MSIG Singapore has become the first general insurer in Singapore to publish a standalone claims transparency report, disclosing that it paid out S$132.4 million in claims during 2025 at an overall settlement ratio of 94%. The inaugural Claims Report, released on August 18, covers payout volumes, processing speeds, and settlement ratios across motor, travel, work injury compensation, and commercial lines.
The General Insurance Association of Singapore endorsed the disclosure. "We welcome MSIG Singapore's publication of its inaugural claims report, which represents a meaningful step forward in transparency and customer engagement," said GIA chief executive Ho Kai Weng.
The 94% overall settlement ratio reflects a wide variation by class. Motor insurance achieved a settlement ratio of 99.9% and work injury compensation 99.5%, two of the highest figures in the report. The report also showed a 32% improvement in personal insurance Net Promoter Scores and a 114% improvement for commercial insurance claims, alongside a 4.5-star Google review rating as of December 31, 2025.
Beyond the headline payout figures, the report's most actionable data for brokers distributing MSIG's products concerns the speed of settlement after the insurer's automation investment.
MSIG said 92% of fast-track claims were settled within three days, while turnaround times for travel insurance claims improved by 67% following simplified digital submission steps and clearer document requirements. Eligible travel claims can now be processed automatically through a rules-based system, with payments made through PayNow or FAST in some cases within one day. The improvements were supported by staff training, clearer policy interpretation guidelines, and closer coordination with third-party claims administrators.
For brokers with clients who have experienced delayed travel claims settlements, the speed data gives a concrete comparison point for renewal conversations. Faster settlement reduces the likelihood of client complaints and the friction that follows a disputed claims timeline. The 67% improvement figure also signals that MSIG's travel product has materially changed in the past year, which is worth confirming directly with MSIG's team before a client renewal if settlement speed is a known client concern.
The claims report's publication may also prompt broader market movement. Ho Kai Weng's endorsement of the initiative reflects GIA's interest in advancing transparency standards across the sector, though it stopped short of indicating that comparable reporting would become an industry requirement. Whether other general insurers follow MSIG voluntarily or are eventually expected to do so by the regulator will be a market development worth tracking. For brokers placing business with multiple carriers, comparable settlement data across the market would materially improve the quality of the placement advice they can give clients.
MSIG Singapore is a subsidiary of Mitsui Sumitomo Insurance Co., Ltd., and is part of Japan's MS&AD Insurance Group.
