posb travel insurance covid

6 Best Travel Insurance with COVID-19 Coverage in Singapore (Apr 2024)

COVID-19 might be the last thing on your mind…but it could be the first thing to ruin your next trip. Whether you end up quarantined overseas or have to cancel the holiday entirely, there are plenty of ways COVID-19 could make a vacation go awry. And that’s before you consider things like lost luggage, flight delays , getting pickpocketed, and more.

Good news—there’s an easy way out. Before you jet off to your  dream travel destination , don’t forget to purchase  travel insurance . Covering you for your potential travel disruptions, travel insurance is the next most important thing besides your flight ticket!

Most insurance providers have added COVID-19 coverage to their travel insurance plans, but to varying extents. Some have COVID-19 as an optional add-0n that you have to purchase. Coverage wise, some providers offer far better COVID-19 protection than others.

Find out how to choose, what to look out for, and the cheapest travel insurance you can buy with our comparison of the best travel insurance with COVID-19 coverage  in Singapore and their ongoing promotions. Promotions are generous this Apr 2024— you could even win a Rolex Oyster Perpetual , 124200 34mm Silver (worth S$9,000), all-expenses paid trip, or a 2D1N staycation!

Best Travel Insurance in Singapore with COVID-19 Coverage (2024)

• Best travel insurance with COVID-19 coverage

Bubblegum Travel Insurance

• FWD travel insurance
• Starr travel insurance
• MSIG travel insurance
• Singlife travel insurance
• Etiqa travel insurance
• Cheapest travel insurance in Singapore
• Does travel insurance cover COVID-19?
• How do I choose the best travel insurance policy with COVID-19 coverage?
• What do I do if I test positive for COVID-19 during or after travelling?

1. Best travel insurance with COVID-19 coverage

With the sheer number of travel insurance providers out there, it can be overwhelming to compare everything against everything else. We know that pain, because that’s exactly what we’ve just done.  Wipe away those tears of exasperation— we’ve done the legwork for you and picked out the top 6 travel insurance plans in Singapore:

Why are these the top 6? We’ve compared them based on affordability, COVID-19 cover inclusion, emergency medical coverage, and trip cancellation coverage. (If you’re an adventure seeker, that’s more niche—refer to this article for all the best travel insurance for extreme sports and outdoor adventure instead.)

Ready to dive into the deets? We compared the coverage and prices of most popular  travel insurance plans with COVID-19 coverage in Singapore. So if you’re looking for a specific type of coverage for your travel needs, e.g. high trip cancellation coverage, this is a better summary table for you to work with:

Note: All travel insurance options above are before promotional discounts are applied. Unless otherwise stated, all include COVID-19 coverage.

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2. Bubblegum Travel Insurance

Bubblegum Travel Insurance  is a great option if you’re looking for fuss-free, essential coverage at affordable rates. Bubblegum’s travel insurance model is simple, offering just 1 travel insurance plan. Here are its pricing and coverage benefits:

If fuss-free, essential travel insurance is your top priority, we think Bubblegum is a good option for you. Their travel insurance is all-inclusive with coverage for travel inconveniences like cancellations and delays, and also gives you coverage for COVID-19 related expenses at no additional cost.

If you’re a thrill-seeker looking at adventurous activities, Bubblegum Travel Insurance will also cover you for hot air ballooning, scuba diving and skiing, with no restriction on height or depth.

Bubblegum travel insurance promotion

Total Premium

[Receive your cash as fast as 30 days*]   •  Enjoy 10% off  your policy premium and 2,400 My Millennium Points (worth S$16) with every policy purchased. •  Additionally, receive up to S$25 via PayNow with eligible premiums spent.  T&Cs apply.

Key Features

Bubblegum offers just 1 affordable plan to suit all your travel needs to maximise your savings

Overseas medical expenses up to $150,000 SGD (Covid-19 sub-limit of $65,000 included)

24-Hour global Emergency Assistance services including Emergency Medical Evacuation and Repatriation

Covid-19 trip related cancellation/curtailment up to $600 SGD included

Adventurous activities like scuba diving and hot air ballooning are covered with no limit on depth or height.

Bubblegum is currently offering a 10% discount on all their travel insurance plans. That means you can cover a 7-day trip to ASEAN with just $38—about $5+ a day !

Truth is, the discount is even greater when you consider the fact that Bubblegum will also give you My Millennium Points and cashback when you purchase Bubblegum travel insurance:

• Get  2,400 My Millennium Points (worth $16) with every policy purchased.
• Plus, get  $15 Cash via PayNow when you buy a Bubblegum Travel Insurance plan with a premium of $80 to $119.99 OR  $25 Cash via PayNow with a premium of $120 and above.

Promotion valid till 30 Apr 2024.

3. FWD Travel Insurance 

FWD travel insurance offers some of the cheapest travel insurance plans in Singapore, so this is a budget-friendly option which still offers you great value for every dollar. I like that coverage for emergency medical evacuation is unlimited for all tiers, and overseas medical expenses go up to a generous $1,000,000 (which is about as high as it gets).

Here’s a quick run-through of the price and benefits offered by FWD travel insurance plans:

When you’re purchasing FWD travel insurance, the COVID-19 benefits are an add-on. The price of the COVID-19 add-on costs between $11 to $22  depending on the part of the world you’re travelling to. If you choose to add it on, it’ll give you comprehensive coverage of the following:

• Trip disruption
• Trip cancellation
• Overseas hospital cash
• Hospital cash while in Singapore
• Medical expenses
• Emergency medical evacuation and repatriation

The plan reimburses your travel-related expenses if you are diagnosed with COVID-19 no more than 30 days before your scheduled departure date, or if you have to change your itinerary because of a COVID-19 diagnosis while overseas. You also get to claim medical expenses and a hospital cash benefit if you get hospitalised overseas or for up to 14 days in Singapore upon your return.

On top of that, there’s also an automatic policy extension of up to 21 days should you be prevented from travel as per foreign government regulations due to:

• You contracting COVID-19; or
• You or your travel companion needing to be self-isolated due to being in close contact with someone diagnosed with COVID-19

Read the full T&Cs of FWD’s COVID-19 coverage .

FWD travel insurance promotion

[ Win a Rolex, Dream Vacation & More!   | MoneySmart Exclusive]   • Enjoy 25% off your policy premium and 2,400 My Millennium Points (worth S$16) with every policy purchased.  T&Cs apply.   BONUS:  For a limited time only, stand a chance to score over S$10,000 worth of prizes in our Grand Draw . • Rolex Oyster Perpetual - 124200 34mm Silver (worth S$9,000) • All Expenses Paid Trip • 2D1N Staycation at any Millennium Hotels and Resorts and 15,000 My Millennium Points (worth up to S$550)   Increase your chances of winning when you refer friends  today. T&Cs apply.

Enjoy cashless medical outpatient treatment in Singapore, access to emergency assistance and your travel policy documents through the FWD SG app!

Add on coverage for COVID-19 available for both Single & Annual Trips for travel period of 90 days or less.

Optional add on coverage available when your trip is cancelled for any reason for Single Trips. (To be purchased within 7 days of your initial trip deposit for your trip).

Plan Highlights

Covid-19 protection, leisure activities.

Currently, you can take 25% off the prices for all FWD travel insurance tiers. That brings the rate for a 7-day ASEAN trip down to $25 to $42, or just $3+ to $6 a day !

We haven’t gotten to the really good part yet. Purchase FWD Premium , FWD Business , or FWD First travel insurance and stand a chance to win over $10,000 worth of prizes in our Grand Draw ! Prizes include:

• Rolex Oyster Perpetual – 124200 34mm Silver (worth S$9,000)
• All Expenses Paid Trip
• 2D1N Staycation at any Millennium Hotels and Resorts and 15,000 My Millennium Points (worth up to S$550)

Promotions valid till 7 Apr 2024 (Prizes 2 and 3) / 30 Apr 2024 (Prize 1).

4. Starr Travel Insurance

Starr’s travel insurance   Starr TraveLead Comprehensive is a leader in terms of how customisable their insurance is. When signing up, medical coverage (including COVID-19 coverage) is automatically included in all plans, but you can choose whether or not you want to add trip coverage (e.g. document loss, travel delay) and baggage coverage (e.g. baggage delay). Then, you can also easily add riders for Golf Protection, Cruise Vacation, Scuba Diving, and Snow Sports.

Starr TraveLead Comprehensive comes in 3 tiers: Gold , Silver and Bronze . While all are pretty comprehensive (as the name suggests), we advise you go for at least Silver . This affords you $500,000 overseas medical coverage, as well as $30,000 medical coverage for COVID-19 and $250 coverage for COVID-19 related trip curtailments and cancellations. You won’t get the COVID-19 trip curtailment/cancellation coverage in the Bronze plan, which only offers $15,000 for COVID-19 medical coverage. Better be safe and  go for Silver or Gold.

Here are the prices and coverage amounts for each tier. Prices are given with trip coverage included in the plan.

Note: Starr also has a travel insurance called Starr TraveLead Essential, which also comes in Bronze , Silver and Gold tiers. They look very attractive because of their low prices—for example, Starr TraveLead Essential Bronze costs just $20 for a 7-day trip to an ASEAN destination.

However, unless you’re on a really tight budget, I wouldn’t recommend these plans because of their more limited coverage. For example, while the Starr TraveLead Essential Bronze plan does cover you for $200,000 worth of overseas medical expenses (which is already the bare minimum), it doesn’t cover you at all for trip cancellation and loss/damage of baggage. Neither do the Silver or Gold tier plans.

Starr Travel Insurance promotion

Starr TraveLead Comprehensive Silver

[ Win a Rolex, Dream Vacation & More!   | MoneySmart Exclusive]    • Enjoy 50% off your policy premium and 2,400 My Millennium Points (worth S$16) with every policy purchased. • Additionally, receive up to S$45 via PayNow OR 1 x Apple AirTag (worth S$45.40) with eligible premiums spent.  T&Cs apply.    BONUS:  For a limited time only, stand a chance to score over S$10,000 worth of prizes in our Grand Draw . • Rolex Oyster Perpetual - 124200 34mm Silver (worth S$9,000) • All Expenses Paid Trip • 2D1N Staycation at any Millennium Hotels and Resorts and 15,000 My Millennium Points (worth up to S$550)   Increase your chances of winning when you refer friends  today. T&Cs apply.

For Cruise to nowhere insurance: Find out more here

Flexible coverage allows you to create a travel insurance plan with different types of coverage and add-ons that can adapt to your needs

Overseas Covid-19 related medical expenses of up to $30,000 SGD included (Excluding China).

Covid 19 Trip related cancellation/curtailment up to $250 SGD included (Excluding China).

Covers Travel Expenses for return of Child(ren) during the hospitalisation of the insured person.

No sublimit or restriction on outpatient expenses and number of visits

24 hours Global Emergency Assistance Services help you when you need it most, connecting you with medical treatment and transportation

Seamless and Cashless claims via PayNow

Please note that travelling to Russia and Ukraine is not covered in Starr’s insurance with immediate effect.

With the ongoing 42% discount promotion on Starr travel insurance, prices are very affordable. Coverage for a week-long ASEAN trip is just $24+ ($3+ a day), while a trip of the same duration to countries like USA costs $30+ ($4+ a day).

The best part? Purchase Starr TraveLead travel insurance of any tier and stand a chance to win over $10,000 worth of prizes in our Grand Draw ! Prizes include:

5. MSIG Travel Insurance

MSIG travel insurance is categorised into 3 plans— Standard , Elite , and Premier . The cheapest, basic plan still offers pretty adequate coverage in medical emergencies and trip cancellations or delays.

Here’s a quick run-down of the plan’s key benefits:

One more unusual area of coverage that MSIG includes is emergency dental expenses. You get $5,000 to $15,000 in coverage, depending on the travel insurance tier you select.

MSIG’s Areas A and B refer, roughly speaking, to ASEAN and Asia respectively. Here’s a more comprehensive list of the countries in each category:

• Area A : Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Thailand and Vietnam
• Area B : Australia, China (excluding Inner Mongolia and Tibet), Hong Kong, India, Japan, Korea, Macau, New Zealand, Sri Lanka, Taiwan and including countries in Area A
• Area C : Worldwide

MSIG Travel Insurance’s COVID-19 coverage is an automatic inclusion to its travel insurance plans and offers the following coverage:

• Trip cancellation, postponement, shortening, disruption
• Replacement of traveller
• Overseas medical expenses
• Emergency medical evacuation
• Overseas quarantine daily cash allowance

This is quite a decent list of benefits, but do note that daily hospital cash allowance is missing from the list.

