SINGAPORE — With immediate effect, foreign visitors will be able to buy inbound travel insurance coverage for COVID-19-related costs incurred in Singapore.
In a joint media release on Wednesday (18 November), the Changi Airport Group (CAG) and the Singapore Tourism Board (STB) said that such insurance coverage is vital in facilitating the resumption of travel to Singapore.
Together with the General Insurance Association (GIA) of Singapore, the two authorities led an Expression of Interest (EOI) exercise to reach out to interested private-sector insurers to provide such coverage.
In response, three companies – AIG Asia Pacific Insurance, Chubb Insurance Singapore and HL Assurance – have developed travel insurance products which provide at least $30,000 in coverage for COVID-19-related medical treatment and hospitalisation costs.
A minimum of $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.
Premiums for these inbound travel insurance plans start from $5.35 (inclusive of GST) and can be purchased directly from the insurers through their respective websites.
Complementing revival of inbound travel to Singapore
Inbound foreign travellers entering Singapore via the various Safe Travel Lanes during the ongoing COVID-19 pandemic are required to bear the full cost of medical treatment, tests and isolation, should they be suspected of being infected with the coronavirus.
These visitors will now be able to purchase travel insurance plans to help them cover some of these costs.
The new insurance products will also complement the current testing of a prototype for safe trade shows and exhibitions, as well as safe itineraries for event attendees. This testing was announced by the Emerging Stronger Taskforce Alliance for Action on Enabling Safe and Innovative Visitor Experiences in September.
“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,” said Ho Kai Weng, chief executive of GIA of Singapore.
“The general insurance sector is committed to providing travellers visiting Singapore the protection they need to travel here with confidence.”
Stay in the know on-the-go: Join Yahoo Singapore's Telegram channel at http://t.me/YahooSingapore
More Singapore stories: