insurance and assistance player to have become global, offering protection anywhere, everywhere has officially released survey research in collaboration with the world’s third largest market research company, Ipsos.
The collaboration sees the output of their 22nd edition of the Holiday Barometer, which was conducted among 15,000 individuals across 15 countries, including Malaysia where 1,000 respondents thoroughly answered questions about Malaysian traveler trends. The 2023 publication is characterised by a strengthened international outlook, going beyond travel preferences among the American, European, and Asian/Oceanian.
Key findings of the Holiday Barometer 2023 indicate that 80% of Malaysian respondents have reported feeling excited and happy to travel in 2023. In fact, more than 72% of Malaysian respondents are planning to travel this year.
This percentage comes second after 75% of Europeans who are planning to travel in 2023.
Philippe Demangeat, Chief Executive Officer of Europ Assistance South East Asiastated “We are proud to share valuable insights that are focused on traveler trends and travel insurance orientations that portray Malaysians behaviors.”
“This survey presents us with the opportunity to accelerate our ambition to become a leading provider of travel protection services in South East Asia, including Malaysia as a key market growth with our recent acquisition of Asia Assistance this year,” Demangeat continued.
When asked where respondents intend to travel, 69% of Malaysian respondents are planning to travel abroad in 2023, while 41% intend to travel domestically. Post-pandemic, Malaysians favour ASEAN markets like Singapore, Thailand, and the Philippines.
Malaysians are also planning to spend an average of RM6,500 all-inclusive per trip with an average of 10 days for the duration of the trip.
Both budget and duration are comparatively lower as opposed to other regions, with inflation and cost as the main factors.
Malaysians pinpoint inflation as the main reason that negatively impacts their enthusiasm to travel, while Covid-19 comes in second. This inflation factor does not only impact Malaysians as it is also evident in developed countries such as Australia, Canada, Europe, and the United States.
80% of respondents who cite Covid-19 as their main deterrent for travel, also fear the possibility of an epidemic outbreak while planning their next trip. Fear for physical safety and not being able to return home are also concerns that they have.
Malaysians also show levels of optimism when buying travel insurance. According to the Holiday Barometer, travel insurance is firstly designed to cover emergency medical expenses as a priority in every geographical region.
Malaysian respondents prioritize factors surrounding safety and health when they travel with issues such as robbery, abroad quarantine, and financial security. In lieu of that, three countries mainly Czechs, British, and Malaysians have prioritised and subscribed for travel insurance for their last trip as compared to other regions.
“With over 60 years of experience in offering our customers high-quality travel protection solutions, Europ Assistance is a pioneer in remote medical assistance and we care for our customers 24/7. Having established the capability on various assistance areas, Europ Assistance is able to guide patrons with Travel Assistance, Medical and Security assistance, Telemedicine, Value add expertise (Insurance/Reinsurance), and Claim Management”, said Fiona Chew, Head of Business Development of Europ Assistance Malaysia.
For more information, please visit Europ Assistance’s Website or LinkedIn (Europ Assistance South East Asia).
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