NTUC INCOME Insurance Co-Operative Ltd

What NTUC INCOME Insurance Co-Operative Ltd does

NTUC INCOME Insurance Co-Operative Ltd is a Singapore-registered co-operative insurance company founded in 1970. It operates as one of the largest and most well-known motor insurers in the Singapore retail market, providing coverage to individual car owners and small commercial vehicle holders. Its core product set spans the standard Singapore motor insurance hierarchy: Comprehensive coverage (full protection including third-party liability, fire, theft, and own-vehicle damage), Third Party Fire & Theft (TPFT), and Third Party Only (TPO, the legal minimum). The Classic PLUS Plan functions as an enhanced add-on providing a 7-day transport allowance during repairs and excess waiver for an additional premium.

Its operational model relies on a panel-workshop structure for Comprehensive policyholders, with options for Authorized Workshop or Any Workshop repair networks, alongside value-added benefits including windscreen coverage (with a $100 excess), personal accident cover up to $20,000, free towing up to $200, medical benefits up to $300, and NCD protection for policyholders at the 50% No-Claim Discount tier. Payment options include cash, cheque, credit card, and instalment plans through DBS, POSB, and UOB. NTUC Income is also featured as a core insurer on the MotorInsuranceSingapore.com comparison platform operated by Mitsui Bussan Pana Harrison Pte Ltd, which aggregates quotes from 12 Singapore insurers and channels price-comparison-driven consumer traffic.

The input data is materially limited to NTUC Income's motor insurance product set and its placement on one comparison aggregator; broader lines of business (life, health, general insurance beyond motor), financial scale, headcount, geographic footprint beyond Singapore, ownership/governance details, and recent strategic activity are not disclosed in the supplied material.

Name

NTUC INCOME Insurance Co-Operative Ltd

Legal name

Mitsui Bussan Pana Harrison Pte Ltd

Website

https://motorinsurancesingapore.com

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

NTUC INCOME is a Singapore co-operative insurer founded in 1970 and one of the largest motor insurers in the country, offering Comprehensive, TPFT, and TPO coverage plus the Classic PLUS add-on to individual car owners through its own workshop network and the MotorInsuranceSingapore.com comparison aggregator.

Ownership category

akta.pro rank

Product category

Motor Insurance

NAICS

Insurance Agencies and Brokerages (524210), Agencies, Brokerages, and Other Insurance Related Activities (5242)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Standard Personal Auto Insurance (Liability, Collision & Comprehensive) (FSAJAAAA)

akta.pro secondary industry

Personal Auto Insurance (FSAJAMAA)

Keywords

• Motor insurance
• Comprehensive car coverage
• Third party insurance
• Vehicle insurance co-operative
• Singapore car insurance

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Others, Marketing or Sales, Technology or R&D

Pricing tiers

Distribution channels1 record

Marketing channels1 record

Core offering

NTUC INCOME Insurance Co-Operative Ltd is a Singapore insurance co-operative founded in 1970 that sells motor insurance products to individual car owners. Its portfolio includes Comprehensive coverage (third-party injury/property damage, fire, theft, accidental damage, with Authorized or Any Workshop repair options), Third Party Fire & Theft (TPFT) coverage, and Third Party Only (TPO) coverage, plus the Classic PLUS add-on plan offering transport allowance and excess waiver. Policies include benefits such as windscreen repair ($100 excess), personal accident cover up to $20,000, free towing up to $200, medical benefits up to $300, and NCD protection for 50% NCD holders, with premiums payable via cash, cheque, credit card, or DBS/POSB/UOB instalments.

Product overview

NTUC Income is a co-operative insurer founded in 1970 offering a portfolio of motor insurance products in Singapore. The product range includes Comprehensive, Third Party Fire & Theft (TPFT), and Third Party Only (TPO) coverage options. These are offered alongside workshop network plans where repairs must be conducted at NTUC Income's network workshops even if the vehicle is under warranty. The Classic PLUS plan provides enhanced benefits including transport allowance and excess waiver as premium add-ons. The company also provides NCD protection, windscreen coverage ($100 excess), personal accident benefits ($20,000), and towing services (free up to $200). Payment options include cash, cheque, credit card, and instalments through DBS/POSB/UOB.

