Sunday, November 20, 2011

Different insurance distribution channels in Singapore

Tied-insurance agents, bank distribution (bancassurance), Financial Advisors (FA representatives). How much do the different distribution channels in Singapore contribute to insurance sales? Which insurance channel do people usually buy from?

For the first three quarters this 2011, total weighted premium was $1,464 million.

Tied-agency force is still the main source of sales. Of the total weighted insurance premium, it sold 48% ($698 million).

Bancassurance accounted for 35% ($515 million). 

FA representatives sold 13% ($197 million) and "others" ($54 million). 

While insurance agents representing a single insurance company still sold about half of the insurance business, it has declined from 60% in YTD Q3' 2009.
Bancassurance increased steadily from 22% in YTD Q3' 2009 to 35%, while FAs share has remained fairly constant.

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