Grab to enter Singapore's motor insurance market

GrabInsure, the insurance arm of Grab, is preparing to enter Singapore’s motor insurance market following its receipt of a general insurance licence from the Monetary Authority of Singapore in December 2024. The company joined the General Insurance Association in May and has begun hiring key staff for its motor insurance team, including roles in claims management, underwriting, and actuarial functions. GrabInsure's planned entry could challenge incumbent players like Income Insurance by leveraging its data capabilities, technology stack, and network of private-hire drivers. The firm is reportedly building a new motor claims system and recruiting professionals with deep knowledge of Singapore’s motor claims landscape. Industry insiders see this move as a strategic extension of Grab’s platform-based ecosystem into insurance services.