MSIG travel insurance promotion

MSIG TravelEasy Standard

[ Win a Rolex, Dream Vacation & More!   | MoneySmart Exclusive]   • Enjoy up to   40% off your policy premium and 2,400 My Millennium Points (worth S$16) with every policy purchased. • Additionally, receive up to S$45 via PayNow OR 1 x Apple AirTag (worth S$45.40) with eligible premiums spent.  T&Cs apply.   BONUS:  For a limited time only, stand a chance to score over S$10,000 worth of prizes in our Grand Draw . • Rolex Oyster Perpetual - 124200 34mm Silver (worth S$9,000) • All Expenses Paid Trip • 2D1N Staycation at any Millennium Hotels and Resorts and 15,000 My Millennium Points (worth up to S$550)   Increase your chances of winning when you refer friends  today. T&Cs apply.

COVID-19 coverage of up to $150,000 medical cover and up to $1,500 travel inconvenience benefit for your trip protection.

Packaged tour coverage for insolvency of licensed travel agencies registered with the Singapore Tourism Board (includes NATAS registered travel agencies).

Get covered across all TravelEasy Plan types with a high limit of S$1,000,000 for emergency medical evacuation & repatriation

MSIG provides cover for insolvency of licensed travel agencies registered with the Singapore Tourism Board (includes NATAS registered travel agencies)

Currently, you can take 40% off all MSIG travel insurance plans with their ongoing promotion. That means your 7-day ASEAN trip now costs just $37 to $70 to cover compared to $62 to $116.

On top of the 40% discount, you’ll receive lots of goodies with your MSIG travel insurance purchase:

• Receive  2,400 My Millennium Points (worth $16) with every policy purchased.
• $15 cash via PayNow with a premium of $65 to $119.99
• $25 cash via PayNow with a premium of $120 to $239.99
• $45 cash via PayNow or an Apple AirTag (worth $45.40) with a premium of $240 and above .

Promotion valid till 12 Apr 2024.

6. Singlife Travel Insurance

Singlife travel insurance comes in 3 tiers— Lite , Plus , and Prestige . The price you pay and the coverage you’ll get increase with each plan.

Here are Singlife travel insurance’s key prices and benefits:

On top of the coverage above, Singlife also covers you for chiropractor and/or chinese physician treatment : $250 ($50 per visit) for Lite, $500 ($75 per visit) for Plus, and $1000 ($100 per visit) for Prestige.

As far as COVID-19 coverage goes, here’s a quick run-down:

• Emergency medical evacuation, repatriation
• Overseas quarantine allowance
• Trip cancellation, postponement, interruption

While Singlife travel insurance’s coverage for non-COVID medical expenses, travel delay and trip cancellation is comprehensive, we have to dock some points for the lack of overseas hospital cash allowance and pretty low COVID-19 trip cancellation coverage.

Also, do note that the lowest tier, Lite, doesn’t come with certain coverage, such as trip cancellation or postponement for any reason and COVID-19 overseas quarantine allowance.

Singlife travel insurance promotion

Singlife Travel Plus

[Receive your cash as fast as 30 days*]      •  Enjoy 25% off  your policy premium and 2,400 My Millennium Points (worth S$16) with every policy purchased. •  Additionally, receive up to S$30  via PayNow with eligible premiums spent.  T&Cs apply.    [Singlife Promotion] Get up to S$100 UNIQGIFT vouchers from Singlife with annual multi-trip plan purchased. T&Cs apply.

Covers trip cancellation for any reason, T&Cs apply.

Covers trip interruptions or cancellations due to COVID-19 and cover your medical treatment should you contract COVID-19 whilst overseas.

Payout of up to S$150** should your trip be affected by excessive rainfall.

**For single trips (minimum 3 days) where more than 50% of trip duration is affected by rainfall levels of >6.4mm in a 24-hour period.

Seamless claims experience with PayNow

It’s a win-win situation—get 28% off your Singlife travel insurance premiums these goodies thrown in:

• $10 cash via PayNow with a premium of $65 to $129.99
• $20 cash via PayNow with a premium of $130 to $329.99
• $30 cash via PayNow or an Apple AirTag (worth $45.40) with a premium of $330 and above .

Promotion valid till 29 Feb 2024.

7. Etiqa Travel Insurance

Do you hate making travel insurance claims? I do. That’s why when a friend of mine told me that you don’t need to make any claim on Etiqa to receive compensation for your flight delay, I was very intrigued.

I’ve been fortunate—all my recent flights have left on time. But from what I’ve heard from friends who weren’t as lucky on their recent travels, it’s true that Etiqa has the most seamless claim process for flight delays . All you need to do is enter your flight details when purchasing your insurance. Etiqa will monitor your flight and know if your flight is delayed (to count as a delay, it needs to be pushed back at least 3 consecutive hours). If that happens, they’ll transfer money into your Etiqa TiqConnect eWallet—even if you don’t submit a claim! You can then encash that sum via PayNow.

On top of this travel delay claim benefit, Etiqa also provides flight check-in reminders and baggage belt collection details via SMS when you land. I’ve experienced this myself when I bought Etiqa’s travel insurance for my trip to the UK this year. Now that’s what I call service.

Etiqa’s travel insurance is called Tiq Travel Insurance  and comes in 3 tiers: Tiq Entry , Tiq Savvy , and Tiq Luxury . Here are their costs and coverage components:

Tiq Entry is sufficient to give you essential coverage for travel disruptions. But if you’ve just a little more to spend, go for Tiq Savvy . This will more than double your coverage limit for overseas medical expenses from $200,000 to $500,000 for just an additional $5 a week—that’s less than $1 a day.

[MoneySmart Exclusive]    • Enjoy 40% off your Single Trip policy premium and 60% off Covid-19 add-on for Annual Plans. T&Cs apply • Additionally, receive 2,400 My Millennium Points (worth S$16) with every policy purchased. T&Cs apply.    [Etiqa's 10th Year 2024 Grand Draw] Stand a chance to win S$10,000 cash or a Singapore Mint Lunar Dragon 1 gram 999.9 fine gold medallion (worth S$173) with eligible Etiqa/Tiq by Etiqa plans purchased. T&Cs apply.

Comprehensive COVID-19 add-on, protecting you before, during and after your trip

Covers Cruise to Nowhere

Get paid upon a 3-hour flight delay, even without submitting a claim

Instant claims encashment via PayNow

24-hour worldwide emergency travel support

The only disadvantage to Tiq travel insurance is that COVID-19 coverage is not included in the base price and you’ll have to pay for their optional  COVID-19 Add-On to be covered. Some people might say this is an advantage—it gives you a greater degree of flexibility to decide if you want to have COVID-19 coverage or not, especially as COVID-19 becomes less and less prevalent. However, the fact remains that you need to pay extra for it compared to travel insurance plans where COVID-19 coverage is already included.

Here’s how much the COVID-19 Add-On will cost for a 7-day trip:

To be covered for travel disruptions and medical expenses related to COVID-19, you’ll need to add the costs above to the base Tiq travel insurance prices.

Etiqa travel insurance promotion

Comprehensive Covid-19 add-on, protecting you before, during and after your trip

Enjoy  40% off Tiq Single Trip Travel Insurance plans —that means your week-long ASEAN trip now costs just $23 instead of $39 under Tiq Entry.

Getting annual travel insurance instead? Get  60% off COVID-19 add-on for Annual Plans!

From now till 15 Aug 2024, purchase Tiq travel insurance to enter  Etiqa’s 10th Year 2024 Grand Draw . 5 lucky winners will walk away with  $10,000 cash , and 150 will receive a S ingapore Mint Lunar Dragon 1 gram 999.9 fine gold medallion (worth $173)!

8. Cheapest travel insurance in Singapore

When I buy travel insurance, I don’t really care whether the insurer has 900 years of experience or if the plan comes with extra coverage for Chanel bags. Just give me the cheapest travel insurance plan can  l iao !

If that sounds like you too, you’ll be glad to know we’ve done the legwork for you. After assessing the most popular travel insurers in Singapore, the honour of cheapest travel insurance in Singapore goes to… FWD travel insurance .

FWD Premium

But as the old saying goes, you get what you pay for. Will you regret being a cheapskate and lose out on important coverage if the only number you look at is the price?

In a way, yes. Because FWD travel insurance is only the cheapest option with 2 caveats.

Firstly, travel insurers have limited-time discounts all the time. This is no secret. It does, however, make it difficult to compare prices when an expensive plan is on 40% off but a cheaper one is on 10% off. That’s why for the table above, we compared base prices without discounts .

But when you take into account promotional prices, which plan is the cheapest? There’s no need to open a million tabs to compare every travel insurance plan out there. Just use our travel insurance comparison tool with the “Lowest Price” filter  on. You’re welcome!

The second caveat is this: FWD came out the cheapest when we looked at its price  without its COVID-19 add-on. If you’re looking for a travel insurance plan that includes coverage for disruptions due to COVID-19 (which you should!), the real winners are  Amex travel insurance and  Starr travel insurance .

Starr TraveLead Comprehensive Bronze

Personalise your travel insurance-Flexible coverage allows you to create a travel insurance plan with different types of coverage and addon that can adapt to your needs

Overseas Covid-19 related medical expenses of up to $15,000 SGD included (Excluding China).

Covers travel expenses for sending back an unattended child during the hospitalisation of the insured person

At the end of the day, ask yourself what specific travel insurance coverage you want to have, and assess the travel insurance options to find one that suits your needs.

Need some help? Read our travel insurance guide to understand all you need to know about choosing the best travel insurance. Don’t forget to use our travel insurance comparison tool to seamlessly compare plans across different providers in Singapore.

9. Does travel insurance cover COVID-19?

When the COVID-19 pandemic started, most insurers did not extend their coverage to COVID-19-related mishaps. (Read more here .) The pandemic was quickly considered a “known event”, which insurers usually do not offer compensation for. So, if your flight got cancelled because of COVID-19, you’d be out of luck trying to get your insurance claims approved.

Now that practically all travel restrictions are lifted, insurance companies are rushing for a slice of the pie. Since the virus looks like it’s here to stay, most insurers are offering coverage that includes specific benefits for COVID-19. Where COVID-19 benefits aren’t already included in the policy, insurers offer an optional COVID-19 rider you can pay for to add on to the existing regular coverage.

Read your policy documents carefully to see if COVID-19 is covered, and add it on if you need to.

10. How do I choose the best travel insurance with COVID-19 coverage?

COVID-19 coverage  can vary quite a bit from insurer to insurer . When you’re shopping for the best insurance policy,  there are 4 things you want to look out for when it comes to choosing the best travel insurance with COVID-19 coverage:

• Medical expenses coverage

Do note that the plans still exclude travelling against a travel advisory put in place by the Singapore government or by the local authority at your trip destination. Meaning, if your destination country goes on red alert for COVID-19, visitors are highly likely to come into contact with the virus and your insurance is highly likely to reject any COVID-19 claims. So be sure to check announcements on both ends before you depart.

Another common exclusion is failing to take precautions against COVID-19. This is worded kinda vaguely in those lengthy insurance policies, but could include not following any COVID-19 regulations at your destination or on the plane. So make sure you wear your mask whenever it’s required (or even when it’s not, if you want to play extra safe) and don’t attend any illegal raves.

11. What do I do if I get COVID-19 during or after my travels?

First of all, when booking your trip, you should retain all receipts, tickets and itineraries in case your trip has to be cancelled or altered.

At the first sign of a COVID-19 infection or related travel disruption, you should call your insurer and ask for guidance. Many insurers maintain a 24-hour hotline for travel claims. Save that number before you depart Singapore so that you aren’t stuck somewhere without wi-fi or 4G to Google the hotline.

To make a claim , you will usually have to submit your insurer’s form with supporting documents by the deadline mentioned in your contract (usually 30 days). Don’t wait until you’re back in Singapore to check which documents you need.

If you catch COVID-19 while you’re in Singapore , you will likely have to submit the results of a PCR Swab Test or Antigen Rapid Test conducted at a clinic or hospital.

It gets a bit more complicated if you’re overseas . The insurer will likely require documentation from the hospital as well as a doctor’s letter stating that you are unfit to travel and/or recommending treatment.

