With immediate effect, foreign visitors to Singapore can buy inbound travel insurance coverage for COVID-19 related costs incurred in the country.
Insurers offering such coverage currently are AIG Asia Pacific, Chubb Insurance Singapore and HL Assurance. Premiums for these insurance plans start from SGD5.35 and can be purchased directly from the insurers through their respective websites.
In a joint press statement, Changi Airport Group (CAG) and the Singapore Tourism Board (STB) noted that inbound insurance coverage has been identified as a key enabler to facilitate the resumption of travel to Singapore.
“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," Keith Tan, Singapore Tourism Board’s Chief Executive.
Earlier this year, CAG, STB and the General Insurance Association of Singapore (GIA) led an Expression of Interest (EOI) exercise to reach out to interested private sector insurers to provide such coverage. In response, the three insurance companies – AIG Asia Pacific, Chubb Insurance Singapore and HL Assurance – developed travel insurance products which provide at least SGD 30,000 in coverage for Covid-19 related medical treatment and hospitalisation costs.
A minimum of SGD 30,000 in coverage is recommended by the Ministry of Health based on COVID-19 bill sizes at private hospitals, which is where inbound travellers typically receive care for Covid-19.
“We have been actively engaging the insurance community since August this year, through an Expression of Interest (EOI) exercise, to develop inbound travel insurance products as Singapore progressively reopens," said Lee Seow Hiang, Changi Airport Group’s Chief Executive Officer.
"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."
Added Ho Kai Weng, General Insurance Association (GIA) of Singapore’s Chief Executive, “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."