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SINGAPORE – Inbound travelers 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 (November 18) morning that three insurance companies have developed travel insurance products that provide at least $ 30,000 in coverage for medical treatment related to Covid-19 and hospitalization costs.
The minimum amount of coverage was decided based on the recommendations of the Ministry of Health (MINSA), which considered the bills for the treatment of Covid-19 in private hospitals.
The three companies that provide insurance coverage are AIG Asia Pacific Insurance, Chubb Insurance Singapore Limited, and HL Assurance.
While AIG and HL Assurance have begun selling their insurance products, Chubb’s will be available starting November 27.
Under current rules, incoming foreign travelers entering Singapore via various safe travel lanes must pay the full cost of medical treatment, testing and isolation, in case they are 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, CAG and STB said.
Mr. Lee Seow Hiang, CAG Executive Director and Co-Director of the Alliance for Action to Enable Safe and Innovative Visitor Experiences under the Emerging Stronger Task Force, 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 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.”
Ho Kai Weng, Executive Director of the Singapore General Insurance Association, said: “With the gradual resumption of travel and the reopening of borders, having robust travel insurance options is critical to ensuring a successful and sustainable revival of inbound travel to Singapore.
“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, added: “As we gradually reopen for safe travel, Covid-19 insurance coverage is a key enabler 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.”
CAG and STB said that premiums for these incoming travel insurance plans start from $ 5.35, with GST, and can be purchased directly from insurers through their respective websites.
The two organizations added that the new insurance products complement previous announcements by the Emerging Stronger Taskforce that a pilot for safe trade shows and exhibitions will begin in November.
The pilot includes safe itineraries for event attendees that include leisure activities that are in line with current safe management guidelines.
Last month (October 20), the Health Ministry also announced that participants in some mass events will have to take a rapid antigen test for Covid-19 and test negative before admission.
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