The number of insurance agents in Singapore declined by 8.4% to 17,711 in 2023 from 19,310 in 2021, according to deputy prime minister Lawrence Wong.
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Simon Drummond
This is a good example of highly misleading data being misinterpreted. The "missing" agents have all gone over to the proprietary FA firms owned by the life companies: AIA FA, Prudential FA etc. They are technically not "agents" any more, but financial advisors, however that distinction would have been important to Wong and the MP who initially asked the question. So the government now has a view that the industry is shrinking, when in fact it's not.
11 April 2024
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