Oversupply of Financial Practitioners And Its Effects
Singapore has a population of about 5 million while the number of practitioners in the financial advisory industry can be estimated to be about 20,000 to 30,000. This includes tied insurance agents, Financial Adviser firm representatives and banks’ financial services personnel. It is a considerably large number for our population size. How so?
Let’s look at how we compare to other countries:
| Country | Population | No. of Advisers1 | Ratio |
|---|---|---|---|
| United States | 311,000,000 | 310,000 | 1,003:1 |
| Australia | 22,000,000 | 18,000 | 1,222:1 |
| United Kingdom | 62,000,000 | 20,000 | 3,100:1 |
| New Zealand | 4,430,400 | 1,963 | 2,257:1 |
| Singapore | 5,183,700 | 20,000 | 259:1 |
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Insurance Industry Statistics Q2 2011
LIA has released its quarterly report on the life insurance industry for the second quarter of 2011. Sales for the industry is once again booming, but does that mean that Singaporeans are becoming more well insured?
Insurance Industry Statistics Q1 2011
Life Insurance Association of Singapore (LIA) has recently released statistics for the insurance industry in Singapore for the first quarter of year 2011. Such reports are published every three months and I always find myself eager to read and learn about the industry numerically.
I usually skip past most of the sales figures though. It’s usually the same thing: industry does well, lots of insurance policies are sold, and more people are getting insured – or so it seems. Sales has never been a good indication of how well Singaporeans are insured. In fact, a high sales figure may well mean that Singaporeans are buying overpriced policies that leaves them under-insured.