If you need to be quarantined overseas , you should make sure you have a quarantine order from the government, otherwise you may not be able to claim for quarantine allowance. Remember to ask for this as not all countries automatically issue such documentation.

ALSO READ: COVID-19 Travel Insurance Claim Guide

Planning to get travel insurance for your next trip? Learn how to claim for COVID-19 here!

About the author

Vanessa Nah  is a personal finance content writer who pens articles on the ins and outs of travel insurance, the T&Cs of credit cards, and the ups and downs of alternative investments. She’s a researcher at heart and leaves no stone unturned when it comes to breaking down complex finance concepts and making them easy to understand for the everyday Singaporean. When Vanessa’s not debunking finance myths, you’ll find her attending dance classes, fingerpicking a guitar, or (most im paw tently) fulfilling her life mission to make her one-eyed cat the most spoiled and loved kitty in the world.

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Omicron and Travel: So, Now Do I Need Trip Insurance?

In light of the new variant, is extra protection warranted for things like flight and lodging cancellations and quarantine hotels? It depends. Here’s what you need to know.

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By Elaine Glusac

While the pandemic has depressed travel, it may have encouraged travel insurance, say those in the industry.

“The biggest question we get from customers is: ‘What happens if I get Covid during travel and what if I have to quarantine?’” said Jeremy Murchland, the president of Seven Corners , a travel insurance management company. “Covid has created a much broader awareness of travel insurance.”

But will it help you in light of the new Omicron variant, which has already led to new travel restrictions and requirements? In the early days of the pandemic, travel insurance largely failed to protect travelers who wanted or needed to cancel as the world shut down. The following are answers to common questions about travel insurance now.

Does travel insurance cover Covid-19, including the new Omicron variant?

For the most part, yes, travel insurance policies now treat Covid-19 in all its variants — including Omicron — like any other medical emergency.

“Consumers should know that most travel insurance plans with medical benefits now treat Covid like any other illness that you could contract while traveling or that could prohibit you from going on your trip,” said Carol Mueller, a vice president of Berkshire Hathaway Travel Protection . “If you become ill before your trip, you’ll need a doctor’s note confirming your illness and that you are unable to travel in order to be eligible for benefits. The benefits are the same regardless of whether you contract Omicron, another variant of Covid or any illness for that matter.”

Buyers should read the policies carefully and look out for those that exclude pandemics, Covid-19 and its variants. To make a claim, you must have had travel insurance before becoming ill.

“We always say, you can’t buy auto insurance after you’ve already had an accident,” said Meghan Walch, the product manager of InsureMyTrip , an insurance sales site. “It is designed for unforeseen issues. You have to purchase it before an event.”

I am traveling internationally. If borders close because of Omicron, am I covered through travel insurance?

No, most policies do not cover you if your foreign destination closes its borders to visitors, as Israel did recently. With a few exceptions, that also goes for a government-issued travel warning to a destination, which is generally not a covered reason to make a claim.

Given the added uncertainties of Omicron, should I consider a ‘Cancel for Any Reason’ policy?

Cancel for Any Reason, or C.F.A.R., provisions would allow you to claim some of your nonrefundable costs if you decide not to go on a trip for any reason, including border closures or fear of contracting Covid. The rub is that this form of insurance — in addition to being more expensive — must generally be purchased within a few weeks of booking the trip and will only return 50 to 75 percent of nonrefundable trip costs.

“Most travel insurance policies do not cover you for wanting to cancel out of fear of Covid. We say this 10 times a week,” said Sarah Groen, the owner of the agency Bell and Bly Travel . She counsels clients to consider their worst fears — illness, for example, or quarantine — in troubleshooting travel insurance. “We’ve become like therapists,” she said.

What about quarantine and medical expenses?

Make sure the policy you choose covers these. In the case of medical coverage, check with your regular health insurer; many policies will not cover you abroad, which is an additional reason to consider coverage if you are traveling internationally.

“What travel insurance can do is cover additional hotel stays if you are able to self-quarantine and additional airfare when you’re able to come home,” said Megan Moncrief, the chief marketing officer for Squaremouth , a travel insurance sales site. She added that most policies will extend to seven days past your originally scheduled return date, effectively covering only about seven days in case of quarantine.

Do some destinations require travel insurance?

Yes, primarily to cover medical care or quarantine accommodations in the event that a traveler tests positive for Covid-19. For example, Singapore requires medical insurance with a minimum coverage of 30,000 Singapore dollars, or about $22,000. Fiji requires travel insurance to cover potential treatment for Covid-19, and makes it available from about $30. Some destinations, such as Anguilla , recommend rather than require travel insurance. InsureMyTrip.com has a page devoted to countries that require travel insurance.

It bears thinking about what it would take to get home for treatment should you contract Covid-19 abroad. Thailand, for example, requires travelers to have medical insurance with the minimum coverage of $50,000. “Evacuation out of Thailand would be higher,” said Sasha Gainullin, the chief executive of Battleface , a travel insurance start-up that unbundles benefits. In the case of a Thailand trip, he advised taking medical coverage up to $100,000 for treatment locally and $500,000 for medical evacuation and repatriation.

Do I need insurance if I have bookings with flexible cancellation policies?

Probably not, if you have hotel reservations that allow free cancellation 24 to 48 hours in advance. The same with flights; if your flight is changeable and will provide a voucher or refund in case of cancellation, you’re covered.

I have rented a house with restrictive cancellation penalties. Can I insure against those?

Yes. Vacation home rentals from Airbnb and the like can be treated just like other accommodations that do not offer refunds. In this case, you would want to get a policy in the amount you would forfeit if you had to cancel for a covered reason like illness. Again, fear of travel is not a covered reason; for that, you would need C.F.A.R.

Elaine Glusac is the Frugal Traveler columnist. Follow her on Instagram: @eglusac .

Follow New York Times Travel on Instagram , Twitter and Facebook . And sign up for our weekly Travel Dispatch newsletter to receive expert tips on traveling smarter and inspiration for your next vacation.

An earlier version of this article misstated the timeframe within which it is recommended that Cancel for Any Reason travel insurance be purchased. It is generally within about two to three weeks of booking the trip, not one or two days.

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The best Covid-19 travel insurance companies to protect yourself against the uptick in cases

Travel insurance can help if you have to cancel or cut a trip short due to covid..

Though the height of the pandemic may have passed, Covid-19 continues to be a consideration in everyday life. And that's especially true for those who are traveling or booking a trip.  

Getting sick on the road or having to cancel your vacation because of illness is a common concern. However, travel insurance can help you ensure you're covered. Many travel insurance policies consider Covid like they would any other illness, but not all. So, you'll still want to carefully read any travel insurance policy you're considering to make sure Covid isn't excluded. For the most comprehensive coverage, you'll want to opt for a plan with cancel for any reason (CFAR) coverage.

To find the travel insurance policies best suited to handle Covid-related issues, CNBC Select looked at Covid coverage and limits for medical coverage and evacuation, among other factors. We found four standouts for the best Covid travel insurance policies. (See our methodology to learn more about how we created this list.)

Best Covid-19 travel insurance   

• Best overall : AXA Travel Insurance  
• Runner up : Nationwide Travel Insurance
• Best for luxury travel : Berkshire Hathaway Travel Protection  
• Best for cancel for any reason coverage : Allianz Travel Insurance  

Best overall  

Axa assistance usa travel insurance.

The best way to estimate your costs is to request a quote

Policy highlights

AXA Assistance USA offers several travel insurance policies that include travel interruption, trip cancellation, and the option of cancel for any reason (CFAR) coverage.

24/7 assistance available

• Three tiers of plans available
• Highly rated for financial strength
• Cancel for any reason only available on highest-tier coverage

Who's this for?  AXA Travel Insurance is ideal for those seeking high coverage limits for emergency accident and sickness medical expenses, as well as emergency evacuations.

Standout benefits:  AXA's silver plan offers up to $25,000 of medical emergency accident and illness coverage and $100,000 of emergency evacuation coverage, higher than many of the base travel plans we compared. The company's gold and platinum plans offer higher limits, up to $250,000 of medical emergency coverage and $1 million of evacuation coverage. When comparing AXA policies, make sure you have the "Epidemic Coverage Endorsement" included.

[ Jump to more details ]  

Runner up   

Nationwide travel insurance.

Nationwide's wide coverage for travel insurance allows many different types of travelers to find coverage that fits their needs. Three levels of cruise insurance coverage gives extra options to cruise passengers.

• 10-day review period on cruise insurance policies to make sure the plan meets your needs (not available in NY or WA)
• Most basic cruise plan doesn't offer CFAR coverage

Who's this for?  Nationwide's travel insurance offers higher limits than many other base plans we reviewed, with limits of $75,000 for medical coverage and $250,000 of emergency evacuation coverage in its essential plan.  

Standout benefits:  Nationwide offers several plans tailored to different needs, including a cruise-specific travel insurance plan and an annual plan for frequent travelers.  

Best for luxury travel 

Berkshire hathaway travel protection.

Berkshire Hathaway Travel Protection has multiple plans to cover vacations from luxury travel to adventure travel. The brand's LuxuryCare offers the highest limits of travel insurance coverage offered by the company. Quotes and policies are available online.

• Wide variety of policies available
• Strong financial strength rating by AM Best
• Cancel for any reason only provides reimbursement for up to 50% of non-refundable trip payments

Who's this for? Those considering expensive travel can find sufficient coverage with Berkshire Hathaway Travel Protection that meets a variety of needs, including coverage for Covid if needed. 

Standout benefits:  Berkshire Hathaway's top-tier LuxuryCare Travel Insurance includes coverage for up to 150% of the trip cost for trip interruption coverage and $100,000 of medical expense coverage.  

Best for cancel for any reason coverage 

Allianz travel insurance.

10 travel insurance plans make it possible to customize your coverage. For families, Allianz's OneTrip Prime package covers children age 17 and younger when traveling with a parent or grandparent.

• Trip cancellation benefits can reimburse your prepaid, nonrefundable trip payments if you have to cancel your trip for one of the covered reasons stated in your plan documents. 
• Limited coverage for risky sports

Who's this for?  For those wanting the option to cancel for any reason (CFAR), Allianz Travel Insurance plans offer lots of different options, including CFAR add-ons.  

Standout benefits:  Allianz's Cancel Anytime upgrade can reimburse up to 80% of non-refundable trip costs for almost any unforeseeable reason not already covered by the policy. That's higher than most other CFAR coverage, which generally covers 70% to 75% of non-refundable trip costs. It's only available on the brand's OneTrip Prime and OneTrip Premier policies.  

More on our top Covid travel insurance companies 

Axa travel insurance  .

AXA offers three travel insurance plans starting at $16. Its silver plan, the lowest tier of coverage, offers high limits for emergency medical expenses at $25,000 and up to 100% of trip costs for trip interruption coverage. Many policies now include epidemic-related covered reasons.

CFAR coverage available?    

Yes, up to 75% of prepaid, nonrefundable trip costs 

24/7 assistance?   

[ Return to summary ]

Nationwide Travel Insurance 

Nationwide offers travel insurance plans for single trips, multi-trips and cruise-specific plans. The company has an A+ rating for financial strength from rating agency AM Best, and its most basic single trip and cruise plans offer a high limit of $75,000 of medical coverage.  

Berkshire Hathaway Travel Protection  

Berkshire Hathaway's travel coverage can be tailored towards the specific needs of cruise and luxury travelers, with options for higher coverage limits for medical coverage and trip interruption benefits.  

Yes, up to 50% of prepaid, nonrefundable trip costs 

Allianz Travel Insurance 

Allianz Travel Insurance stands out for those who want cancel for any reason coverage, as the percentage reimbursed is higher than other travel insurance providers we reviewed. For traveling families, the company's OneTrip Prime plan also offers free coverage for children ages 17 and younger with a parent's coverage.  

Yes, up to 80% of prepaid, nonrefundable trip costs through the optional Cancel Anytime upgrade 

Does travel insurance cover Covid?  

Travel insurance generally covers Covid-19 as it would any other illness. While fear of catching an illness isn't a cause for cancellation under most policies without a cancel for any reason (CFAR) add-on, being diagnosed with Covid-19 right before or during your trip could qualify you for cancellation, interruption or travel delay coverage.

As with any insurance coverage you're considering, read your travel insurance policy carefully to understand what it does and doesn't cover.  

What does travel insurance cover?  