Differentiator

Problem solved

Functional benefit

Products and services

• NTUC Income Motor Insurance (Comprehensive Coverage) Full protection motor insurance covering third-party injury, third-party property damage, fire, theft, and accidental damage to the insured vehicle. Available with Authorized Workshop or Any Workshop repair plan options, for individual car owners in Singapore.
• NTUC Income Motor Insurance (Third Party Fire & Theft) Motor insurance coverage protecting against third-party liabilities plus fire and theft damage to the insured vehicle. Does not cover accidental collision damage or vandalism, for individual car owners in Singapore whose vehicles may not qualify for Comprehensive coverage.
• NTUC Income Motor Insurance (Third Party Only) Basic legal minimum motor insurance coverage protecting against death or bodily injury to third parties and damage to third parties' property, for individual car owners in Singapore seeking minimum-mandate coverage.
• Classic PLUS Plan Enhanced motor insurance add-on plan offering transport allowance for up to 7 days during repairs and waiver of excess, available for an additional premium on top of NTUC Income's core motor coverage tiers, for individual Singapore car owners seeking enhanced repair-period benefits.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• NTUC IncomecoreOthersNTUC Income is one of the largest and most well-known car insurers in Singapore, featured as a major insurer on the comparison platform. Founded in 1970 as a co-operative, NTUC Income offers comprehensive coverage, Third Party Fire & Theft (TPFT), and Third Party Only (TPO) coverage. They provide benefits including windscreen repair, personal accident coverage up to $20,000, free towing up to $200, medical benefits up to $300, and NCD protection for 50% NCD holders.

Recent moves4 records

Expansion highlights2 records

Others

• NTUC Income: Major Singapore co-operative insurer and one of the featured supply-side partners on the comparison platform. Comparable as a motor insurance product supplier whose products are aggregated on the subject platform.
• AIG Singapore: Global insurer with Singapore motor insurance offerings aggregated on the subject platform. Comparable as a supply-side carrier feeding quotes into the MotorInsuranceSingapore.com comparison flow.

Broad incumbents

• Insurance Marketplace (SG) by DBS/POSB: Major Singapore bank's digital insurance aggregation surfaces including motor insurance. Comparable as a bank-distributed comparison and referral channel targeting the same Singapore consumer segment.
• Direct Asia Insurance: Singapore motor insurer operating a strong direct-to-consumer digital quote and bind flow. Comparable as a competing Singapore motor insurance distribution channel that bypasses the aggregator layer.

Emerging players

• PolicyPal: Singapore-headquartered insurance technology startup offering digital brokerage and comparison for multiple insurance lines including motor. Comparable as a Singapore-rooted insurtech intermediary, though younger and more tech-led than the subject.
• CompareFIRST (MAS): Singapore's official insurance comparison portal under the Monetary Authority of Singapore. Comparable as a public-sector motor insurance aggregator providing baseline price transparency that competes with the subject's commercial offering.

Direct peers

• GoBear: Regional insurance and financial product comparison platform active in Singapore. Competes on the same aggregator mechanic for motor insurance and adjacent lines, with broader product breadth than MotorInsuranceSingapore.com.
• SingSaver: Singapore financial product comparison platform (owned by MoneyHero Group) offering side-by-side motor insurance quotes from multiple carriers. Operates the same multi-insurer aggregation model for the same Singapore car-owner segment.
• MoneySmart: Singapore-based financial comparison platform covering motor insurance along with credit cards, loans, and other financial products. Directly comparable as a multi-carrier aggregator serving the same Singapore consumer base with the same comparison-and-referral model.

Regional players

• Tokio Marine Insurance Singapore: Major Asian insurance carrier headquartered in the same Tokio Marine Centre building as the subject platform's operator. Comparable as a regional motor insurer with Singapore presence whose products compete for the same end consumer.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/ntuc-income-insurance-co-operative-ltd

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NTUC INCOME Insurance Co-Operative Ltd