Data on Workforce Size and Demographics in Insurance Industry

Mr Patrick Tay Teck Guan asked the Prime Minister (a) for each of the years from 2021 to 2023, 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.

The number of insurance agents declined over the past three years. The number of life and composite insurance agents was 15,205 in 2021; 14,546 in 2022; and 13,934 in 2023. The number of general insurance agents during this period was 4,105, 3,915 and 3,777, respectively.

Age, gender and nationality breakdown are only available for life and composite insurance agents. The majority are 40 years and below, please see the Table below. There is an even distribution of male and female agents. About 90% of the agents are Singapore citizens and the rest are mostly permanent residents.

The Monetary Authority of Singapore and the General Insurance Association of Singapore do not make a distinction between full-time or part-time employment insurance agents and do not collect information on academic qualification, but all agents have to meet the minimum education qualification requirements.