SINGAPORE (The Straits Times/ANN): Inbound travellers arriving in Singapore can now purchase insurance coverage for Covid-19 related costs incurred during their stay here.
Changi Airport Group (CAG) and the Singapore Tourism Board (STB) said in a joint statement on Wednesday (Nov 18) morning that three insurance companies have developed travel insurance products which provide at least $30,000 in coverage for Covid-19 related medical treatment and hospitalisation costs.
The minimum coverage sum was decided based on recommendations by the Ministry of Health, which considered bills for Covid-19 treatment at private hospitals.
The three companies providing insurance coverage are AIG Asia Pacific Insurance, Chubb Insurance Singapore Limited and HL Assurance.
While AIG and HL Assurance have started selling their insurance products, Chubb's will be available from Nov 27.
Under present rules, inbound foreign travellers entering Singapore through various safe travel lanes are required to bear the full cost of medical treatment, tests and isolation, should they be suspected of being infected with Covid-19 or require medical treatment for the virus while in Singapore.
As such, the travel insurance plan will help them cover some of these costs, said CAG and STB.
Lee Seow Hiang, CAG's chief executive and co-lead of the Alliance for Action on Enabling Safe and Innovative Visitor Experiences under the Emerging Stronger Taskforce said: "We have been actively engaging the insurance community since August this year, through an Expression of Interest exercise, to develop inbound travel insurance products as Singapore progressively reopens.
"We noticed such products were not available in the market, and wanted to encourage insurers to develop such products and offer them to travellers at a reasonable price."
Ho Kai Weng, chief executive of the General Insurance Association of Singapore said: "With the gradual resumption of travel and the re-opening of borders, having robust travel insurance options in place is integral to ensuring a successful and sustainable revival of inbound travel to Singapore.
"The general insurance sector is committed to providing travellers visiting Singapore the protection they need to travel here with confidence."
Added Keith Tan, STB's chief executive: "As we gradually re-open for safe travel, Covid-19 insurance coverage is a key enabler to rebuild traveller confidence and provide peace of mind.
"We are heartened that the public and private sectors have come together to provide solutions, and we look forward to more collaborations that will help Singapore lead the way as a safe, trusted and innovative destination."
CAG and STB said premiums for these inbound travel insurance plans start from $5.35, with GST, and can be purchased directly from the insurers through their respective websites.
The two organisations added that the new insurance products complement earlier announcements by the Emerging Stronger Taskforce on the need for swab tests for safe tradeshows and exhibitions, as well as safe itineraries for event attendees amid the ongoing pandemic. - The Straits Times/Asia News Network