"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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