Travel insurance can cover your trip expenses if you're unable to go due to an unforeseen, covered reason or face an illness or injury during your trip. It can also help in the event that you lose your bags or face delays in your itinerary. 

Bottom line  

If you find yourself coming down with Covid before or during a trip, travel insurance could help you recoup funds from a lost trip or cover medical bills while you're abroad. Look for a travel insurance plan with strong medical coverage and flexible cancellation options. 

Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox.  Sign up here .

Why trust CNBC Select? 

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every travel insurance   review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of travel insurance   products .  To research the best travel insurance companies, we compiled over 100 data points on more than a dozen travel insurance companies. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See  our methodology  for more information on how we choose the best travel insurance.

Our methodology  

To determine the best Covid-19 travel insurance companies, CNBC Select analyzed dozens of travel insurance companies and compared them based on their Covid policies, and medical and evacuation coverage limits. 

While narrowing down the best travel insurance companies, we focused on Covid-19 coverage, availability of cancel for any reason coverage, and the limits of emergency medical coverage and emergency medical evacuation coverage. We also considered factors like whether 24-hour assistance was available, Better Business Bureau ratings, and financial strength ratings from AM Best .

Note that the premiums and policy structures advertised for travel insurance companies are subject to fluctuate in accordance with the company's policies.  

Catch up on CNBC Select's in-depth coverage of credit cards , banking and money , and follow us on TikTok , Facebook , Instagram and Twitter to stay up to date.  

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U.S. News takes an unbiased approach to our recommendations. When you use our links to buy products, we may earn a commission but that in no way affects our editorial independence.

The 5 Best COVID-19 Travel Insurance Options

Travelex Insurance Services »

Allianz Travel Insurance »

World Nomads Travel Insurance »

Generali Global Assistance »

IMG Travel Insurance »

Why Trust Us

U.S. News evaluates ratings, data and scores of more than 50 travel insurance companies from comparison websites like TravelInsurance.com, Squaremouth and InsureMyTrip, plus renowned credit rating agency AM Best, in addition to reviews and recommendations from top travel industry sources and consumers to determine the Best COVID Travel Insurance Options.

Table of Contents

• Rating Details
• Travelex Insurance Services
• Allianz Travel Insurance

Even though COVID-19 is no longer considered a global emergency, concerns around illness-related costs remain for many travelers. If you're looking for travel insurance that covers COVID – as well as other potential disruptions like flight delays and lost luggage – these are your best options.

• Travelex Insurance Services: Best Optional Coverage Add-ons
• Allianz Travel Insurance: Best for Multitrip and Annual Plans
• World Nomads Travel Insurance: Best for Active Travelers
• Generali Global Assistance: Best for Comprehensive Travel Insurance
• IMG Travel Insurance: Best for Travel Medical Insurance

Best COVID Travel Insurance Options in Detail

Plans include coverage for COVID-19

Optional CFAR coverage is available with Travel Select plan

Some coverages require an upgrade, including rental car collision, accidental death and dismemberment, and more

Not all add-ons are available with every plan

Allianz offers some travel insurance plans that come with an epidemic coverage endorsement

Single-trip, multitrip and annual plans available

COVID-19 benefits don't apply to every plan

Low coverage limits with some plans (e.g., only $10,000 in emergency medical coverage with OneTrip Basic plan)

24-hour travel assistance services included

More than 200 sports and activities covered in every plan

Low trip cancellation benefits ($2,500 maximum) with Standard plan

No CFAR option is offered

Free 10-day trial period

Some coverage limits may be insufficient

Rental car damage coverage only included in top-tier Premium plan

Offers travel medical insurance, international travel health insurance and general travel insurance plans

Some plans include robust coverage for testing and quarantine due to COVID-19

Not all plans from IMG offer coverage for COVID-19

Cancel for any reason coverage not available with every plan

Frequently Asked Questions

When comparing COVID-19 travel insurance options, you'll want to make sure you fully understand the coverages included in each plan. For example, you should know the policy inclusions and limits for COVID-related claims, including coverage for testing, treatments, trip cancellation or COVID-related interruptions that can occur. Meanwhile, you should understand how your coverage will work if you contract some other illness while away from home.

Also ensure your travel insurance coverage will kick in for other mishaps that occur, and that limits are sufficient for your needs. If you're planning a trip to a remote area in a country like Costa Rica or Peru , you'll want to have emergency evacuation and transportation coverage with generous limits that can pay for emergency transportation to a hospital if you need treatment.

You can also invest in a travel insurance policy that offers cancel for any reason coverage. This type of travel insurance plan lets you cancel and get a percentage of your prepaid travel expenses back for any reason, even if you just decide you're better off staying home.

It depends on your private health insurance provider and/or travel insurance policy. As of May 11, 2023, private health insurers are no longer required to cover the cost of COVID-19 testing. Out-of-pocket costs for COVID-19 test kits at local drugstores and on Amazon are relatively affordable, however.

As you search for plans that will provide sufficient coverage for your next trip, you'll find travel insurance that covers COVID-19 quarantine both inside and outside the United States. However, you'll typically need to have your condition certified by a physician in order for this coverage to apply. Also make sure your travel insurance plan includes coverage for travel claims related to COVID-19 in the first place.

Many travel insurance plans do cover trip cancellation as a result of COVID-19, although the terms vary widely. You typically need to be certified by a physician in order to prove your condition. Disinclination to travel because of COVID-19 – such as fear of exposure to illness – will generally not be covered. This means you will actually have to test positive for coronavirus for benefits to apply; simply not wanting to travel is not a sufficient reason to make a claim.

If you want more flexibility in your COVID-19 travel insurance, ensuring you have a cancel for any reason policy may be your best bet, but be sure to check with your chosen travel insurance provider to assess your options.

Why Trust U.S. News Travel

Holly Johnson is an award-winning writer who has been covering travel insurance and travel for more than a decade. She has researched the best travel insurance options for her own trips to more than 50 countries around the world and has experience navigating the claims and reimbursement process. Over the years, Johnson has successfully filed several travel insurance claims for trip delays and trip cancellations. Johnson also works alongside her travel agent partner, Greg, who has been licensed to sell travel insurance in 50 states.

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We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free.

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Best COVID-19 Travel Insurance in April 2024

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Table of Contents

Factors we considered when picking travel insurance that covers COVID

An overview of the best travel insurance for covid , top travel insurance for covid options , additional resources for covid-19 travel insurance shoppers.

No matter how well you prepare, travel plans don’t always go as expected. Some travelers buy travel insurance to protect their investment in prepaid travel costs. Amid the ongoing pandemic, exploring travel insurance with COVID-19 coverage is recommended. With the right policy, you can protect yourself if you need to cancel your trip or end it early due to illness. Many insurers offer travel insurance policies with this kind of coverage. 

This is the shortlist of the best travel insurance for COVID options: 

Berkshire Hathaway Travel Protection . 

John Hancock Insurance Agency, Inc.  

Seven Corners . 

Travelex Insurance Services . 

Travel Insured International . 

WorldTrips . 

We used the following factors to choose insurance providers to highlight in our best travel insurance for COVID list: 

Range of coverage: We looked at how many plans each company offered with COVID-19 coverage, plus the range of available plans. 

Depth of coverage: We compared the maximum caps for trip cancellation and trip interruption claims between carriers and plans.

Medical benefits: We examined whether plans included emergency medical benefits for COVID-19 reasons and whether plans included medical evacuation and repatriation benefits. 

Cost: We determined an average cost for shoppers to benchmark plan prices by looking at the basic coverage costs for plans with COVID-19 benefits across multiple companies.

We looked at quotes from various companies for a six-night trip in May 2023 to Croatia. The traveler was 30 years old, from Texas and planned to spend $1,500 on the trip, including airfare.

On average, the price of each company’s most basic coverage plan with COVID-19 coverage was $47.22. The prices listed below are for the most basic COVID-19 travel insurance coverage. All insurers offer multiple COVID-19 policies with greater coverage coming at a higher cost. 

Let's take a closer look at our eight recommendations for travel insurance with COVID coverage: 

Berkshire Hathaway Travel Protection

What makes Berkshire Hathaway Travel Protection great:

Several plans allow policyholders to cancel for COVID-19 sickness as part of trip cancellation and trip interruption insurance benefits. 

Several plans include COVID-19 medical coverage benefits.

Medical evacuation benefits are included in these plans. 

Plans include limited sports and activities coverage and sports equipment loss benefits. 

Basic Berkshire Hathaway Travel Protection will run you $50 for an ExactCare Value policy, the company’s most basic COVID-19 travel insurance coverage option.

What makes IMG great:

Many plans include COVID-19 cancellation benefits.

Most of these plans also include COVID-19 medical benefits (the Travel Essentials plan doesn’t include this). 

Medical evacuation coverage is available on select plans. 

Coverage for adventure travel is available for an extra cost. 

IMG is a good option for the budget-minded: Its Travel Essential plans cost more than $10 less than average based on our comparison. 

John Hancock Insurance Agency, Inc. 

What makes John Hancock Insurance Agency great:

Multiple plans offer COVID-19 cancellation benefits as part of the included trip interruption and trip cancellation coverage. 

These plans offer COVID-19 medical benefits.

Medical evacuation coverage is included in all COVID-19 coverage plans. 

The John Hancock Insurance Agency, Inc. basic plan (Bronze) costs $56. 

Seven Corners

What makes Seven Corners great:

Multiple plans offer COVID-19 cancellation benefits as part of the included trip interruption and trip cancelation coverage. 

These plans include COVID-19 medical benefits and evacuation and repatriation benefits.

There is no medical deductible. 

Seven Corners’ basic coverage plan (RoundTrip Basic) for our trip to Croatia costs $44.

Travelex Insurance Services

What makes Travelex Insurance Services great:

Multiple plans include Covid-19 sickness coverage, which reimburses prepaid and nonrefundable trip payments if a trip is canceled or interrupted due to a traveler contracting the virus.

These plans also include COVID-19 medical benefits.

Medical evacuation and repatriation benefits are included. 

Basic coverage (Travel Basic) from Travelex Insurance Services costs $44 for our sample trip, which is slightly cheaper than average. 

Travel Insured International

What makes Travel Insured International great:

Multiple plans cover COVID-19 cancellation benefits as part of the included trip interruption and trip cancelation coverage. 

These plans also include COVID-19 medical benefits, including medical evacuation. 

Limited sports and activities coverage is included in plans with COVID-19 coverage. 

Travel Insured International's basic coverage (Worldwide Trip Protector Edge) begins at $55 — only a few dollars more than the average basic policy price. 

What makes Tin Leg great:

A wide range of plans offer COVID-19 cancellation benefits as part of the included trip interruption and trip cancelation coverage. 

All of these plans also include COVID-19 medical benefits. 

All of these include medical evacuation benefits. 

An adventure travel policy is available. 

Another plus: Tin Leg’s basic coverage plan (Basic) for our trip to Croatia costs $48.85 — making it right around the average price for the policies we covered. 

WorldTrips 

What makes WorldTrips great:

Several plans include medical coverage for COVID-19. 

Sports and activities and sports equipment loss are included. 

Coverage can be extended for up to thirty days, including for medical quarantine purposes. 

WorldTrips’ most affordable plan with COVID-19 coverage (Atlas Journey Economy) starts at $44, making it a low-cost option. 

Do you want to learn more about travel insurance before you spend money on a policy? Take a look at these resources: 

What is travel insurance?  

What does travel insurance cover? 

The best travel insurance companies 

How to find the right travel insurance for you

10 credit cards that provide travel insurance

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2024 , including those best for:

Flexibility, point transfers and a large bonus: Chase Sapphire Preferred® Card

No annual fee: Bank of America® Travel Rewards credit card

Flat-rate travel rewards: Capital One Venture Rewards Credit Card

Bonus travel rewards and high-end perks: Chase Sapphire Reserve®

Luxury perks: The Platinum Card® from American Express

Business travelers: Ink Business Preferred® Credit Card

on Chase's website

1x-10x Earn 5x total points on flights and 10x total points on hotels and car rentals when you purchase travel through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually. Earn 3x points on other travel and dining & 1 point per $1 spent on all other purchases.

60,000 Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $900 toward travel when you redeem through Chase Travel℠.

1x-5x 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases.

60,000 Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Travel℠.

1x-2x Earn 2X points on Southwest® purchases. Earn 2X points on local transit and commuting, including rideshare. Earn 2X points on internet, cable, and phone services, and select streaming. Earn 1X points on all other purchases.

