Parliamentary Replies
Published Date: 05 April 2021

Reply to Parliamentary Question on Statistics on Insurance Agents

QUESTION NO 562

NOTICE PAPER 305 OF 2021

FOR WRITTEN ANSWER

Date: For Parliament Sitting on 5 April 2021

Name and Constituency of Member of Parliament

Mr Patrick Tay Teck Guan, MP, Pioneer SMC

Question:

To ask the Prime Minister for each of the years from 2010 to 2020 (a) how many people in the labour force are working as insurance agents; and (b) what is the breakdown for such persons in terms of full-time employment, part-time employment, educational qualification, age, gender and nationality.

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

1.      The number of insurance agents – comprising life, general, and compositeAgents who are both life and general insurance agents. – rose in the first half of the last decade, but has remained stable at around 19,000 since 2015. The breakdown by age, gender, and nationality over time, are available only for life and composite insurance agents. The majority of agents are below 40 years old. The gender balance is very even. Singapore Citizens make up about 90% of the agency force, with Permanent Residents making up most of the rest; the number of foreigners remains small at about 350.

2.      The requested statistics for insurance agents are set out in the tables below.

Table 1: Number of life, general and composite insurance agents

YearThe figures are as at 31 December of each respective year.

Number of life and composite insurance agents

Number of general insurance agentsThe General Insurance Association of Singapore (GIA) does not have figures for general insurance agents for 2010 and 2011.

Total number of life, general and composite insurance agents

2010

13,315

Not available

N.A

2011

13,304

Not available

N.A

2012

13,657

2,870

16,527

2013

13,872

3,456

17,328

2014

14,327

3,604

17,931

2015

14,967

4,073

19,040

2016

14,713

4,309

19,022

2017

15,082

3,964

19,046

2018

15,836

3,895

19,731

2019

15,066

3,905

18,971

2020

15,419

3,800

19,219

Table 2: Number of life and composite insurance agents by age

Year2

21 to 30 years old

31 to 40 years old

41 to 50 years old

51 to 60 years old

Above 60 years old

Total

2010

4,050

3,698

3,084

1,941

542

13,315

2011

4,052

3,645

2,990

2,014

603

13,304

2012

4,249

3,697

2,995

2,033

683

13,657

2013

4,476

3,687

2,937

2,034

738

13,872

2014

4,781

3,808

2,853

2,092

793

14,327

2015

5,328

3,950

2,750

2,061

878

14,967

2016

5,190

3,955

2,635

2,009

924

14,713

2017

5,559

3,926

2,584

2,007

1,006

15,082

2018

6,031

4,115

2,541

2,054

1,095

15,836

2019

5,249

4,111

2,447

2,065

1,194

15,066

2020

5,183

4,375

2,482

2,096

1,283

15,419

Table 3: Number of life and composite insurance agents by gender and nationality

Year2

Gender

Nationality

Total

Male

Female

Singapore Citizens

Permanent Residents

Foreigners

2010

6,987

6,328

12,422

892

1

13,315

2011

6,878

6,426

12,428

875

1

13,304

2012

7,082

6,575

12,765

876

16

13,657

2013

7,167

6,705

12,920

891

61

13,872

2014

7,351

6,976

13,288

933

106

14,327

2015

7,685

7,282

13,793

1,034

140

14,967

2016

7,555

7,158

13,356

1,092

265

14,713

2017

7,754

7,328

13,574

1,229

279

15,082

2018

8,196

7,640

14,148

1,390

298

15,836

2019

7,660

7,406

13,313

1,410

343

15,066

2020

7,679

7,740

13,557

1,514

348

15,419

3.      The latest statistics on general and composite insurance agents by age and gender is set out belowThe statistics in Tables 4 and 5 comprise of general insurance agents that are also life insurance agents. GIA is not able to generate statistics solely for general insurance agents due to system constraints..

Table 4: Number of general and composite insurance agents by age

 

Age

Total

21 to 30 years old

31 to 40 years old

41 to 50 years old

Above 50 years old

As at 3 March 2021

755

2,081

2,595

4,664

10,095

Table 5: Number of general and composite insurance agents by gender

 

Gender

Total

Male

Female

As at 3 March 2021

4,987

5,108

10,095

4.      The Monetary Authority of Singapore (MAS) and the General Insurance Association of Singapore (GIA) do not make a distinction between full-time or part-time insurance agents and do not collect information on academic qualifications. Life insurance agents must minimally have a GCE “A” level certificate or an International Baccalaureate Diploma qualification or a diploma awarded by a polytechnic in Singapore, or equivalent qualifications. General insurance agents are required to have at least 3 GCE “O” Level passes or equivalent. Life insurance agents have higher minimum academic qualification requirements than general insurance agents as life insurance products are typically more complex in nature.

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