GrabInsure, the insurance arm of Grab, is preparing to launch motor insurance products in Singapore, The Straits Times has learnt.
The move follows its receipt of a general insurance licence from the Monetary Authority of Singapore (MAS) in December 2024 and its admission to the General Insurance Association (GIA) in May 2025.
While no formal product launch has been announced, recent hiring activity points to progress.
Grab has been recruiting for a senior motor claims lead based at its one-north campus.
The role involves overseeing claims strategy, profitability, and building a motor claims system in collaboration with Grab’s technology team.
Industry sources say the company is also working with headhunters to hire actuaries and underwriters, with interviews already underway.
In response to 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 updates will be shared as plans progress.
GrabInsure first entered the insurance space in 2020 through a partnership with Chubb, offering travel insurance to its Singapore users.
It later expanded to include personal accident coverage underwritten by Chubb.
According to a memo issued by GIA on May 13, GrabInsure is now a registered member.
The association declined to comment on the company’s commercial plans.
Industry observers say Grab’s entry could challenge incumbents like Income Insurance, MS First Capital, and AIG, which currently lead the motor insurance market.
GIA data shows that in the first quarter of 2025, Income recorded S$92.3 million in gross written premiums, representing 25 per cent market share.
MS First Capital followed with S$36.8 million, and AIG with S$34.3 million.
Analysts note that Grab’s access to more than 90,000 private-hire vehicles—registered as of end-2024 according to the Land Transport Authority—gives it a ready customer base.
Its app-based ecosystem, combined with extensive mobility data and the ability to bypass traditional marketing and commission costs, could allow it to offer competitively priced, usage-based insurance tailored to part-time drivers.
Motor insurance premiums in Singapore rose 11 per cent in 2024 despite just a 1 per cent increase in the vehicle population.
Experts attribute this to inflation, the growing number of private-hire cars, and higher insurance costs linked to electric vehicles.
Featured image: Edited by Fintech News Singapore, based on image by kuprevich via Freepik
