Number of insurance agents in Singapore has declined over the last 3 years: DPM Lawrence Wong

A total of 13,934 life and composite insurance agents were recorded in 2023, a drop from 15,205 in 2021.

The number of insurance agents in Singapore has reduced over the last three years. 

In a Parliamentary query posed to the Prime Minister, Member of Parliament for Pioneer SMC Patrick Tay asked about the number of people in the labour force working as insurance agents. Responding on behalf of the PM, Deputy Prime Minister & Minister for Finance, and Chairman of the Monetary Authority of Singapore (MAS) Lawrence Wong shared that the type of insurance agents can be broken down into two sectors — life and composite insurance agents, and general insurance agents. 

Life and composite insurance agents

In 2021, the number of life and composite insurance agents was 15,205. The following year, the number decreased to 14,546 and continued to decrease to 13,934 in 2023. 

General insurance agents

The number of general insurance agents also reduced from 4,105, 3,915, and then to 3,777 respectively. 

DPM Wong was also asked for the breakdown for such persons in terms of their type of employment, educational qualifications, age, gender, and nationality. 

DPM Wong shared that the age, gender and nationality breakdown for such persons are only available for life and composite insurance agents.

Here is the table that breaks down the number of insurance agents according to age group:

As noted in the table, the majority of agents are aged 40 and below. 

Addressing the gender and nationality of these agents, DPM Wong commented: "There is an even distribution of male and female agents.

"About 90% of the agents are Singapore citizens, and the rest are mostly permanent residents."

Commenting on the academic qualifications of insurance agents and their type of employment, DPM Wong said: "The Monetary Authority of Singapore (MAS) and the General Insurance Association of Singapore (GIA) do not make a distinction between full-time or part-time employment insurance agents and do not collect information on academic qualification, but all agents have to meet the minimum education qualification requirements."

READ MORE: Labour demand cooled over the course of 2023: Singapore's Q4 labour market report

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