NEW YORK, April 22, 2021 /PRNewswire/ -- A new survey released today by Chubb finds that business travelers around the world believe the Covid-19 pandemic and related travel restrictions have negatively impacted their effectiveness on the job as well as the ability of their employers to develop business, serve clients and maintain business relationships. At the same time, business travelers report that they have personally missed traveling for work and leisure, and are eager to get back on the road.
Among the findings of the Chubb survey, entitled Time to Fly: The Impact of Covid-19 on the Present and Future of Business Travel, are the following:
The Chubb survey is the first of its kind to poll business travelers across four regions: North America, Europe, Asia Pacific and Latin America. Chubb polled 2,100 business travelers, aged 20 and above, who are currently employed and regularly stay overnight on business trips in a typical year.
"Effective vaccines are being rolled out, economies are beginning to stir, and travel is picking up again. This was the right time to understand the perceptions of business travelers about their experiences during the pandemic, and what their expectations are for travel in a post-Covid world," said John Thompson, Division President, International Accident and Health. "What travel do regular business travelers think can be effectively replaced by meeting virtually? What is the opportunity cost of staying at your desk versus traveling 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 traveling to meet with clients, develop business or attend conferences."
"One of the most striking findings of our survey is how much business travelers in all regions agree: The pandemic, and the travel limitations that came with it, have cost business travelers and their employers the ability to effectively serve clients and maintain relationships with clients and business partners. This was the view of nearly 75% of respondents around the world. It didn't matter where they live, how much they earn or how frequently they travel," said Chris Martin, Division President, North America Accident and Health. "We did find some differences in responses by age group, but that was largely limited to questions about fears of contracting Covid. Younger business travelers, for example, had a higher tolerance for Covid risks."
"Our survey shows that business travelers 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 travelers," said Joe Vasquez, Senior Vice President, Chubb Group, Global Accident & Health. "These perceptions of risk may help explain why so many business travelers are now paying greater attention to the insurance coverage they have when they travel."
Other findings from the Chubb survey:
Globally, 84% of business travelers say they cannot wait to travel again without fear of getting Covid. Four out of five say they have personally missed business travel. An even larger share – 87% – say they miss leisure travel.
Most business travelers have high levels of trust in airlines. Some 85% say airlines are doing everything they can to keep travel safe. Nearly as many (77%) say travel by plane during the pandemic is safe if passengers adhere to safety protocols, including wearing a mask.
However, business travelers worry that their fellow travelers will put them at risk of getting Covid. Nearly nine out of 10 business travelers are concerned that their fellow travelers are not responsibly following Covid protocols.
While respondents miss business travel and the benefits of face-to-face meetings, they do acknowledge some benefits from working virtually. Notably, 73% say they can productively use the time they would have spent traveling. And 82% say that videoconferences and phone calls can be effective alternatives to business travel.
Business travelers are paying more attention to what travel insurance covers. More than four out of five business travelers (81%) say the pandemic will make them pay more attention to what travel insurance coverage they have before taking a trip. Business travelers also broadly agree (86%) that having travel insurance makes them more comfortable when traveling for business or leisure.
Business travelers expect another pandemic. Some 80% of business travelers – including 43% who strongly agree – expect another pandemic at some point in the future.
The current research was conducted by Dynata, a leading global provider of consumer and professional data. The survey was fielded between February 24 and March 30, 2021. The results are based on 2,100 completed surveys. In order to qualify, respondents were screened to be residents of one of 16 countries across four regions, 20+ years of age, currently employed with a minimum household income of $50,000 and who travel overnight for business in a typical year. The margin of error is +/- 2%.
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: www.chubb.com.