Your CNY travel essential: Travel Insurance

In recent weeks, regions across Asia, Europe and North America have been hit by hurricane-force blizzards, resulting in runway closures and leaving large numbers of passengers stranded at airports. There have also been instances of Hong Kong residents being admitted to hospital with hypothermia after getting lost while mountaineering during snowstorms. Others have experienced the theft of their personal belongings during flights. Such unexpected incidents not only disrupt travel plans but can also lead to financial loss, as well as physical injury and emotional stress.

If you are planning to travel during the upcoming Chinese New Year holiday, securing an appropriate travel insurance policy can help minimise the risks posed by severe weather and other force‑majeure events, allowing you to enjoy your holiday with greater peace of mind.

Most travel insurance plans cover trip delays or cancellations caused by severe weather or natural disasters, such as heavy snowfall or earthquakes. This means the insured person will be compensated for reasonable non-refundable expenses, including unused accommodation, transportation tickets and travel packages booked through online agencies, as well as losses related to tickets for sporting events, concerts or theme parks.

Recently, an airline cancelled a return flight unexpectedly due to technical issues, leaving hundreds of passengers stranded. Alongside the support offered by an airline, travel insurance can provide compensation for delays, typically calculated based on the final arrival time at the destination. Insurers often offer set compensation amounts for specified delay periods, helping to cover extra expenses.

Some policies even extend coverage to include situations like missed connections, or diversions due to the reasons mentioned above. They may also provide complimentary access to airport lounge services, allowing the insured person to wait out the delay in comfort. If a delay prolongs the return to Hong Kong, most insurance companies automatically extend the coverage period at no extra charge.

Winter travel often involves skiing and various other snow-based activities. But whether you are simply having fun with the family or are an experienced snow sports enthusiast taking on a challenge, these activities still carry a risk of injury. Common injuries include ligament tears in the knee, as well as sprains, fractures and dislocations in the forearm, wrist and ankle. In severe cases, spinal injuries can occur.

As a result, most travel insurance policies now include coverage for dangerous sports and activities, such as amateur skiing, by offering compensation for personal accidents and overseas medical expenses. What’s more, some plans cover follow-up treatment within 90 days of returning to Hong Kong, including physiotherapy, licensed traditional Chinese medicine or chiropractic care. Additional benefits include trauma counselling, rental of mobility aids and 24-hour global support hotlines, adding an extra layer of security throughout your holiday.

Cover for personal belongings is equally important; skiing equipment for instance is often expensive and, if lost, stolen or accidentally damaged during transport or use, the cost of repair or replacement can be significant. In response, many travel insurance policies now cover sports equipment. Personal items such as mobile phones, wallets and other valuables are also protected against accidental loss or damage during your trip. In case you lose your passport or it is stolen while travelling, travel insurance can also cover additional transport and accommodation expenses incurred while obtaining a replacement, easing the disruption to your journey.

Moreover, there has been a rise in incidents of theft onboard aircraft. In a recent case, a passenger travelling to Singapore discovered money missing from their wallet after disembarking. To avoid falling victim, it is crucial to keep valuables close or within sight. If items are stolen onboard, simply report the incident to the local police within 24 hours then file a claim for personal belongings with the insurer.

To welcome in the Year of the Horse and enjoy happy holidays spent with your loved ones, no doubt you will already have arrange transport, accommodation and tickets for activities in advance. Equally important is purchasing suitable travel insurance tailored to your needs, such as the weather at your destination, trip duration, modes of transport and activities you have planned.

Finally, may we wish you a delightful Chinese New Year filled with joy and wonderful memories!

This Chinese version of this article was published in the Hong Kong Economics Journal 

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