50,000 Earn 50,000 bonus points after spending $1,000 on purchases in the first 3 months from account opening.

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Travel Insurance

Best COVID travel insurance of 2024

Amy Fontinelle

Heidi Gollub

“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.

Updated 4:00 a.m. UTC April 1, 2024

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The best COVID travel insurance is Seven Corners’ Trip Protection Basic, according to our analysis of travel insurance plan rates and coverage options.

Editor’s note: This article contains updated information from a previously published story .

Seven Corners

Travel insured, usi affinity.

Why trust our travel insurance experts

Our team of experts evaluates hundreds of insurance products and analyzes thousands of data points to help you find the best product for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.

• 851 coverage details evaluated.
• 161 rates reviewed.
• 5 levels of fact-checking.

Top-rated travel insurance for COVID-19

Top-scoring plan

Medical limit per person, emergency evacuation limit per person, what you should know.

Seven Corners’ Trip Protection Basic plan is the most affordable of all COVID travel insurance plans we analyzed. This 5-star plan comes with basic coverage levels for emergency medical and medical evacuation.

If you’d like higher coverage limits, consider Seven Corners’ Trip Protection Choice plan which gets 4 stars in our rating. It’s more expensive but comes with $500,000 per person in primary medical coverage and $1 million per person in medical evacuation coverage.

Pros and cons

• A low cost option for COVID travel insurance.
• “Cancel for any reason” and “interruption for any reason” upgrades available.
• Average cost of a CFAR upgrade is lower than many competitors.
• Basic plan has secondary emergency medical coverage, not primary.
• No coverage for non-medical evacuation with Basic plan ($20,000 with Choice plan).

Top-scoring plans

Medical evacuation limit per person.

WorldTrips has two COVID travel insurance plans that tie with 4.5 stars: Atlas Journey Preferred and Atlas Journey Premier.

The Preferred plan is more affordable and provides $100,000 per person in emergency medical benefits as secondary coverage, with an optional upgrade to primary coverage. Atlas Journey Preferred is also the best travel insurance for cruises .

The more expensive Premier plan comes with $150,000 in travel medical insurance that’s primary coverage.

• Both plans have top-notch $1 million per person in medical evacuation coverage.
• Each plan includes travel inconvenience coverage of $750 per person.
• 12 optional upgrades, including destination wedding and rental car damage and theft.
• No non-medical evacuation coverage.
• “Interruption for any reason” upgrade is only available with the Premier plan and only offers up to 50% reimbursement if you want to end your trip early.

Travel Insured’s Worldwide Trip Protector plan provides strong benefits overall for the price. It falls short of our emergency medical coverage benchmark but offers superior evacuation benefits at a competitive price.

• Emergency medical evacuation coverage is a superior $1 million.
• Excellent 75% “cancel for any reason” upgrade available.
• Very good 75% “interruption for any reason” upgrade available.
• Lost baggage and personal items coverage of $1,000 per person could be better.
• Relatively low emergency medical coverage of $100,000.
• Optional “Interruption for any reason” coverage doesn’t start until 72 hours into your trip.

Travel Guard Preferred from AIG allows you to customize your policy with a host of optional upgrades. These include “ cancel for any reason” (CFAR) coverage , rental vehicle damage coverage and bundles that offer additional benefits for adventure sports, travel inconvenience, quarantine, pets, security and weddings. There’s also a medical bundle that increases the travel medical benefit to $100,000 and emergency evacuation to $1 million.

• Bundle upgrades allow you to customize your travel insurance policy.
• Emergency medical and evacuation limits can be doubled with optional upgrade.
• Base travel insurance policy has relatively low medical limits.
• $300 baggage delay benefit requires a 12-hour delay.
• Optional CFAR upgrade only reimburses up to 50% of trip cost.

Emergency medical limit per person

USI’s Ruby plan meets our standards for emergency medical evacuation and healthcare coverage. Plan costs increase by an average of 50% when you add “cancel for any reason” coverage.

• Good emergency medical primary coverage of $250,000 per person.
• Great 75% “cancel for any reason” upgrade available at a competitive price.
• $300 per person baggage delay and $1,000 baggage loss coverage are just okay.
• No “interruption for any reason” upgrade available.
• One of the higher-priced options among our top-rated plans.

Tin Leg’s Gold plan provides plenty of medical and evacuation coverage to help you get health care if you catch COVID or have another medical problem during your trip. Plan costs increase by an average of 50% when you add “cancel for any reason” coverage.

• Best-in-class emergency medical primary coverage of $500,000.
• Optional 75% “cancel or any reason” upgrade available.
• “Interruption for any reason” coverage isn’t available.
• Subpar baggage delay ($200 per person) and baggage loss ($500 per person) coverage.
• One of the more expensive options among our top-rated plans.

Compare the best COVID travel insurance plans

Methodology

Our insurance experts reviewed 851 coverage details and 161 rates to find the best COVID travel insurance plans. For this rating, we only scored travel insurance plans that cover COVID.

The benefits we scored out of a possible 100 points include:

Cost: 70 points. We scored the average cost for each COVID travel insurance policy with “cancel for any reason” (CFAR) coverage for a variety of international trips and traveler profiles.

Emergency medical expense: 10 points.  We scored travel medical insurance by the coverage amount available. Travel insurance policies with travel medical expense benefits of $250,000 or more per person were given the highest score of 10 points.

Medical evacuation: 10 points. We scored each plan’s emergency medical evacuation coverage by coverage amount. Travel insurance policies with medical evacuation expense benefits of $500,000 or more per person were given the highest score of 10 points.

“Interruption for any reason” upgrade: 10 points. We gave travel insurance plans with the option of “interruption for any reason” coverage 10 points. This coverage allows you to end your trip early for any reason, including reasons not listed in your policy, and get reimbursed for a certain percentage of your prepaid expenses.

How to buy COVID-19 travel insurance

“Look for travel insurance that covers trip cancellation , trip interruption, emergency medical and emergency medical transportation ,” said Daniel Durazo, director of external communications at Allianz Partners USA. A policy that provides epidemic-related coverage may reimburse you for costs associated with a canceled trip, travel delays, mandatory quarantines and being denied boarding due to suspected illness.

Plans that offer emergency medical coverage usually provide medical coverage for treating COVID-19, but you’ll want to read the policy to be sure.

Most travelers are surprised to learn about the 15-day review period that comes with many travel insurance policies, Durazo said. “Consumers should take the time to read their policy and call their provider with questions. If they don’t feel that their policy meets their needs, they can exchange it for a new product or cancel it for a full refund.”

Average cost of COVID travel insurance

The average cost of our top-scoring COVID travel insurance plans is $415 . By adding optional “cancel for any reason” (CFAR) coverage, the average cost of COVID travel insurance rises to $615, an increase of 48%. 

CFAR coverage gives you the flexibility to cancel your travel plans for any reason, as long as you do so at least two days before your scheduled departure. When you cancel, you will typically be reimbursed up to 75% of your prepaid, nonrefundable trip expenses. If you’re interested in adding CFAR coverage to your travel insurance plan, you usually need to do so within two to three weeks of making your first trip deposit. 

How much you pay for travel insurance will depend on factors such as how many travelers you’re insuring and their ages, your trip destination, trip length and total trip cost. On average, travel insurance costs 5% to 6% of your prepaid, nonrefundable trip expenses, and adding CFAR coverage to your plan could increase the cost of travel insurance by about 50%.  

What travel restrictions are still in place?

Many travel restrictions that existed in the past three years due to COVID-19 are no longer in place. However, if a new, more dangerous variant emerges or if another infectious disease becomes a serious concern, national governments might reinstate previous restrictions such as requiring a negative virological test or proof of vaccination to enter the country. States and territories may have requirements that differ from national requirements.

Things are always changing, so it’s best to consult the official government website of the country you’re visiting and Travel.State.gov for the latest entry requirements and travel recommendations before booking your trip. Then, continue to check these websites as your trip date approaches to see if you’ll still be able to enter and leave your destination and re-enter the United States.

Quarantine reimbursement from travel insurance

Getting reimbursed by your travel insurance provider requires submitting documents that support your claim. Your policy should spell out what documents you’ll need. 

“Failure to get proper documentation for a claim will almost always delay processing of the claim,” said Daniel Durazo, director of external communications at Allianz Partners USA. “Never assume that your insurance company will accept less than what they ask for. Call your insurance provider if you have questions about what documentation they’ll need to process your claim.”

In the case of a quarantine claim, you’ll typically need proof of getting infected with or being exposed to COVID-19, proof that you were required to quarantine, and invoices and receipts from any medical treatment and additional lodging costs. 

For coverage purposes, “a COVID diagnosis has to be from a licensed physician who determines that you can’t travel,” said Stan Sandberg, co-founder and CEO of TravelInsurance.com. “An at-home, self-administered COVID test won’t be enough to pursue a claim under a travel insurance policy.”

What does COVID-19 travel insurance cover?

“Most travel insurance providers today consider COVID like any other unexpected sickness for purposes of coverage,” said Sandberg.

If your plan does not exclude costs related to COVID-19, specific types of coverage under your plan can reimburse some or all of your expenses. These might include additional hotel nights, transportation, meals, medical care, flight changes and more. Here’s how different parts of a travel insurance policy would apply as it pertains to COVID.

• Extension of coverage. Applies if you have to stay at your destination longer than planned because you get sick and have to quarantine or new travel restrictions emerge.
• Travel delay. Applies if you or someone traveling with you gets sick or injured en route to, at or returning from your destination or if, say, an airline refuses to let you board because of suspicion of illness. 
• Trip cancellation . Applies if you get sick before you leave for your trip and have to cancel the whole thing. Be sure to get a diagnosis from a licensed physician. 
• “ Cancel for any reason ” upgrade. Applies if you decide you don’t want to travel because of a spike in COVID cases or national entry and exit requirements change. Not all plans offer this upgrade, and it can add quite a bit to the cost of your insurance.
• Trip interruption. Applies if you have to interrupt your trip after reaching your destination — for example, if you have to fly home early because you or someone traveling with you gets sick.
• “Interruption for any reason” upgrade. Applies if you miss part of your trip for a reason your policy doesn’t otherwise cover — for example, because you have to quarantine, but you don’t actually have COVID. Not all plans offer this upgrade.
• Emergency medical treatment. Applies if you unexpectedly get COVID during your trip and need health care. Pre-existing conditions are usually excluded. Plan to pay out of pocket and wait for reimbursement.
• Medical evacuation and repatriation . Applies if you need to be transported to the nearest adequate medical facility for treatment. If, God forbid, you should die of COVID during your trip, this coverage would reimburse you for costs associated with transporting your body back home.

What does COVID-19 travel insurance not cover?

“Most travel insurance providers that offer comprehensive policies have done a great job at accommodating COVID-related disruptions, providing reimbursement for events like quarantines and hospital stays,” said James Clark. Clark is a spokesperson for the travel-insurance comparison site Squaremouth, which is also the company behind Tin Leg and Cat 70 travel insurance. 

“However, there have been a handful of events that travel insurance simply does not cover,” Clark said. “During the height of the pandemic, when countries would close their borders for travel due to the coronavirus outbreak, many customers were unhappy that border closures were not covered by their standard trip cancellation policy.” 

“Policyholders that no longer wanted to travel due to negative test and face mask requirements were also unable to receive reimbursement through standard policies,” he said. “In order to receive reimbursement in these scenarios, a customer would have needed the ‘cancel for any reason’ upgrade.” 

That upgrade also covers “fear of travel,” which almost all travel insurance policies usually exclude, according to Clark. Canceling your trip out of fear of COVID infection or fear that the virus will disrupt your trip somehow is only covered by the CFAR upgrade, he explained.

Best COVID travel insurance FAQs

If you’re traveling within the United States or the U.S. territories, check with your health insurance company to see what coverage you get outside your state of residence. You may have coverage for emergency care and telehealth visits, but not for routine care. It’s also possible that your in-state plan may have arrangements with providers in other states that give you reduced rates.

With the end of the U.S. national emergency and public health emergency declarations related to the COVID-19 pandemic ending in May 2023, group health plans and individual health insurance plans will no longer be required to cover COVID tests and testing-related services without cost-sharing or prior authorization. This, too, could mean an extra expense for you.  

Medicare usually does not pay for health care you receive abroad (unless you’re in a U.S. territory, or, in rare cases, near the border of Canada or Mexico ). 

