Travellers arriving in Singapore can now purchase insurance coverage for Covid-19-related costs incurred during their stay here.
Changi Airport Group and the Singapore Tourism Board (STB) said in a joint statement yesterday that three insurance companies have developed travel insurance products which provide at least $30,000 in coverage for Covid-19-related medical treatment and hospitalisation costs.
The minimum coverage sum was decided based on recommendations by the Ministry of Health, which considered bills for Covid-19 treatment at private hospitals.
The three companies providing insurance coverage are AIG Asia Pacific Insurance, Chubb Insurance Singapore and HL Assurance.
While AIG and HL Assurance have started selling their insurance products, Chubb's will be available from Nov 27.
Taking the example of a 40-year-old man arriving from China, the plan listed on AIG's website would provide coverage of up to $250,000 for any Covid-19 expenses for a five-day trip, for a premium of $6.27 including GST.
For the same profile and trip length, HL Assurance's $123.25 plan provides $100,000 coverage for Covid-19 expenses, and additional coverage for accidental hospitalisation expenses, accidental death and disability, and travel inconvenience.
Chubb will offer four plans with coverage ranging between $30,000 and $250,000. Its premiums will start from $19.15.
Under current rules, inbound foreign travellers entering Singapore through 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.
Those arriving at the airport will still have to pay for Covid-19 tests, which cost $196.
The launch of these new travel insurance products comes ahead of a pilot for safe trade shows and exhibitions that will start this month.
Mr Ho Kai Weng, chief executive of the General Insurance Association of Singapore, said: "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."
Said Mr Keith Tan, STB's chief executive: "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."
HL Assurance said it is currently working on a similar insurance product for those travelling out of Singapore.