InterContinental is saving insurance for a rainy day

NUS Professor Charoenwong discusses the effectiveness and value of a Singaporean hotel’s rain insurance offer.

Take InterContinental Singapore, for example, a 5-star hotel located in Singapore's historic centre, which has teamed up with insurtech discovermarket to introduce the Rain Resist Bliss Package, a first-of-its-kind rain protection offering. Of the total influx, approximately 1.07 million were overnight visitors, showing a substantial rise of 43.6% from the previous year. However, the average length of stay experienced a notable decline of 20.1%, dwindling to just 3.45 days in January 2024 compared to the 4.32 days recorded for January the previous year.

Whilst forecasting accuracy for short-term weather predictions is relatively high, long-term forecasting remains challenging, particularly when booking vacations months in advance. Overall, consumers tend to greatly overestimate both the likelihood and cost of product breakdown, contributing to their willingness to purchase warranties. Contrary to economic reasoning alone, the decision to purchase warranties is heavily influenced by emotional factors. Consumers derive significant emotional benefits from the peace of mind associated with having a warranty, which strongly predicts their willingness to pay.

“If you think about the types of people travelling — let’s say you’re coming from Thailand or Indonesia and staying at InterContinental Singapore — you would probably know the weather anyways versus travellers from Europe, who plan their travels ahead. And for them, having a ruined trip is a much bigger deal, so they would benefit more from this type of insurance,” Charoenwong told Insurance Asia.

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