Foreign visitors can now purchase inbound travel insurance coverage for Covid-19 related costs incurred in Singapore, Changi Airport Group (CAG) and the Singapore Tourism Board (STB) said in a joint statement.
The announcement was made on behalf of the Emerging Stronger Taskforce (EST) Alliance for Action on Enabling Safe and Innovative Visitor Experiences.
In response to this new initiative, three insurance companies, AIG Asia Pacific Insurance, Chubb Insurance Singapore and HL Assurance have developed travel insurance products which provide at least S$30,000 in coverage for Covid-19 related medical treatment and hospitalisation costs.
The minimum coverage amount was decided based on recommendations by Ministry of Health based on Covid-19 bill sizes at private hospitals, where foreign visitors typically receive care for the virus.
See a list of insurance plans below:
| Insurer | Insurance Plan | Available
Plan Limit |
Expected Sale
Date |
| AIG Asia Pacific
Insurance |
Singapore Travel Assist | S$2,50,000 | Available Now |
| Chubb Insurance
Singapore Limited |
SG Travel Insured Bronze
|
S$30,000
|
November 27, 2020 |
| SG Travel Insured Silver
|
S$50,000 | ||
| SG Travel Insured Gold
|
S$1,75,000 | ||
| SG Travel Insured Platinum | S$2,50,000 | ||
| HL Assurance | ChangiAssure Covid Insurance (Basic+) | S$30,000 | Available Now |
| ChangiAssure Covid Insurance (Superior) | S$1,00,000 |
As per the latest travel protocols, 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 same while in Singapore.
With immediate effect, they will be able to buy a travel insurance plan to help them cover some of these costs.
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.
Lee Seow Hiang, Changi Airport Group’s chief executive officer 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, General Insurance Association (GIA) of Singapore’s chief executive said:
“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.”
CAG and STB added that the new insurance products complement earlier announcements by the Emerging Stronger Taskforce Alliance for Action on Enabling Safe and Innovative Visitor Experiences that a pilot for safe tradeshows and exhibition will start soon.
Keith Tan, Singapore Tourism Board’s chief executive said:
“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. 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.”
This news comes after the EST-AfA’s announcement earlier this year that it will test a prototype for safe tradeshows and exhibitions, as well as safe itineraries for event attendees.
