12

July

featured image

Insurance sector in Glasgow ‘one of the most important’ in the UK outside London

Research by the Association of British Insurers finds 9 per cent of the city’s workforce have jobs in insurance and other long-term savings

Glasgow has been revealed as one of the most important areas outside London for the UK’s insurance and long-term savings industry.

New analysis commissioned by the Association of British Insurers (ABI) found the sector provides more than 10,000 jobs in Glasgow. Nine per cent of the city’s workforce is employed in the sector, which contributes more than £1 billion to Glasgow’s economy.

The ABI said 24 of its members are based in the city. Along with Manchester, this is the second-highest concentration of insurance firms anywhere outside London.

Although the heart of the UK’s financial services sector is generally regarded as the City of London, three-quarters of insurance and long-term savings industry jobs are in towns and cities outside of London. The ABI said part of this is because of the pipeline of new recruits available from local colleges and universities. Another is the established presence of the Insurance and Actuarial Society of Glasgow (IASG), which runs mentoring sessions regularly attended by younger generations of insurance employees.

French insurer AXA , which employs more than 400 people in Glasgow, has been recognised for its role in boosting youth employment in the city. It offers a Foundation Apprenticeship in Financial Services, the first of its kind in the UK. Huw Evans, director-general of the ABI, said: “Our world-leading insurance sector doesn’t only help the UK thrive globally, it boosts our cities and regions, providing quality jobs and life-long careers across the UK.

“The insurance and long-term savings industry is proving itself to be a valuable business partner in Glasgow and throughout Scotland – supporting existing businesses and boosting new ventures. It’s also clear that Glasgow is of enormous value to firms, offering the perfect mix of location, infrastructure and talented workforce to help insurance businesses thrive.”

Original news story from insider.co.uk


    Fill out the form below and one of our experts will contact you. Office hours are Monday - Friday, 9:00 - 17:00.







    Briefly describe how we can help. Please be as specific as you can with your enquiry so that we can efficiently deal with your query.

    Latest News

    Glasgow City Region Launches Innovative Site Selection Data Portal

    We have launched online data tools to put the city firmly on the map for business relocation, investment and...Read More

    Studio Plans Announced for Kelvin Hall

    A major new television and film studio is set to be created in the centre of Glasgow. Glasgow City...Read More

    Planning permission granted to transform Met Tower

    Property development and investment firm Osborne+Co has achieved planning consent from Glasgow City Council to deliver a £100 million mixed-use transformation of the...Read More

    Glasgow Named UK University of the Year

    The University of Glasgow has been named Times Higher Education (THE) University of the Year. Glasgow’s work to redress its...Read More

    News by Sector

    News Archive

    Email Alerts

    Sign-up to our email updates for the latest investment opportunities and information in Glasgow. Fill out the form below with your email.