Wednesday, May 22, 2013

How many insurance agents are there in Singapore?

"The insurance market in Singapore is so saturated with so many insurance agents in Singapore."

That must be one of the most often-heard sentences when people talk about the insurance industry or when people consider joining the industry as an insurance agent/adviser.

But is that true? Just how many insurance agents are there in Singapore?

According to statistics from the Life Insurance Association of Singapore as at 31 March 2013:

"13,415 representatives held exclusive contracts with companies that operate a tied-agency force." 

In short, there are 13,415 tied-insurance agents - agents who are licensed to represent only one insurance company.

With a population of 5.18 million as at 2011, is the industry saturated with 13,415 tied-insurance agents? 

But do take note that the figure does not include Financial Advisers from FA firms, and also bank staff who are selling insurance for banks through Bancassurance


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