Business travellers around the world believe that the COVID-19 pandemic and related travel restrictions have negatively impacted their effectiveness and the ability of their employers to develop and maintain business, according to a new survey by Chubb.
Findings of the Chubb survey include:
“Efficient vaccines are being rolled out, economies are beginning to stir, and travel is picking up again,” said John Thompson, division president for international accident and health at Chubb. “This was the right time to understand the perceptions of business travellers about their experiences during the pandemic, and what their expectations are for travel in a post-COVID world. What travel do regular business travellers think can be effectively replaced by meeting virtually? What is the opportunity cost of staying at your desk versus travelling to meet in person? The answers to these and other questions are important as businesses make decisions about future travel budgets, return to office, and the new criteria for travelling to meet with clients, develop business or attend conferences.”
“One of the most striking findings of our survey is how much business travellers in all regions agree: the pandemic, and the travel limitations that came with it, have cost business travellers and their employees the ability to effectively serve clients and maintain relationships with clients and business partners,” said Chris Martin, Chubb division president for North America accident and health. “This was the view of nearly 75% or respondents around the world. It didn’t matter where they live, how much they earn or how frequently they travel. We did find some differences in responses by age group, but that was largely limited to questions about fears of contracting COVID. Younger business travellers, for example, had a higher tolerance for COVID risks.”
“Our survey shows that business travellers have high levels of trust that their employer and airlines will take care of their health and safety. They have much less confidence in the precautions being taken by their fellow travellers,” said Joe Vasquez, senior vice president, Chubb Group, Global Accident & Health. “These perceptions of risk may help explain why so many business travellers are now paying greater attention to the insurance coverage they have when they travel.”
According to Chubb’s survey, 81% of business travellers said they would pay more attention to what travel insurance they had before a trip thanks to the pandemic. Eighty-six per cent (86%) said that having travel insurance made them more comfortable when travelling for business or leisure.