Covid insurance premiums for inbound travellers in Singapore starts from $5.35

Report by : Gan Yung Chyan, KUCINTA SETIA

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 or require medical treatment for covid while in Singapore. With immediate effect, they will be able to purchase travel insurance plans to help them cover some of these costs. Premiums for these inbound travel insurance plans start from S$5.35 (inclusive of GST) and not from S$5.00 as reported by MediaCorp.

According to  Changi Airport Group (CAG) and the Singapore Tourism Board (STB), on behalf of the Emerging Stronger Taskforce Alliance for Action (EST-AfA) on Enabling Safe and Innovative Visitor Experiences, foreign visitors will be able to buy inbound travel insurance coverage from three insurance companies for covid-related costs incurred in Singapore from 18 November 2020. 

The three insurance companies are AIG Asia Pacific Insurance Pte. Ltd., Chubb Insurance Singapore Limited and HL Assurance Pte. Ltd.They have developed travel insurance products which provide at least S$30,000 in coverage for covid-related medical treatment and hospitalisation costs. Only Chubb Insurance is selling the covid insurance from 27 November 2020. 

A minimum of S$30,000 in coverage is recommended by the Ministry of Health based on covid bill sizes at private hospitals, which is where inbound travellers typically receive care for covid. 

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 or require medical treatment for covid while in Singapore. With immediate effect, they will be able to purchase a travel insurance plan to help them cover some of these costs.

Premiums can be purchased directly from the insurers through their respective websites.

Below is the list of these insurance companies and their covid insurance plan limits.

Covid insurance part of plans to stimulate inbound travel

Mr 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[3], 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.” 

“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.” said Mr Ho Kai Weng, General Insurance Association (GIA) of Singapore’s Chief Executive.

Earlier in September, the EST Alliance for Action 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.

Mr 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.”