The importance of the Scottish insurance industry to the wider economy of Scotland cannot be underestimated. Over 1 per cent of the total working population of Scotland is employed in the insurance industry, which is a major contributor to the country’s GDP.
General insurance, life assurance and pensions
The history of the insurance industry in Scotland can be traced back to the early 1700s, and a tradition of reliability and first-class service is upheld to the present day. Scotland is renowned as an important centre for the insurance industry and an immense diversity of activity takes place in this dynamic environment.
There is particular expertise in general insurance, life assurance and pensions – with Scotland being the UK headquarters location of four major insurance companies: Standard Life, Scottish Widows, AEGON UK and Bright Grey.
Strengths of the Scottish insurance industry
Insurance companies account for over 30 per cent of Scotland’s financial sector jobs and service a UK-wide customer base. Scotland is a world-renowned location for foreign direct investment, and the companies who have chosen Scotland have enjoyed continued success.
The general insurance, life assurance and pensions sector in Scotland enjoys a strong reputation and 19 per cent of all UK employment in this sector is in Scotland. Major insurance companies have substantial operations in Scotland, including Norwich Union, Prudential and Resolution.
The insurance industry in Scotland also benefits from a fully developed infrastructure with a supply chain of providers, professional advisors and support services, including:
- Specialist HR firms.
- IT companies and consultants.
- Business consultancy.
- Outsourcing and legal services.
- Risk management.
- Political lobbying.
The insurance industry in Scotland – features and benefits
Scotland’s universities produce thousands of high-quality graduates every year, with many going on to work in the insurance industry. The Scottish workforce is one of the best-trained, most reliable and most cost-competitive in the world, and labour regulations are among the most flexible in Europe.
Insurance companies looking to relocate to, or establish operations in, Scotland can enjoy substantial salary, property and tax savings without compromising quality.
Scottish Development International provides active support for the financial services industry
Contact SDI to discuss how we can support investment in the insurance industry in Scotland and all other financial services sectors.