MAS welcomes insurers' moves to support customers impacted by COVID-19

Insurance and banking sectors hailed for measures to alleviate hardships of customers

MAS welcomes insurers' moves to support customers impacted by COVID-19

Insurance News

By Gabriel Olano

The Monetary Authority of Singapore (MAS) has welcomed moves from insurers and banks that aim to give support to their customers that are affected about by the 2019 novel coronavirus (COVID-19) outbreak.

Insurers, through a statement by the General Insurance Association of Singapore and Life Insurance Association Singapore, have clarified that Integrated Shield Plans (IP), IP riders and most other personal and group health insurance policies will cover hospitalisation expenses related to COVID-19. 

Some insurers have also begun providing additional benefits to their policyholders diagnosed with COVID-19, such as lump sum payments upon diagnosis, as well as daily benefits for hospitalisation.

Meanwhile, banks have implemented measures such as moratoriums on repayments for affected corporate and individual customers, extension of payment terms for trade finance facilities, and additional financing for working capital. These follow the guidelines on corporate debt restructuring issued by the Association of Banks in Singapore (ABS).

“MAS supports these efforts by financial institutions to work constructively with customers affected by COVID-19 while adhering to prudent risk assessments,” the regulator said in a statement. “The various measures will help corporates and individuals facing short-term cashflow constraints and provide timely insurance coverage for policyholders affected by COVID-19. Taken together, these measures should help to buffer some of the impact on corporates and individuals from the COVID-19 outbreak.”

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