Grab is gearing up to enter Singapore’s motor insurance sector, signaling a potential shake-up in a market long dominated by traditional insurers.
Fintech News Singapore reported that the company’s insurance arm, GrabInsure, has received regulatory approval to operate as a general insurer, having secured a license from the Monetary Authority of Singapore (MAS) in December 2024. In May 2025, it became a member of the General Insurance Association (GIA), marking a formal step toward offering its own motor coverage.
While no official product launch date has been announced, hiring activities suggest rapid progress. Grab is recruiting for a senior motor claims lead at its one-north headquarters. According to a job listing, the role will manage claims strategy, profitability, and the development of a proprietary claims system, in partnership with Grab’s in-house tech team.
Industry sources say that actuaries and underwriters are also being sourced through headhunters, with interviews currently ongoing.
In response to media queries, Grab confirmed that it is in the early stages of developing motor insurance offerings tailored to its driver-partners’ needs. It added that further details will be shared as the initiative advances.
GrabInsure made its debut in the insurance sector in 2020 through a partnership with Chubb, initially offering travel insurance, followed by personal accident plans. The company’s admission into the GIA, noted in a memo issued on May 13, positions it among Singapore’s licensed insurers, though the association declined to comment on its future plans.
Industry analysts suggest that Grab’s move could pose a competitive challenge to established players such as Income Insurance, MS First Capital, and AIG. In the first quarter of 2025, Income held a 25% share of the motor insurance market, with S$92.3 million in gross written premiums, according to GIA data. MS First Capital and AIG followed with S$36.8 million and S$34.3 million, respectively.
With more than 90,000 private-hire vehicles registered in Singapore as of end-2024, Grab holds a significant advantage. Analysts say its integrated platform, rich mobility data, and ability to reduce customer acquisition costs could allow it to offer flexible, usage-based policies – particularly attractive to part-time drivers.
Motor insurance premiums in Singapore rose 11% in 2024, despite only a 1% increase in the vehicle population. The rise was driven by inflation, a larger private-hire fleet, and costlier claims associated with electric vehicles.
Grab’s entry could introduce new competition and potentially reshape pricing dynamics in the months ahead.
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