Other U.S. health insurance may not cover international health care, either, or the health insurance deductible may be high. 

For these reasons, it’s important to choose a travel insurance policy with good emergency medical coverage — which usually has no deductible — when you’re traveling abroad.

Yes, as long as the policy covers COVID-19 and travel to the country or countries you visit. All of the travel insurance plans in our Best COVID travel insurance cover COVID.

Your travel insurance policy’s trip cancellation benefits will apply if you have to cancel your trip before you leave because you test positive for COVID-19. But you need to get diagnosed by a licensed physician if you hope to file a successful claim for your prepaid, nonrefundable trip costs like airfare and lodging.

Cruise travel insurance is just travel insurance that doesn’t exclude cruise-related issues or has additional cruise-specific benefits. If you’re going on a cruise and want COVID-19 coverage, make sure your travel insurance policy covers COVID-19 and has high coverage limits for emergency medical and emergency medical evacuation .

You should expect to spend your own money if you need proof of a negative COVID-19 test for travel because travel insurance does not cover predictable expenses. In some cases, such as when you’re recovering from a COVID infection, your health insurance or travel insurance may cover a doctor-ordered test.

Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.

Blueprint has an advertiser disclosure policy . The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.

Amy Fontinelle has more than 15 years of experience helping people make informed decisions about their money, whether they’re refinancing a mortgage, buying insurance or choosing a credit card. As a freelance writer trained in journalism and specializing in personal finance, Amy digs into the details to explain the products and strategies that can help (or hurt) people seeking greater financial security and wealth. Her work has been published by Forbes Advisor, Capital One, MassMutual, Investopedia and many other outlets.

Heidi Gollub is the USA TODAY Blueprint managing editor of insurance. She was previously lead editor of insurance at Forbes Advisor and led the insurance team at U.S. News & World Report as assistant managing editor of 360 Reviews. Heidi has an MBA from Emporia State University and is a licensed property and casualty insurance expert.

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Up to $700,000 overseas medical coverage and 24-hour emergency overseas assistance hotline

Adult above 18 years old

Child between 3 months and 18 years old or full-time student below 24 years old can apply for child coverage

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Be it for work, leisure, or to visit loved ones overseas, travel worry-free with our newly added COVID-19 coverage.

With effect from 5 November 2021, the COVID-19 coverage under our Ultimate and Essential plans will automatically extend to countries under the latest permitted travel arrangements as per the Singapore Government travel advisory at the point of your purchase. Kindly note that some countries may require COVID-19 insurance coverage as a condition of entry. Please ensure you select a plan that meets the requirement of your intended destination(s). For full details of our COVID-19 coverage and exclusions, please refer to the Eligibility and Policy Wording .

Simply make your purchase of Explorer Travel Insurance Essential or Ultimate plans via the OCBC Digital app to qualify.

Cashback rewards are awarded with a minimum spend of S$100 (after discounts).

Terms and Conditions governing Explorer 40% and 15% Discount apply .

Terms and Conditions governing the Explorer cashback campaign apply .

Plans and coverage for

• Other benefits

Enjoy an enhanced COVID-19 coverage Our Essential and Ultimate plans now include COVID-19 coverage under the Singapore Government travel advisory.

To be eligible, the following conditions must be met:

• You have not served stay home notice, been quarantined due to COVID-19 or travelled to any countries other than the list of countries permitted as per Singapore Government travel advisory within 14 days before the commencement date of your trip.
• If required by the authorities, you must take a COVID-19 Polymerase Chain Reaction (PCR) test or any COVID-19 equivalent test approved by Singapore authorities within 72 hours prior to the scheduled departure time of your trip and must be tested negative. Otherwise, there will be no coverage for overseas medical expenses and repatriation of mortal remains.
• You have not been diagnosed with COVID-19 at the point of purchase.
• You are purchasing a single trip two-way and annual multi-trip policies.

The following sub-limits apply for these coverages:

• Benefits / Sum Insured
• Essential Plan Enhanced coverage
• Ultimate Plan Most comprehensive coverage

Medical expenses incurred overseas Covers the medical expenses incurred overseas if the insured is diagnosed with COVID-19 whilst overseas.

Emergency medical evacuation Covers cost required for emergency medical evacuation expenses while overseas if insured person is diagnosed with COVID-19 overseas.

Repatriation and compassionate expenses Covers the cost of transporting Insured Person's body and ashes back to Singapore if he/she dies overseas due to COVID-19.

Travel inconveniences

(If you or a travel companion is diagnosed with COVID-19 while overseas)

(If you, a relative, or a travel companion is diagnosed with COVID-19 before your trip commences)

(If you are placed under mandatory quarantine by the local authorities as a result of you being diagnosed with COVID-19 while you are overseas)

$50/day (Up to $700)

$100/day (Up to $1,400)

If you are hospitalized as a result of you being diagnosed with COVID-19 while you are overseas

If you are hospitalized or quarantined overseas as a result of you being diagnosed with COVID-19 while you are overseas

Up to 30 days

Overall limit per policy

(applicable to group purchases)

Choose from 3 travel insurance plans

Explorer offers you coverage with reimbursement for inconveniences, disruptions and medical expenses incurred while travelling.

Please refer to the table below for the Individual Cover limits. The limits under Family Cover are subject to the Individual Cover limits under the same plan for each Insured Person.

• Coverage ($)
• Starter Plan Basic coverage

Accidental Death and Permanent Disablement

Accidental Death on Public Transport

Medical reimbursement

(a)  Medical expenses incurred overseas

(b)  Medical expenses incurred in Singapore

(c)  Traditional Chinese Medical (TCM) treatment

Maximum Aggregate Limit for (a), (b) and (c)

Hospital cash

(a)  Hospital confinement

$200 per day

Maximum $20,000

$200 per day Maximum $30,000

Maximum $40,000

$100 per day

Maximum $7,000

Maximum $1,000

Maximum $1,500

(b)  Hospital visitation/compassionate visit

(c) Child companion

Emergency medical evacuation

Repatriation of mortal remains

Emergency telephone charges

Maximum aggregate limit

Trip cancellation

Trip postponement, trip interruption.

Trip curtailment

Overbooked flight

Travel missed connection

Travel delay

$100 Every 6 Hours

Maximum $2,000

Maximum $3,000

Maximum $500

Delay due to hijack

$250 Every 6 Hours

Maximum $7,500

Maximum Aggregate limit for Trip Interruption, Trip Curtailment, Overbooked Flight, Travel Missed Connection, Travel Delay and Delay due to Hijack

Personal liability

Baggage loss

Personal money

Travel documents

Baggage delay

$200 Every 6 Hours

Maximum $200

Kidnap and Hostage

Maximum $5,000

Terrorism extension

Automatic extension of cover

Leisure adventurous activities

Not covered

The limits under Family Cover are subject to limits under the same plan for each Insured Person.

Boost your coverage with optional add-ons Sometimes, your basic travel coverage isn’t enough. That’s why we have 4 add-on options to cater to your travel needs.

• Optional add-ons

Sports equipment cover

Top-up cover for laptop computer, netbook and tablet under baggage loss

Rental vehicle excess

Home contents

Call our 24-hour emergency assistance hotline at +65 6708 7453 for travel and medical assistance. This includes translation assistance, medical advice, arrangement of hospital admission, emergency medical evacuation and more.

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Log in to OCBC Digital app and tap on “Insure and stay protected”.

Tap on “Travel Insurance”. Navigate to the bottom and tap on “Get a quote”.

Input your travel details (promo code will be automatically applied). Then, tap on “View plans” to choose your preferred plan.

Main Applicant’s details will be pre-filled. Input traveller details. Then, tap on “View summary”.

Review your policy and slide to complete the purchase. You’re all set for your trip!

By Online Submission : Submit your  claim online .

Download and print the claims form . Complete the relevant sections. 

Attach all original receipts and relevant supporting documents.

Mail it to the claims department .

Eligibility requirements

Minimum age

18 years old

Nationality

Singaporeans, Singapore PRs and foreigners with a valid pass/work permit

Child coverage

Children aged between 3 months and 18 years old and full-time students below 24 years old can apply for child coverage

More information

Important notes.

Policy wording

Policy owner's protection scheme

Terms and conditions

Terms and Conditions governing Explorer 40% and 15% Discount

Terms and Conditions governing the Explorer cashback campaign

Common questions about Explorer Travel Insurance

Yes, you are able to purchase the plan as long as you have fully recovered and are diagnosed as negative for COVID-19.

We will follow all vaccination, pre-departure tests and post-arrival tests requirements imposed by the authorities.

For some countries, self-administered ART, PCR or other self-test kit will not be accepted for pre-departure COVID-19 test to fly out of Singapore.

You must make an appointment from the list of MOH-approved COVID-19 test providers found on MOH website ( https://www.moh.gov.sg/licensing-and-regulation/regulations-guidelines-and-circulars/details/list-of-COVID-19-swab-providers ).

The COVID-19 Trip Cancellation coverage is claimable if you are forced to cancel your trip within the 30 days that it was due to start as a result of you, a relative, or a travel companion being diagnosed with COVID-19 by a medical practitioner in Singapore.

No. COVID-19 is only applicable should the trip is permitted under the latest permitted travel arrangement as per Singapore Government travel advisory.

You may refer to https://safetravel.ica.gov.sg/ for more information on the latest travel advisories issued by the Singapore government.

A medical practitioner has to diagnose that you are positive with COVID-19 while overseas. You are required to provide us with supporting documents such as Inpatient Discharge Summary Report (IPDS), doctor’s memo or diagnosis indicated on the Medical Certificate.

A Medical practitioner is a person who is registered and legally qualified as a doctor, has a medical degree in Western medicine, and is authorized by the medical licensing authority of the relevant country to provide the medical or surgical services their licence and training relate to.

The medical practitioner cannot be the insured or an insured person, or:

• their husband, wife or unmarried partner;
• their business partner, employer, employee or agent;
• their travel companion; or
• any person who is related to an insured person or the insured in any way, including by marriage or adoption.

The policy is designed to protect you during your overseas journey. If you are diagnosed with COVID-19 upon arriving in Singapore, after your journey, you will not be covered by the policy.

Terms and conditions governing Explorer Promotion

• Discounts shall apply on plans purchased online. Offer ends 31 March 2020.
• No other promotion shall be applied together with the above discount on Single Trip and Annual Plans.
• OCBC Bank reserves the right at its sole and absolute discretion to terminate the promotion or make changes to the promotion or any of these terms and conditions at any time without notice.
• The decision of OCBC Bank on all matters relating to this promotion shall be final and binding.

Sub-limits are part of the original limit for each coverage. They do not provide extra coverage, but set a maximum to cover a specific loss. For non-COVID-19 coverage, the coverage amount will be as per existing coverage plan .

Covers non-refundable travelling and accommodation expenses, as well as any change in entertainment tickets paid in advance because you or your travel companion are diagnosed with COVID-19 by a medical practitioner, and as a direct result you are forced to change any part of your trip.

Covers the irrecoverable travel (on economy class), accommodation expenses and/or cost of entertainment tickets that were paid in advance if the trip is cancelled due to you, a relative or a travel companion being diagnosed with COVID-19 in Singapore within 30 days prior to the trip commencement.

Covers the irrecoverable administrative charges of travel, accommodation expenses and/or cost of entertainment tickets that were paid in advance if you are forced to postpone your trip within the 30 days before it was due to start as a direct result of you, a relative, or a travel companion being diagnosed with COVID-19 by a medical practitioner in Singapore.

Attention: Claims Department Great Eastern General Insurance Limited 1 Pickering Street, #01-01 Great Eastern Centre, Singapore 048659

Family plan

• Single Trip Policy : shall mean an Adult and/or his/her spouse and unlimited number of biological or legally adopted children, OR any one or two adults who are not related by marriage and a maximum of four children who must be least Family related (i.e. biological or legally adopted Child or ward, sibling, grandchild, niece, nephew or cousin) to any one of the Adults.
• Annual Trip Cover : shall mean an Adult and/or his/her spouse and unlimited number of biological or legally adopted Children.

We will only reimburse the overseas medical expenses incurred up to 90 consecutive days from the date you are diagnosed with COVID-19 by a medical practitioner.

If you pass away overseas within 30 days from the date you are diagnosed with COVID-19 by a medical practitioner.

