6 out of 10 Insurance Agents "Can't Last More Than 1 Year"

[Asia Economy Reporter Oh Hyung-gil] Amid the impact of COVID-19, it was found that 6 out of 10 life insurance agents cannot sustain their business for more than one year after starting.

According to the Financial Supervisory Service on the 8th, the average 13-month registration retention rate of agents from 20 life insurance companies as of the first half of the year was 41.5%. The 13-month retention rate indicates the proportion of agents who have been operating normally for more than one year.

Among life insurance companies, DGB Life had the lowest 13-month agent registration retention rate at 7.1%, followed by KB Life (15.4%), Orange Life (21.8%), MetLife (25.4%), NongHyup Life (26.0%), and AIA Life (27.5%), where a significant number of agents left before reaching 13 months.

The average 13-month registration retention rate of agents from 12 non-life insurance companies was 57.6%. Hana Non-Life Insurance had the lowest 13-month agent registration retention rate at 41.5%, with Meritz Fire & Marine Insurance (46.3%) and Lotte Non-Life Insurance (48.2%) also remaining in the 40% range.