The best insurance recruitment agency in Singapore is the one that already knows the people you want to hire. For most insurers, reinsurers and brokers in 2026 that means a specialist with a dedicated desk for your function (actuarial, underwriting, claims, risk or technology), a licence you can verify with MOM, consultants who can name the market, and a fee model that fits the seniority of the role.
There is no official ranking of recruitment firms, so any “top ten” list is an opinion. This guide gives you a way to test agencies yourself, whether you are hiring one underwriter or a Chief Executive who needs regulatory approval.
Specialist or generalist: what actually differs
Singapore has two broad kinds of agency that place insurance staff. Large generalist firms such as Michael Page, Hays or Robert Walters run financial services teams alongside many other sectors. Boutique specialists focus on insurance and reinsurance only, often with one consultant or desk per function.
| Factor | Large generalist | Insurance specialist |
|---|---|---|
| Reach | Big candidate database across industries | Narrower database, deeper in one sector |
| Best for | Volume hiring, support and mid-level roles | Technical, senior and confidential roles |
| Market knowledge | Broad salary and hiring trends | Who sits where in your niche, and who might move |
| Typical model | Mostly contingency | Contingency for mid-level, retained for senior searches |
| Risk to watch | Consultant may be new to insurance | Smaller bench if the desk is one person |
Neither is better in every case. A regional insurer hiring twenty claims handlers may get more from a generalist. A reinsurer replacing a Chief Underwriting Officer quietly usually needs someone who already knows the twenty people in Asia who could do the job.
Seven questions to ask any agency before you sign
- Who will actually run my search? Ask for the named consultant, their desk and how long they have worked in insurance. The person who pitches is not always the person who works the role.
- Can you show me the market before we start? A specialist should be able to sketch, at a high level and without breaching confidentiality, where suitable people sit today and what it might take to move them.
- Which of my competitors are off-limits? Good agencies have “off-limits” rules protecting their existing clients. Ask which firms they cannot approach on your behalf; it tells you how big their client base in your niche is.
- How do you assess technical skill? For an actuary or underwriter, the recruiter should test exam progress, pricing or reserving experience and lines of business, not just job titles.
- What happens if the hire leaves early? Get the replacement or refund terms in writing, including the time window.
- How will you represent my brand? Candidates judge you by the recruiter’s first call. Ask how the role will be pitched and whether your name is disclosed.
- Are you and your consultant licensed? See the next section.
Check the licence: Singapore and Hong Kong
In Singapore, recruitment agencies must hold an employment agency (EA) licence from the Ministry of Manpower, and the individuals doing the work must be registered EA personnel. MOM’s EA Directory was set up so employers can “verify if an employment agency was licensed, and if the EA personnel were registered with MOM to perform EA work”. Under comprehensive licences, key appointment holders and EA personnel doing EA work must also hold the Certificate of Employment Intermediaries (CEI), which MOM says equips them “with knowledge of employment laws and regulations”.
In Hong Kong, the Labour Department requires every employment agency to hold a licence from the Employment Agencies Administration before doing placement work, and the licence is valid for one year. You can search licensed agencies on the Employment Agencies Portal. Hong Kong also caps what an agency can take from a job seeker at 10% of the first month’s salary after placement, so the fee you pay as the employer is the agency’s real income.
If you are hiring across both cities, ask whether the agency is licensed in each, or how it handles the market it is not licensed in.
Match the fee model to the hire
Fees should be part of your choice, not an afterthought. Contingency fees in Singapore commonly sit around 15% to 25% of annual salary, according to JTE Recruit, with the higher end for leadership and specialist roles, and the result changes depending on whether the percentage applies to base salary or total package. Retained executive search is typically priced at a share of first-year total cash compensation and paid in stages; JRG Partners, for example, quotes 33% paid in three instalments (on signing, on shortlist and on offer acceptance).
For a full breakdown with worked examples, read our guide to recruitment agency fees in Singapore, and if you are deciding between models for a senior hire, see retained vs contingency search for insurance roles.
Senior insurance hires need regulatory awareness
A good insurance recruiter knows which hires need a regulator’s sign-off, because it shapes the timeline and the shortlist. In Singapore, MAS Notice 106 requires insurers to seek MAS approval for the appointment of directors, the chairman and key executive persons, which include the principal officer, the appointed actuary and the certifying actuary, and for Tier 1 insurers the CFO and CRO. In Hong Kong, the Insurance Authority’s approval is needed for chief executives and directors of Hong Kong incorporated insurers and for key persons in control functions such as risk management, finance, compliance, internal audit and actuarial, as Baker McKenzie summarises.
An agency that does not raise this in the first meeting may not have handled many senior insurance mandates.
Red flags
- CVs arriving within hours with no briefing call, or with candidates you never agreed to see.
- No named consultant, or a different person each time you call.
- Vague answers on licence numbers, guarantees or what the fee is calculated on.
- Pressure to sign an exclusive retained agreement for a junior role.
- Claims of being “number one” without any evidence you can check.
A short scorecard
| Test | What a good answer looks like |
|---|---|
| Sector focus | A desk or consultant dedicated to your function |
| Licence | EA licence and personnel registration you can check yourself |
| Market view | A credible sketch of the talent pool before you pay anything retained |
| Process | Clear stages, shortlist timing and weekly updates |
| Commercials | Fee basis, guarantee and payment terms in writing |
| References | Clients in your sector willing to speak to you |
If you want to see how one specialist answers these questions about itself, we have set out our own desks, team and process in Is LUNOS a good insurance recruitment firm?
How LUNOS can help
LUNOS is a boutique insurance, contracting and consulting search firm focused solely on APAC, with a Singapore headquarters at 50 Raffles Place and offices in Malaysia and Hong Kong. We run seven desks: Actuarial; C-Suite and Senior Appointments; Finance, Risk and Compliance; Operations; Technology; Underwriting, Broking and Claims; and Contracting and Consulting. If you are weighing up agencies for an insurance hire, we are happy to talk through the role and the market with you, in confidence and with no obligation. Start a conversation with a consultant or WhatsApp us on +65 9720 6845.
Frequently asked questions
Is a specialist insurance recruiter more expensive than a generalist?
Not necessarily. Contingency fees in Singapore commonly fall around 15% to 25% of annual salary across both types, according to JTE Recruit. Specialists more often use retained search for senior roles, which is priced differently and paid in stages.
How do I check if a recruitment agency in Singapore is licensed?
Use MOM’s EA Directory, which lets employers verify whether an agency is licensed and whether its personnel are registered with MOM to do employment agency work.
Should I use more than one agency for the same role?
For contingency roles many employers do, but it can mean candidates hear about your role from several recruiters. For senior or confidential roles, one well-briefed agency usually protects your brand better.
Do agencies need a separate licence in Hong Kong?
Yes. Hong Kong’s Labour Department requires employment agencies to hold a licence from the Employment Agencies Administration, renewed yearly, and you can search licensed agencies on its portal.