If the insurance business is saturated, shouldn’t Singaporeans be adequately insured by now?
For many people who join the insurance and financial planning business, they are frequently told by their relatives and friends that this industry is saturated, they know of at least 2 or three insurance agents or financial planners, assuming that everyone else is similarly crowded with such people.
The simple truth is that although there are many who join the business, there are more thaty fall out of the business. Since 2006, there is only a 1.2% increase (from 12,841 in 2006) in insurance agents. This is not in line with our population growth and wage increase numbers.
Another interesting fact is, according to national statistics, the average coverage of working adults is only $165,628 marginally up from $118,000 in Dec 07. A study done by Prof David Yee (NTU) commissioned by the Life Insurance Association, shows an average working Singaporean adult will need $495,000 protection against death. This points to gross under-insurance and a huge market for life insurance.
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Senior minister Mr. Goh Chok Tong has recently mentioned in the dinner hosted to commemorate the 40th anniversary of the NTUC Income, that average Singaporeans are underinsured. He had cited the reports by the global insurer Swiss Re that the penetration rate of life insurance in Singapore is only 5.1 percent.The highest percentage is in Taiwan where it is 13.8 %, followed by Hong Kong, Japan and South Korea.
