Local insurers in Cambodia recently collaborated with the Ministry of Economy and Finance and the Ministry of Health to issue a $50,000 insurance policy required for foreign travellers during the current COVID-19 pandemic.
Last month, the Cambodian government announced that all foreigners entering the country are required to purchase an insurance package worth $50,000 and make a deposit of $3,000 in cash or by credit card. The deposit covers possible expenses in the event the person contracts COVID-19.
According to a report from Khmer Times, the collaboration with local insurers came after the government realised it was difficult to receive claims from foreign insurers for medical treatment and testing fees when foreign travellers contact COVID-19 and are hospitalised in Cambodia.
Speaking at a news conference, Health Ministry secretary of state Youk Sambath said that the collaboration between government and 10 local insurance companies has gathered over 90% of the money expected and the insurance package will be made available soon.
She said that the government has received around $9m in cash from 3,000 foreign travellers who came to Cambodia from 21 May to 30 June.
According to her, if foreign travellers test negative for COVID-19, bank will return the deposit money within five days.
However, if the traveller tested positive for COVID-19 on the 13th or 14th day, they would be asked to redeposit the amount required if the collaboration with the local insurers has not been implemented.
Meanwhile, Forte Insurance managing director Youk Chamroeunrith said the COVID-19 insurance product has already been prepared by his firm and approved by the Ministry of Economy.
Forte’s insurance is available online and charges a premium of $90 for 20 days. Foreign travellers have to purchase the insurance from their country of origin.