Singapore’s insurance agent numbers wane, appeals fewer since 2015

Around 90% of these agents were Singapore citizens.

In response to a parliamentary question posed by Patrick Tay Teck Guan of Pioneer SMC, Deputy Prime Minister and Minister for Finance, Lawrence Wong, disclosed a notable decline in the number of insurance agents within the labour force over the past three years.

According to the reply provided during the Parliament Sitting on 2 April, the figures indicated a consistent downward trend, according to the Monetary Authority of Singapore (MAS)

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In 2021, the total number of life and composite insurance agents stood at 15,205, which decreased to 14,546 in 2022, and further down to 13,934 in 2023. 

Similarly, the count for general insurance agents also witnessed a decline from 4,105 in 2021 to 3,777 in 2023.

Age, gender, and nationality breakdowns were furnished specifically for life and composite insurance agents. It was noted that the majority of these agents were below the age of 40. 

Furthermore, there was an equitable distribution in terms of gender, with approximately an equal number of male and female agents. 

Notably, around 90% of these agents were Singapore citizens, whilst the remainder primarily consisted of permanent residents.

In addition, the reply clarified that the Monetary Authority of Singapore (MAS) and the General Insurance Association of Singapore (GIA) do not differentiate between full-time or part-time employment status of insurance agents. 

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Furthermore, they do not collect information regarding the academic qualifications of agents, although it was emphasized that all agents are required to meet minimum educational qualification standards.

Appeals since 2015

In another parliamentary reply, the number of appeals received by the MAS regarding challenges in obtaining insurance coverage for individuals with disabilities, those on the autism spectrum, and individuals facing mental health issues.

Responding to a question posed by Rachel Ong of West Coast GRC, Wong disclosed that over the past three years, MAS had received fewer than 10 appeals or complaints regarding these specific issues. 

Prior to this recent period, MAS recorded an average of less than one case per year pertaining to similar concerns.