The central bank said on March 31 that it has worked with the Life Insurance Association and the General Insurance Association, among others, to roll out a slew of relief measures to help those who had been affected due to the economic fallout of the coronavirus pandemic.
Life and health insurance policyholders could apply to defer premium payments for up to six months while maintaining insurance coverage. General insurance policyholders, such as for property and vehicles, could also apply to their insurers for instalment payment plans. An MAS survey of insurers showed that 3,857 claims totalling S$4.4 million had been paid as of June 5, with most claims related to hospital cash benefits. Three disbursements were for deaths.Tokio Marine said it has received more than 600 deferment requests.
The insurer said it has also disbursed S$5,000 each to 23 of its life insurance policyholders who had contracted Covid-19 as part of the company’s outreach campaign.For daily updates on weekdays and specially selected content for the weekend. Subscribe to