Inbound visitors to Singapore can now buy travel insurance coverage for Covid-19-related costs incurred during their stay here, Changi Airport Group (CAG) and Singapore Tourism Board (STB) said in a joint statement on Wednesday.
The statement was made on behalf of the Emerging Stronger Taskforce Alliance for Action (EST-AfA) on Enabling Safe and Innovative Visitor Experiences.
Inbound insurance coverage a key enabler to facilitate the resumption of travel to Singapore: CAG & STB; lone traveller in PPE going up escalator in Changi Airport Terminal 3 pictured
Under the plan, three insurance companies, namely, AIG Asia Pacific Insurance, Chubb Insurance Singapore and HL Assurance, have developed travel insurance products which provide at least S$30,000 (US$22,326) in coverage for Covid-19-related medical treatment and hospitalisation costs.
The minimum coverage amount is based on recommendations by the Ministry of Health, in view of Covid-19 bill sizes at private hospitals, which is where inbound travellers typically receive care for the virus.
Premiums for these inbound travel insurance plans start from S$5.35, inclusive of GST, and can be purchased directly from the insurers through their respective websites.
The insurance plans available are as below:
Under current regulations, inbound foreign travellers entering Singapore via the various safe travel lanes are required to bear the full cost of medical treatment, tests and isolation, should they be suspected of being infected with Covid-19, or require medical treatment for the virus while in Singapore. Hence, the travel insurance plans have been designed to help them cover some of these costs.
Lee Seow Hiang, Changi Airport Group’s CEO and co-lead of the Alliance, said: “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. 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.”
Ho Kai Weng, CEO of General Insurance Association of Singapore, which led the EOI exercise alongside CAG and STB, added: “With the gradual resumption of travel and the reopening 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.”
Earlier in September, the EST-AfA on Enabling Safe and Innovative Visitor Experiences announced that it will be testing a prototype for safe tradeshows and exhibitions, as well as safe itineraries for event attendees. The new insurance products will complement this earlier work in resuming safe travel.
STB CEO Keith Tan said: “As we gradually reopen for safe travel, Covid-19 insurance coverage is a key enabler to rebuild traveller confidence and provide peace of mind. We are heartened that the public and private sectors have come together to provide solutions, and we look forward to more collaborations that will help Singapore lead the way as a safe, trusted and innovative destination.”
Inbound visitors to Singapore can now buy travel insurance coverage for Covid-19-related costs incurred during their stay here, Changi Airport Group (CAG) and Singapore Tourism Board (STB) said in a joint statement on Wednesday.
The statement was made on behalf of the Emerging Stronger Taskforce Alliance for Action (EST-AfA) on Enabling Safe and Innovative Visitor Experiences.
Under the plan, three insurance companies, namely, AIG Asia Pacific Insurance, Chubb Insurance Singapore and HL Assurance, have developed travel insurance products which provide at least S$30,000 (US$22,326) in coverage for Covid-19-related medical treatment and hospitalisation costs.
The minimum coverage amount is based on recommendations by the Ministry of Health, in view of Covid-19 bill sizes at private hospitals, which is where inbound travellers typically receive care for the virus.
Premiums for these inbound travel insurance plans start from S$5.35, inclusive of GST, and can be purchased directly from the insurers through their respective websites.
The insurance plans available are as below:
Under current regulations, inbound foreign travellers entering Singapore via the various safe travel lanes are required to bear the full cost of medical treatment, tests and isolation, should they be suspected of being infected with Covid-19, or require medical treatment for the virus while in Singapore. Hence, the travel insurance plans have been designed to help them cover some of these costs.
Lee Seow Hiang, Changi Airport Group’s CEO and co-lead of the Alliance, said: “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. 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.”
Ho Kai Weng, CEO of General Insurance Association of Singapore, which led the EOI exercise alongside CAG and STB, added: “With the gradual resumption of travel and the reopening 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.”
Earlier in September, the EST-AfA on Enabling Safe and Innovative Visitor Experiences announced that it will be testing a prototype for safe tradeshows and exhibitions, as well as safe itineraries for event attendees. The new insurance products will complement this earlier work in resuming safe travel.
STB CEO Keith Tan said: “As we gradually reopen for safe travel, Covid-19 insurance coverage is a key enabler to rebuild traveller confidence and provide peace of mind. We are heartened that the public and private sectors have come together to provide solutions, and we look forward to more collaborations that will help Singapore lead the way as a safe, trusted and innovative destination.”