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SINGAPORE: Foreign visitors to Singapore can now purchase inbound travel insurance coverage for COVID-19-related costs incurred in Singapore, the Changi Airport Group (CAG) and the Singapore Tourism Board said on Wednesday (Nov 18). (STB).
The announcement was made on behalf of the Strongest Emerging Task Force Alliance for Action to Enable Innovative and Safe Visitor Experiences.
“Inbound insurance coverage has been identified as a key enabler in facilitating the resumption of travel to Singapore,” said CAG and STB.
“In line with the Emerging Stronger Taskforce Alliance for Action’s focus on public-private partnerships, CAG, STB and the Singapore General Insurance Association carried out an expression of interest exercise to reach out to interested private sector insurers to provide such coverage. “
In response to the expression of interest, three insurance companies, AIG Asia Pacific Insurance, Chubb Insurance Singapore, and HL Assurance, developed products that provide at least S $ 30,000 in coverage for medical treatment and hospitalization costs related to COVID-19.
“The Ministry of Health recommends a minimum coverage of S $ 30,000 based on the size of the COVID-19 bills in private hospitals, which is where arriving travelers receive care for COVID-19,” said CAG and STB.
“Incoming foreign travelers entering Singapore via the various safe travel routes must pay the full cost of medical treatment, testing and isolation, in case they are suspected of being infected with COVID-19 or requiring medical treatment for COVID-19 while in Singapore. “
Premiums start at S $ 5.35 including Goods and Services Tax (GST) and available plan limits range from S $ 30,000 to S $ 250,000.
The AIG and HL Assurance policies are on sale now, while the Chubb plans will be available starting November 27. Plans can be purchased through the insurers’ websites.
Insurance plans available for foreign visitors. (Image: Changi Airport Group and Singapore Tourism Board)
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CAG CEO Mr. Lee Seow Hiang, who is the co-chair of the alliance, said it took around three months to develop and launch the insurance plans.
“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,” he said.
“We noted that such products were not available on the market and we wanted to encourage insurers to develop such products and offer them to travelers at a reasonable price.”
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Mr. Ho Kai Weng, Executive Director of the Singapore General Insurance Association, said the insurance products would provide peace of mind to foreign travelers as Singapore’s borders are reopened.
“With the gradual resumption of travel and the reopening of the borders, having robust travel insurance options is critical to ensuring a successful and sustainable revival of travel to and from Singapore,” he said.
“The general insurance industry is committed to providing travelers visiting Singapore the protection they need to travel here with confidence.”
Keith Tan, CEO of STB, said COVID-19 insurance coverage was a key factor in rebuilding traveler confidence and providing peace of mind.
“We are encouraged that the public and private sectors have come together to provide solutions, and we look forward to further collaborations that will help Singapore lead the way as a safe, reliable and innovative destination,” he said.
In September, the Emerging Stronger Taskforce Alliance for Action on Enable Safe and Innovative Visitor Experiences announced that it would test a prototype of secure trade shows and exhibitions, as well as safe itineraries for attendees of such events.
“The new insurance products will complement this previous work to resume safe travel,” said CAG and STB.
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