There is an upward trend in the number of employees and tied representatives in Singapore's life insurance sector, according to the market's leading industry association.
The number of employees at Singapore's life insurance industry hit 8,309 in March to extend a steep uptrend in the last two years where total manpower hit 6,883 in 2017 and and 7,594 in 2018, according to a report from the Life Insurance Association Singapore.
The rise in manpower coincides with growth in total weighted premiums which rose 1% to S$937.2m. Annual premiums grew by 11%, slightly offsetting the 20% plunge in single premium policies sold during the quarter. The LIA attributed the decline to weak growth in the global and domestic markets.
Meanwhile, the number of tied representatives also increased, with 15,384 in March 2019, up 3.82% from 14,817 in 2018. In 2017, there were 14,269 tied representatives in the sector. Tied representatives traditionally bring in the most business for the Singaporean life sector.