Singapore Insurance Sector: Anticipated Salary Hikes in 2025

The Singapore insurance industry is on the verge of significant shifts in 2025. Randstad’s report forecasts that job switchers could see 15%-20% salary hikes, with niche technical roles potentially reaching 50%, while those in lower-value administrative functions may get 10%-15% increases. The sector’s evolution, spurred by tech, regulations, and market trends, is creating demand for skills like digital transformation and sustainable investing.

Offshoring of back-office tasks is set to rise, prompting a need for operational and change management experts. Mergers and acquisitions, such as HSBC’s acquisition of AXA Singapore and Aviva’s joint venture exit, have been prominent. Insurers are now focusing on high-net-worth individuals, given Singapore’s growth as a wealth hub.

Nearly half of employers plan to expand teams, signaling a positive business sentiment. However, 66% face a skills shortage and 38% encounter talent competition. To cope, 38% will hike technical role budgets, 30% will promote internally, and 43% expect 3%-5% overall salary bumps.

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