The above is for general information only. It is not a contract of insurance. It does not constitute an offer to buy an insurance product or service. It is also not intended to provide any insurance or financial advice. The precise terms and conditions of the plans are specified in the insurance policy contract. Explorer is underwritten by Great Eastern General Insurance Limited, a   wholly-owned   subsidiary of Great Eastern Holdings Limited and member of the OCBC Group. Explorer is not a bank deposit or obligation of, or guaranteed by OCBC Bank.

No representation or warranty whatsoever (including without limitation any representation or warranty as to accuracy, usefulness, adequacy, timeliness or completeness) in respect of any information (including without limitation any statement, figures, opinion, view or estimate) provided herein is given by OCBC Bank and it should not be relied upon as such. OCBC Bank does not undertake an obligation to update the information or to correct any inaccuracy that may become apparent at a later time. All information presented is subject to change without notice. OCBC Bank shall not be responsible or liable for any loss or damage whatsoever arising directly or indirectly howsoever in connection with or as a result of any person acting on any information provided herein.

Claims arising from events that have already occurred or made known to public via authorities or media before your application will not be covered.

Information presented as at 1 January 2024.

Policy Owner's Protection Scheme

This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the General Insurance Association (GIA) or SDIC websites ( www.gia.org.sg or www.sdic.org.sg ).

Policy Owners’ Protection Scheme

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Clinics offering PCR swab tests

OneCare Medical

• 4 Woodlands Street 12, #02-57, Singapore 738623, Tel: +65 6363 2919
• 1 Raffles Place, #05-15/16, Singapore 048616, Tel: +65 6532 2692
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Why Insurance Is a Travel Essential for Businesses

Sending your employees abroad? Here’s how travel has changed since Covid-19 and how you can protect your employees — and your company — from risks when flying.

As the world continues to recover in the wake of a pandemic and global conflict, the travel industry remains strong when it comes to both personal and business travel.

With many businesses beginning to embrace global expansion , they are turning their attention to in-person conferences and connections for their employees, meaning travel insurance is possibly more important than ever.

Years of travel restrictions coupled with economic uncertainty have more people than ever before wanting to travel and, more importantly, needing to travel safely. As such, businesses must educate and prepare their employees adequately ahead of their journeys.

2023 Travel Statistics

According to a recent survey :

• Almost 75 percent of U.S. citizens who flew had their flights canceled or delayed in 2023.
• Over 80 percent of those surveyed have started paying closer attention to cancellation policies, planning their trips earlier and purchasing travel insurance.
• Searches for travel insurance online have increased by over 60 percent.

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How Travel Has Changed Since Covid-19

The travel landscape is undergoing profound shifts due to changing regulations, emerging health concerns and geopolitical tensions. Governments worldwide are implementing new travel restrictions and protocols in response to evolving health crises and security threats. 

These include Covid-19 restrictions, as well as policies that require travelers to have new visas or insurance before visiting the country. Travelers are becoming more aware of the need to prioritize their safety and flexibility, and are seeking insurance policies that offer comprehensive coverage for unexpected disruptions and emergencies during their journeys.

Illness is a main concern of most travelers, and a travel insurance plan can offer protection if an individual needs to seek medical care during their trip. Additionally, add-on coverage for trip insurance such as the Cancel For Any Reason benefit can allow businesses to cancel a trip and receive reimbursement regardless of the reason, whether related to health, political unrest or newly imposed regulations.

Risks of Traveling Uninsured

Travel insurance is often perceived as a luxury rather than a necessity. The truth, however, is that the travel insurance landscape is vast, and there are endless protection policies that can cover everything from the cost of flights to a medical emergency , making it a necessity for companies looking to have employees travel. 

The real value of travel medical insurance has come to light in the wake of the Covid-19 pandemic. Healthcare costs greatly differ from country to country and domestic health insurance typically does not offer international coverage. Having medical coverage when traveling abroad can save travelers from the substantial financial burden of illness or injury while traveling.

Whether it’s mitigating the financial fallout of an unexpected illness or covering nonrefundable trip expenses, the stakes of unprotected travel vary but remain significant for both the traveler and their company. For trip insurance, the financial risk will equate to the total cost of nonrefundable trip expenses, which can be anywhere from hundreds to thousands of dollars depending on trip plans.

The cost of having to visit a doctor for illness or injury is one that you should avoid across the board. While no one wants to plan for the worst to happen on their trip, having a comprehensive travel insurance plan can be crucial for unexpected emergencies and peace of mind for both a company and its employees. 

Features and Benefits of Travel Insurance Policies

When navigating the travel insurance purchasing process, reviewing and comparing policy benefits and coverage amounts is essential for choosing the right plan to best fit a company’s needs. It’s also critical to be aware of any possible exclusions.

Businesses should consider the duration of the intended trip, whether they are sending an individual or group they can bundle policies for and the destination, as some countries require travel insurance for entry. 

There are two big categories for travel insurance: travel medical insurance and trip insurance. For travel medical insurance, businesses should keep in mind the age and health of the traveler to choose a plan that has adequate coverage and desired benefits, such as coverage for pre-existing conditions or emergency medical evacuation .

Trip insurance offers coverage for eligible nonrefundable trip costs in the event of a trip interruption, cancellation, delay, lost baggage and more. Travel medical insurance can cover emergency medical care for new and unexpected illnesses or injuries during these business trips.

 A common misconception about travel insurance is that claims are always denied. In reality, having a travel insurance policy can help alleviate the financial burden that some of these events can have on a company, especially when sending employees abroad.

More on Insurance 52 Insurtech Companies Making Coverage Simpler

Protect Your Employees — and Your Business

Every individual has the same chance that something can go amiss during a trip. With even a minimal investment in travel insurance, businesses can rest assured knowing their employees can enjoy their trip knowing that they’ll have financial protection in unforeseen situations. 

In the long-term, investing in travel insurance can potentially save a business money that otherwise may have been lost if something unexpected occurred during a trip and an employee did not have that added layer of protection.

Travel insurance is not a one-size-fits-all option, and it should not be treated as such. In-person connection is a critical aspect of today’s business landscape, and businesses should be taking every opportunity to educate themselves on all of their options and get the most from their insurance.

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Liquidity risks at Canadian life insurance companies

Introduction.

Life insurers, like many asset managers, use fixed-income markets to implement their investment strategies. A key quality of fixed-income markets is liquidity. In a liquid market, participants can trade quickly at prevailing prices. This allows asset managers to use securities as collateral or sell them to manage their risk of not meeting short-term cash or collateral obligations, known as liquidity risk. 1

However, during periods when many market participants seek liquidity at the same time, the demand for liquidity may overwhelm the capacity or willingness of intermediaries, like bank-owned dealers, to provide it. This risk has come into focus for practitioners and policy-makers since the COVID-19 crisis, the episode of extreme market stress at the onset of the COVID‑19 pandemic in March 2020. 2 At that time, central banks around the world intervened to restore market liquidity, including by opening new emergency lending facilities for a wide range of market participants. 3

Understanding the potential behaviour of market participants during such episodes can help central bankers develop policy. The Bank of Canada has therefore been deepening its understanding of how various types of market participants manage their liquidity risks and the potential impact of their actions on fixed-income markets. This work has included analyzing mutual funds, hedge funds and pension funds. 4

We conducted two rounds of interviews with representatives from four of the largest Canadian life insurers and analyzed several data sources to investigate how life insurers’ business model results in liquidity risks and how they manage this risk. 5 Specifically, we use three data sources:

• the National Balance Sheet Accounts (NBSA) from Statistics Canada, which include aggregated balance sheet information for all Canadian life insurers
• life insurers’ investment returns from the Office of the Superintendent of Financial Institutions (OSFI), which include granular information on assets and derivative positions for the three largest OSFI-regulated insurance companies—Manulife, Sun Life and Canada Life
• the Market Trade Reporting System from the Canadian Investment Regulatory Organization, which contains detailed, dealer-reported information about Canadian bond trades, including those involving life insurers

For clarity, we indicate on each chart that the samples of life insurance companies differ across these data sources.

In brief, we find that the two most important liquidity risks that Canadian life insurers must manage are unexpected payouts resulting from policyholder behaviour and margin calls from derivatives. We examine the effects on insurers from the COVID‑19 crisis and the period of rising interest rates in 2022, which serve as case studies in liquidity risk management. We find that the two liquidity risks did not materialize significantly in either period, which allowed life insurers to continue their typical investment pattern of purchasing long-dated corporate and provincial bonds. These purchases provide an important source of funding for Canadian bond issuers, which supports market liquidity and the real economy.

Life insurers are among the largest institutional investors in Canada

Life insurers are companies that, as the name implies, specialize in providing life insurance and related products. The sector has a small number of large companies that individually manage assets of comparable value to those of some of Canada's big pension funds. This makes life insurers among the largest institutional investors in Canada, managing around $1 trillion of financial assets associated with their Canadian business lines as of the first quarter of 2023 ( Chart 1 ). A large proportion of these assets are fixed-income securities, mainly bonds ( Chart 2 ). 6 Therefore, life insurers can alleviate or exacerbate strains on liquidity in fixed-income markets through their transactions.

Chart 1: Life insurance companies are among the largest institutional investors in Canada

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Life insurers sell financial products that are typically of two types:

• life insurance
• investments such as annuities and mutual funds

These products offer future payoffs to holders, which creates liabilities for life insurers. To meet these future obligations, insurers invest the cash they receive from their clients.

Overall, Canadian life insurers manage roughly equal proportions of assets associated with each type of product. Investment products are often managed in distinct funds, and their liquidity risks come primarily from investor redemptions. Mutual funds manage this risk in a similar way, a topic that the Bank has analyzed in the past. 7 We therefore focus our analysis on life insurance products because they present liquidity risks that are unique to life insurers.

Canadian life insurers use bonds and derivatives to match assets and liabilities

Understanding the risks inherent in life insurers’ business models is helpful for understanding their liquidity risks and how they manage them. 8 A key risk from the business model comes from the long time horizons over which life insurance contracts pay out. Insurers estimate these horizons, which can be several decades, by using actuarial modelling of policyholders’ longevity and morbidity. This means life insurance products have relatively high duration, meaning they are sensitive to changes in interest rates. This can create a significant risk for life insurers if assets and liabilities respond differently to interest rates. For example, a drop in interest rates could increase the present value of an insurer’s liabilities by more than the increase in the value of an insurer’s assets, making it more difficult for the insurer to meet its obligations to policyholders.

Life insurers choose assets with similar durations and liquidity to hedge the risks from their liabilities. This practice, known as asset-liability management (ALM), aims to immunize insurers against interest rate risk. In Canada, it also helps to satisfy regulatory capital requirements, which are established by OSFI or Autorité des marchés financiers (AMF) for insurers headquartered in Quebec. 9 ALM typically matches an insurer’s assets and liabilities to the average duration and a range of specific durations to protect against relative changes in long- and short-term interest rates. The latter practice is called key rate duration management.

Fixed-income securities are natural investments for life insurers’ ALM since these securities can have a high duration like life insurance products ( Chart 2 , panel a). Among these securities, Canadian life insurers hold primarily long-term corporate or provincial bonds ( Chart 2 , panel b). Regular cash premiums from policyholders are typically invested into these instruments as quickly as possible, making life insurers a stable source of funding for bond issuers. Provincial bonds and, to a greater degree, corporate bonds are less liquid than Government of Canada (GoC) bonds but have the benefit of higher yields. Despite the relative illiquidity of such bonds, these holdings do not expose insurers to large liquidity risks because their liabilities are also relatively illiquid, as will be explained in the section on liquidity risks .

Life insurers also invest in foreign fixed-income assets and alternative assets with high duration, such as infrastructure, real estate, private debt and private equity. These assets help insurers diversify their portfolios and can, to some extent, substitute for high-duration domestic corporate and provincial bonds, which can be in limited supply ( Chart 2 , panel a). These alternative assets also tend to offer insurers higher yields than bonds.

