Parliamentary Replies
 Published Date: 07 February 2017

Reply to Parliamentary Question on the number of insurance companies and headcount in Singapore

QUESTION NO. 354

NOTICE PAPER 509 OF 2017

FOR WRITTEN ANSWER

Date: For Parliament Sitting on 6 February 2017

Name and Constituency of Member of Parliament

Mr Patrick Tay, MP, West Coast GRC

Question:

To ask the Prime Minister for each of the years from 2007 to 2016, what is (i) the number of insurance companies/agencies with a valid licence operating in Singapore (ii) the number of staff on full-time employment by all these insurance companies/agencies and (iii) the number of insurance agents engaged by all these insurance companies/agencies.

Answer by Mr Tharman Shanmugaratnam, Deputy Prime Minister and Minister in charge of MAS:

1     The statistics are set out in the Table below1:

 Year  Number of Insurance Companies  Insurance Sector Headcount2   Number of Insurance Agents3 
 2007  59  23,827  13,645
 2008   61  26,295  13,944
 2009  63  27,120  14,137
 2010  62  28,133  13,315
 2011  65  28,637  13,304
 2012  69  29,689  16,527
 2013  75  30,396  17,328
 2014  78  33,558  17,931
 2015  79  34,157  19,040
 2016  79  -  19,022

 

***

 

1  Figures are as at 31 December.
2  These are based on Ministry of Manpower figures on the headcount of the insurance sector, which comprises insurance agents and staff.
3  The figures comprise insurance agents who represent life and/or general insurance companies, except for years 2007-2011 where the figures exclude insurance agents who represent only general insurance companies. The General Insurance Association of Singapore did not have figures for these agents during that period.