Foreign tourists visiting Singapore can now purchase inbound travel insurance for Covid-19 protection. This guarantee was delivered by the Changi Airport Group (CAG) and the Singapore Tourism Board (STB) in collaboration with the Singapore Covid-19 Task Force.
“Singapore entry insurance coverage has been identified as a key factor 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, the CAG, STB and the General Insurance Association of Singapore are reaching out to private sector insurers interested in providing such coverage.
In response to the declaration of interest, three insurance companies, AIG Asia Pacific Insurance, Chubb Insurance Singapore and HL Assurance, have developed products that provide coverage of a minimum of SGD 30,000 for Covid-related hospitalization and healthcare costs. 19.
“The coverage provided is recommended by the Ministry of Health based on the amount of Covid-19 bills in private hospitals, where incoming travelers usually receive treatment for Covid-19 (imported cases),” CAG and STB noted.
Until now, foreign travelers entering Singapore through various safe travel routes must bear the full costs of medical treatment, testing and isolation, if they are suspected of being infected with Covid-19, or require medical treatment of Covid-19 while in Singapore. Singapore. However, the insurance will incur a premium starting at SGD 5.35 or Rp. 60,000 includes Goods and Services Tax (GST) and limits on available treatment packages ranging from SGD 30,000 to SGD 250,000.
The AIG and HL Assurance policies are already on sale, while the Chubb plan will be available from November 27. Plans can be purchased through the insurance website. CAG CEO Mr. Lee Seow Hiang, who is one of the leaders of the alliance, said that it took him about three months to develop and implement the insurance plan.
“We have been actively engaging the insurance community since August this year to develop inbound travel insurance products in line with the opening of Singapore,” he said.
“We see that these types of products are not yet available in the market and we want to encourage insurance companies to develop these products and offer them to tourists at a reasonable price,” he said.
Singapore General Insurance Association CEO Ho Kai Weng said the insurance product would provide protection for foreign tourists when Singapore’s borders reopen. With travel gradually resuming and borders reopening, having strong 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 with the protection they need to travel here with confidence and safety,” said Ho Kai Weng.
The Singapore Task Force Alliance announced in September that it would test a prototype for safe travel for travelers. The hope is that when there are imported cases of Covid-19, insurance will cover them.