Singapore's insurance workforce is showing increasing signs of stability, with employees becoming less likely to leave their jobs voluntarily despite ongoing restructuring and workforce optimisation efforts across the industry.
Recent labour market data showed that the financial and insurance services sector recorded a resignation rate of just 0.6% in the first quarter of 2026, the lowest level ever recorded for the sector and significantly below the national average.
The trend suggests that employees are placing greater emphasis on job security amid an uncertain economic environment and evolving labour market conditions.
The decline in voluntary departures comes as insurers continue to navigate organisational restructuring, digital transformation initiatives and selective workforce reductions. Industry players have been streamlining operations and investing in new technologies to improve efficiency and adapt to changing business needs, reshaping workforce requirements across the sector.
Despite these changes, the record-low resignation rate indicates that many employees are opting to remain with their employers rather than seek opportunities elsewhere.
The trend points to a broader shift in employee sentiment, with workers increasingly prioritising job stability over career mobility. Across Singapore, the average monthly resignation rate fell to a record low of 1.0% in the first quarter of 2026, extending a decade-long decline in employee turnover.
At the same time, recruitment activity has also slowed, reflecting a more cautious labour market environment.
The combination of lower resignations and weaker hiring momentum suggests that both employees and employers are adopting a more conservative approach amid ongoing economic uncertainty and structural changes in the workforce.
Hiring sentiments within Singapore’s finance and insurance sector remains subdued, with employers expecting more workforce reductions than additions in the coming months, reported HR World Southeast Asia.
The cautious outlook reflects continued cost pressures and structural changes as firms adjust their operating models in response to technological disruption and shifting business priorities.