Chart 2: Life insurers’ assets are concentrated in fixed-income securities, most of which are corporate bonds

Composition of total assets and fixed-income assets as at the end of the first quarter of 2023

Note: Figures include the market value of life insurers’ Canadian-domiciled branches but not life insurers’ mutual funds. Sources: Office of the Superintendent of Financial Institutions and Bank of Canada calculations Last observation: 2023Q1

Life insurers also use derivatives to hedge exposures to risks. These exposures are from two main sources:

• residual interest rate risk
• investment assets risk

Securities and alternative assets with durations similar to those of insurance products are often in limited supply. One reason is that bond issuers rarely raise public debt with terms greater than 30 years while some insurance liabilities have longer terms. Life insurers therefore use derivatives such as interest rate swaps and bond forwards to extend the duration of their portfolios ( Chart 3 ). We find that the average term to maturity of these derivatives is typically long, ranging from 5 to just under 15 years. This means that interest rate derivatives typically carry risks comparable with those of bonds of similar terms to maturity, particularly for interest rate derivatives.

In addition to extending duration, derivatives are well suited to quickly adjust mismatches in duration between assets and liabilities because they are relatively liquid and do not require significant initial cash outlays. These quick adjustments can be needed when the values of assets and liabilities respond differently to a large change in interest rates or other economic conditions, causing their durations to become misaligned. This is called convexity risk, which investors can hedge by using certain derivatives like swaptions.

Derivatives also serve to hedge risks not related to interest rates. For example, investing in foreign assets to match domestic liabilities produces currency risk. Life insurers typically hedge this risk by using cross-currency swaps or currency forwards, which are the second-largest class of derivatives for life insurers ( Chart 3 ). Large investments in corporate bonds expose life insurers to default risk. However, credit derivatives, which provide protection against default, make up less than 1% of the notional value of derivatives held by insurers.

Chart 3: Life insurers use derivatives to hedge against interest rate and foreign exchange risks

Note: Figures include the derivative securities of life insurers’ Canadian-domiciled branches but not life insurers’ mutual funds. Sources: Office of the Superintendent of Financial Institutions and Bank of Canada calculations Last observation: 2023Q1

Life insurers face two main liquidity risks

The business model and investment strategy of Canadian life insurers give rise to two main liquidity risks:

• lower-than-expected cash inflows if a policyholder temporarily or permanently stops paying their premiums—known as a lapse
• higher-than-expected cash outflows if contracts are redeemed before maturity—known as a surrender
• margin requirements on derivatives that can increase the need to deposit cash or securities to protect a derivatives counterparty against potential losses in the event of default

Policyholders’ behaviour may trigger a need for liquidity when economic conditions stress household finances. Policyholders typically cannot lapse or surrender a policy without facing a penalty. Life insurance liabilities can therefore be considered to be relatively illiquid. However, if economic conditions cause widespread unemployment or income loss, the resulting lapses or surrenders could impose large, immediate and unexpected cash outflows on an insurer.

Margin calls on derivatives may become unexpectedly large when the underlying risk factors, such as interest rates or exchange rates, change sharply or become volatile compared with their historical levels. Life insurers are typically positioned in interest rate and foreign exchange derivatives such that a simultaneous rise in interest rates and a weakening of the Canadian dollar would increase margin requirements.

Life insurers use liquidity coverage ratios to manage risks

We heard in our interviews that Canadian life insurers manage liquidity risks by holding a buffer so that they can meet unexpected liquidity draws. Insurers often use a liquidity coverage ratio (LCR) to estimate how large the buffer should be, similar to the framework used by banks, pension funds and other asset managers. An LCR compares the value of the buffer to the total value of possible and expected liquidity draws in a stressed scenario over a given time period. While a standardized LCR is a regulatory requirement for banks, it is not for insurance companies. This means that its specifications may vary across companies. For example, some companies may use an LCR that is based on past stressed periods to prepare for unexpected liquidity needs. Others may take a broader approach that incorporates expected liquidity needs such as operational cash flows. Companies may also have different definitions of a high-quality liquid asset. A typical LCR can be represented as:

\(\displaystyle LCR\) \(\displaystyle=\, \frac{cash + high\ quality\ liquid\ assets + other\ liquidity\ sources}{surrenders + margin\ calls+other\ potential\ outflows}\) \(\displaystyle,\)

where, other liquidity sources in the numerator can include relatively illiquid or volatile assets that are discounted appropriately, committed credit lines with banks and expected cash contributions from policyholders within the LCR time horizon. Therefore, policyholder lapses affect the numerator by reducing expected cash contributions. In the denominator, other potential outflows may include life insurance claims, payments needed for maturing debt and capital needed for private assets. As with other liquidity sources, these inflows or outflows can vary across insurance companies.

Life insurers seek to always keep their LCRs substantially above one so that they can meet significant draws on their liquidity. The assets in buffers may differ across insurers but are typically composed of cash and relatively liquid securities like GoC or provincial bonds and bills, which represent about 20% of insurers’ financial assets ( Chart 4 ).

Chart 4: Liquid assets of the largest life insurers have been relatively stable over time

Responses from interviewees indicate that insurers typically use conservative assumptions to calibrate LCRs. Potential cash outflows are often projected using:

• multiple horizons, such as 10 days, 30 days or longer
• observations from past episodes of stress
• large hypothetical shocks to interest rates, credit spreads and policyholders’ mortality

Correlations between pricing factors, such as interest rates and exchange rates, are usually assumed to produce worst-case outcomes despite any historical tendencies to mitigate liquidity draws. In addition, life insurers make assumptions about the appropriate discount to apply to an asset’s value to capture the fact that prices may be worse in stressed situations. For example, they will assume that the value of provincial bonds will decline by more than the value of GoC bonds during periods of stress.

Life insurers continued purchasing bonds during recent periods of stress

The COVID‑19 crisis in 2020 and the period of rising interest rates in 2022 serve as case studies to better understand how life insurers managed their two main liquidity risks. The number of lapses and surrenders could have been unusually high during the COVID‑19 crisis because of widespread lockdowns that caused employment and income losses for millions of Canadians. Margin requirements on insurers’ derivative positions could have also been higher due to the volatility in financial markets during the COVID‑19 crisis and then again as interest rates rose in 2022.

The life insurers we spoke to indicated that they did not experience large lapses or surrenders from policyholders during the COVID‑19 crisis. Even so, they increased monitoring of their liquidity positions and tested their ability to withstand a potentially higher number of lapses, surrenders and payouts. They also extensively modelled changes in mortality rates from the COVID‑19 pandemic to prepare for a potential increase in payouts, although these did not become a significant draw on liquidity.

During the COVID‑19 crisis, total margin requirements for the three largest Canadian life insurers were not unusually large because the margins for interest rate and foreign exchange derivatives were offsetting ( Chart 5 ).

Chart 5: Market values of interest rate and foreign exchange derivatives offset during the COVID-19 crisis

Market value reflects profits and losses on derivatives contracts due to movements in their underlying price factors and is a proxy for the magnitude and direction of margin requirements. The offsetting market values observed in the first quarter of 2020—the peak of the COVID‑19 crisis—were driven by a decline in interest rates and a strengthening of the US dollar, which are typical movements in these markets during turmoil. In the first quarter of 2020, the three largest Canadian life insurers received margin on interest rate derivatives as the market value of these derivatives increased by $1.5 billion. This mitigated the effect of needing to post margin on foreign exchange derivatives, whose market value decreased by $3 billion.

Given that liquidity risks did not materialize at the peak of the crisis, life insurers continued purchasing long-term corporate and provincial bonds. They did this by rebalancing their portfolios out of short- and medium-term GoC bonds and using regular cash inflows from life insurance premiums.

We find that life insurers sold close to $2 billion worth of GoC bonds and purchased around $5 billion worth of corporate and provincial bonds ( Chart 6 , panel a). They sold bonds in the 2- and 5-year sectors and purchased bonds in the 10- and 30-year sectors ( Chart 6 , panel b).

This activity provided cash to bond sellers and issuers at a time when the demand for cash was high. 10 It also added to overall GoC bond selling during the COVID‑19 crisis when markets were stressed. However, any effect on market liquidity was likely small since around 80% of insurers’ sales of GoC bond took place between February 18 and March 6, the three weeks before the period of peak market illiquidity. 11

Chart 6: Life insurers continued purchasing bonds during peak of COVID-19 crisis

Cumulative net purchases, daily

Note: 30-year refers to any bond with a term greater than 10 years. Data presented include all Canadian life insurance companies and Canadian securities only. Sources: Market Trade Reporting System and Bank of Canada calculations Last observation: April 30, 2020

Similarly, the three largest Canadian life insurers made net purchases of $3.3 billion worth of bonds in secondary markets during the first half of 2022 as interest rates increased. This happened even though the margin requirements for interest rate and foreign exchange derivatives did not offset. During this period, the market value of these life insurers’ derivatives declined by $4.5 billion ( Chart 7 ). Even so, the larger margin requirements did not undermine the ability of the three largest Canadian life insurers to purchase bonds in secondary markets. This may be because the increase in interest rates was gradual and somewhat anticipated, allowing insurers to prepare for liquidity needs without disrupting their regular patterns of investing contributions from policyholders.

Chart 7: Life insurers’ bond purchases remained stable during the period of rising interest rates

Unlike other asset managers who broadly sold bonds during the COVID‑19 crisis, life insurers bought bonds. In addition, the period of rising interest rates in 2022 did not greatly affect life insurers’ usual investment pattern of stable bond purchases. While this behaviour could change under different market conditions, the findings nonetheless provide insights into the nature and severity of past periods of market turmoil that life insurers were able to withstand. This work deepens the Bank’s understanding of market stress and how various participants react during these periods. These insights combined with those the Bank has collected about other asset managers inform the design of the Bank’s policies and facilities.

• 1. For a discussion of pension fund liquidity management see G. Bédard-Pagé, D. Bolduc-Zuluaga, A. Demers, J.-P. Dion, M. Pandey, L. Berger-Soucy and A. Walton , “ COVID‑19 crisis: Liquidity management at Canada’s largest public pension funds ,” Bank of Canada Staff Analytical Note No. 2021-11 (May 2021).[ ← ]
• 2. For an in-depth description of the COVID‑19 crisis in Canada, see J.-S. Fontaine, C. Garriott, J. Johal, J. Lee and A. Uthemann, “ COVID‑19 Crisis: Lessons Learned for Future Policy Research ,” Bank of Canada Staff Discussion Paper No. 2021-2 (February 2021).[ ← ]
• 3. For a summary of the Bank of Canada’s liquidity facilities during the COVID crisis, see G. Johnson, “ A Review of the Bank of Canada’s Market Operations related to COVID‑19 ,” Bank of Canada Staff Discussion Paper No. 2023-6 (March 2023).[ ← ]
• 4. Recent work by the Bank of Canada on asset managers includes J. Sandhu and R. Vala, “ Do hedge funds support liquidity in the Government of Canada bond market? ” Bank of Canada Staff Analytical Note No. 2023-11 (August 2023), and G. Ouellet Leblanc and R. Shotlander, “ What COVID‑19 revealed about the resilience of bond funds ,” Bank of Canada Staff Analytical Note No. 2020-18 (August 2020).[ ← ]
• 5. We are grateful for the generous cooperation of Manulife, Sun Life, Canada Life and Industrial Alliance in this work.[ ← ]
• 6. This excludes assets managed on behalf of their clients, such as mutual funds.[ ← ]
• 7. To learn more about how mutual funds manage liquidity, see G. Ouellet Leblanc and R. Arora, “ How do Canadian Corporate Bond Mutual Funds Meet Investor Redemptions? ” Bank of Canada Staff Analytical Note No. 2018-14 (May 2018).[ ← ]
• 8. While we focus on economic considerations in this description, accounting and regulation can also influence life insurers’ investment strategies.[ ← ]
• 9. OSFI and the AMF impose harmonized capital requirements to ensure solvency for life insurance companies. Insurers regulated by OSFI must satisfy the Life Insurance Capital Adequacy Test. Insurers regulated by AMF must satisfy capital adequacy requirements for life and health insurance.[ ← ]
• 10. For more details, see Bank of Canada, " Fixed-income market liquidity ," Financial System Review—2022 (June 9, 2022).[ ← ]
• 11. For more on market illiquidity, see J.-S. Fontaine, H. Ford and A. Walton, " COVID‑19 and bond market liquidity: alert, isolation and recovery ," Staff Analytical Note No. 2020-14 (July 2020).[ ← ]

Bank of Canada staff analytical notes are short articles that focus on topical issues relevant to the current economic and financial context, produced independently from the Bank’s Governing Council. This work may support or challenge prevailing policy orthodoxy. Therefore, the views expressed in this note are solely those of the authors and may differ from official Bank of Canada views. No responsibility for them should be attributed to the Bank.

DOI: https://doi.org/10.34989/san-2024-7

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