MAS Regulatory Oversight of Car-Sharing Insurance Products and Measures to Address Concerns Over Underwriting Practices and Inflated Repair Claims

Written Reply to Parliamentary Question 

Ms Valerie Lee asked the Acting Minister for Transport 

a.    whether the Monetary Authority of Singapore has specific regulatory oversight of insurance products offered to car-sharing operators;

b.    whether the Government is aware of concerns that insurance underwriting practices in the car-sharing sector may incentivise unnecessary or inflated repair claims; and

 c.    if so, what steps are being taken to address this.

Reply by Acting Minister for Transport Jeffrey Siow: 

1.     All motor vehicles, including car-sharing vehicles, must be covered by valid insurance policies and insured against third-party claims arising from death or bodily injury resulting from use of these vehicles. The Monetary Authority of Singapore regulates insurers, including those offering motor insurance products.

2.      The insurance premiums and terms of coverage offered are part of the contractual terms between car-sharing companies and their chosen insurers. The Government does not intervene in such commercial arrangements.