Source: asiainsurancereview.com

Outside of mainland China and the ill-fated cruise ship, Singapore and Hong Kong have the highest incidence of coronavirus infections. Singapore had 50 confirmed cases and Hong Kong 50 confirmed cases and one death at time of writing.Because of density of population, these small numbers could quickly see significant jumps, especially considering the number of confirmed cases in China has surged to over 60,000.

In preparation, insurers and financial bodies are closely monitoring the situation and standing by to receive advisories from the relevant national authorities, and will put in place additional measures as they become necessary to manage the outbreak. Additionally, insurers are also making sure they have policies available that provide cover for the coronavirus.

Hong Kong

“Some insurance companies have announced that hospitalisation/treatments prescribed for the novel coronavirus will be covered,” said The Hong Kong Federation of Insurers (HKFI) in a statement. “If the insured person is diagnosed as suffering from novel coronavirus or is ordered mandatory quarantine, the insurance company will provide additional hospital cash protection. For customers taking out a new policy within a specified period of time, the waiting period for novel coronavirus will be waived.” HKFI has advised policyholders to check details of coverage with their respective insurers as coverage may differ from one company to the next.

The Insurance Authority of Hong Kong has also encouraged insurers and insurance intermediaries to introduce accommodating measures to customers in light of the spread of the novel coronavirus.

Singapore

“Our private health insurance plan, PRUShield, covers hospital admissions and pre- and post- hospitalisation medical costs related to the novel coronavirus that was first reported from Wuhan, China,” said a Prudential Singapore spokesperson.

A spokesperson from Great Eastern Singapore (GE) has also confirmed that policyholders of its hospitalisation plans will have their hospitalisation expenses in Singapore covered, depending on their plan and ward type. “This also applies to policyholders who have purchased health insurance plans which cover overseas hospitalisation and medical treatment,” said the GE spokesperson. “We also provide worldwide coverage for hospitalisation cash and recuperation benefits under relevant plans, which are payable on top of hospitalisation expenses.” GE is applying the same approach to markets outside of Singapore to ensure its policyholders can get the medical treatment they require.