Singapore MAS Chairman Gan Kim Yong on Insurance Claims: Singapore MAS Receives 91 Insurance Claims Complaints Yearly & Financial Industry Disputes Resolution Centre (FIDReC) Completes 246 Insurance Claims (Mediation & Adjudication) Yearly
8th November | Hong Kong
Singapore Deputy Prime Minister & Monetary Authority of Singapore (MAS) Chairman Gan Kim Yong reply to Singapore Parliamentary question (4/11/25) on insurance claims – The Monetary Authority of Singapore (MAS) receives on average 91 insurance claims complaints yearly & Financial Industry Disputes Resolution Centre (FIDReC) completes on average 246 insurance claims (Mediation & Adjudication) yearly. Gan Kim Yong (4/11/25): “Insurers are expected to promptly pay all legitimate claims, and to be facilitative and fair to claimants during the claims handling process. This includes providing clear instructions on documents required for claims submission, as well as having sound internal processes to validate the claims. AS’ Guidelines on Fair Dealing sets out how licensed financial institutions, including insurers, are expected to treat customers fairly at various stages of the customer journey. In addition, MAS’ Guidelines on Risk Management Practices for Insurance Business sets out supervisory expectations for proper claims handling. Where insurers fall short of our expectations, MAS will take appropriate action, which could involve requiring the insurer to review its policies and procedures to prevent recurrence, as well as its restitution to the consumer. Consumers who believe their claims have been unfairly rejected should first contact their insurers, who are required to handle complaints independently, effectively and promptly. If a satisfactory resolution cannot be reached, consumers may file for mediation or adjudication at the Financial Industry Disputes Resolution Centre (FIDReC), which offers independent, impartial and low-cost dispute resolution services. Over the last three years, FIDReC completed, on average, 246 mediation and adjudication annual insurance claims related to disputes on claim liability and amounts awarded, while MAS received an average of 91 such similar complaints per year. These represent less than 0.01% of claims received by insurers. FIDReC continues to provide an important and effective mechanism for resolving consumer disputes. More than 85% of claims handled by FIDReC were either resolved at mediation or adjudication. Less than 0.1% of claims received by the larger direct insurers, which account for 80% share of the local market, were litigated.” In 2025 October, a Singapore court ordered NTUC Income (Income Insurance) to pay more than $323,000 (S$417,000) to accident victim (Ko Wah, Age 78) in 2019 who suffered from severe brain injuries, and criticised NTUC Income for refusal to pay for ambulance expenses, pain & suffering (NTUC Income cited victim was comatose & thus unable to feel pain) and medical expenses covered under Singapore national insurance program MediShield Life (NTUC Income cited double recovery, court rules insurance policy double recovery does not apply when victim recovers money under insurance policy paid with premiums). The victim died in 2024 October. The lawsuit was filed by Ko Wah Son (Jonathan), who is the administrator of Ko Wah’s estate. In 2022, NTUC Income (Cooperative) was restructured to Income Insurance Limited.
“ Singapore MAS Chairman Gan Kim Yong on Insurance Claims: Singapore MAS Receives 91 Insurance Claims Complaints Yearly & Financial Industry Disputes Resolution Centre (FIDReC) Completes 246 Insurance Claims (Mediation & Adjudication) Yearly “
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Singapore MAS Chairman Gan Kim Yong on Insurance Claims: Singapore MAS Receives 91 Insurance Claims Complaints Yearly & Financial Industry Disputes Resolution Centre (FIDReC) Completes 246 Insurance Claims (Mediation & Adjudication) Yearly
Date: For Parliament Sitting on 4 November 2025
Name and Constituency of Member of Parliament
Mr Ng Shi Xuan, Sembawang GRC
Mr Liang Eng Hwa, Bukit Panjang SMC
Questions
Mr Ng Shi Xuan: To ask the Prime Minister and Minister for Finance (a) whether the Government proactively monitors cases where insurance companies have unreasonably denied or litigated legitimate claims, in addition to acting on complaints; and (b) what actions has the Government taken to penalise errant insurers for such behaviour.
Mr Liang Eng Hwa: To ask the Prime Minister and Minister for Finance (a) on the number of complaints MAS or the related agencies received with regards to unsatisfactory or disputed insurance claims in each of the last three years; and (b) whether the current dispute resolution framework and mechanism has been adequate to reasonably and fairly resolve insurance claims disputes.
Answer by Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS:
1. Insurers are expected to promptly pay all legitimate claims, and to be facilitative and fair to claimants during the claims handling process. This includes providing clear instructions on documents required for claims submission, as well as having sound internal processes to validate the claims.
2. MAS’ Guidelines on Fair Dealing sets out how licensed financial institutions, including insurers, are expected to treat customers fairly at various stages of the customer journey. In addition, MAS’ Guidelines on Risk Management Practices for Insurance Business sets out supervisory expectations for proper claims handling.
3. Where insurers fall short of our expectations, MAS will take appropriate action, which could involve requiring the insurer to review its policies and procedures to prevent recurrence, as well as its restitution to the consumer.
4. Consumers who believe their claims have been unfairly rejected should first contact their insurers, who are required to handle complaints independently, effectively and promptly. If a satisfactory resolution cannot be reached, consumers may file for mediation or adjudication at the Financial Industry Disputes Resolution Centre (FIDReC), which offers independent, impartial and low-cost dispute resolution services.
5. Over the last three years, FIDReC completed, on average, 246 mediation and adjudication annual insurance claims related to disputes on claim liability and amounts awarded, while MAS received an average of 91 such similar complaints per year. These represent less than 0.01% of claims received by insurers. FIDReC continues to provide an important and effective mechanism for resolving consumer disputes. More than 85% of claims handled by FIDReC were either resolved at mediation or adjudication. Less than 0.1% of claims received by the larger direct insurers, which account for 80% share of the local market, were litigated.
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