Chart of the Day: Life insurance industry workforce hits 8,282 in H1

The number of tied representatives also fell to 15,117.

This chart from Life Insurance Association, Singapore (LIA Singapore) shows that the city’s life insurance industry fell to 8,282 employees in Q2 from 8,309 in Q1.

The industry also has 15,117 representatives that held exclusive contracts with companies operating a tied agency force as of end-June, which climbed 352 from H1 2018. However, the number of tied representatives in the current quarter is also lower as compared to 15,384 in end-March.

This is in line with the decline in new premiums which fell 2% YoY to $1.97b in H1.

Furthermore, demand continues to be focused on talent with skills in data analytics, cyber security, customer service and marketing as life insurers pursue digital innovation and operations.