SINGAPORE - Covid-19 relief measures by general insurers that give policyholders more time to pay their premiums will end on Dec 31 as planned, said the General Insurance Association (GIA) in a statement on Friday (Dec 10).

However, policyholders who are currently on flexible premium instalment plans will continue to be supported under the financial relief scheme until their next policy renewal.

From Jan 1, individuals and small and medium-sized enterprises facing financial difficulties due to the Covid-19 pandemic can continue to engage with their respective insurers to discuss suitable alternatives and assistance required.

Policyholders have until Dec 31 to apply to their insurers for flexible premium instalment payment plans while maintaining their insurance protection for the paid-up period.

Under support measures announced last March, life and health insurance policyholders facing financial difficulties can request to defer their premium payments for up to six months without their policies lapsing.

Those with general insurance policies, such as for property and vehicles, can apply for instalment payment plans while maintaining insurance coverage.

Monetary Authority of Singapore (MAS) deputy managing director Ho Hern Shin said that GIA's industry-wide relief measures over the past 1½ years have helped tide people and businesses over cash flow difficulties and maintain insurance coverage during the pandemic.

"MAS is heartened to note that insurers will continue to support policyholders on a bilateral basis after the industry-wide relief measures conclude on Dec 31," she added.

GIA president Craig Ellis said that general insurers would remain committed to continuing to play their part to support the nation's recovery efforts and ensuring insurance remains accessible when people need it most.

"As Singapore transitions towards an endemic phase, we stand ever-ready to support customers in navigating the evolving situation," he said.