25 August 2019

UK report confirms status of Glasgow’s insurance sector

Categories: International Financial Services District Glasgow | Published: 17/07/2018 | Views: 1015
Article from www.ifsdglasgow.co.uk

 Glasgow is the UK's biggest insurance centre outside London, according to a new report from TheCityUK which shows how financial and related professional services  contribute to economic output and employment across the UK.

The 'Enabling Growth across the UK 2018' report shows that while London remains the country's largest financial centre, the industry is a national asset, contributing significantly to regional and national economies. In the last year alone, the rate of jobs growth in the sector in Scotland (7%) outpaced that of London (6%).

Noting that the origins of Glasgow's insurance community date back to the 1700s, the report confirms the city as the UK's biggest insurance centre after London, with 8,500 employees.

The report estimates 40,500 employees in financial and related professional services in Glasgow, representing almost 10% of the city's employment and contributing £2.36 billion to its Gross Value Added figure.

As well as insurance, other key sectors in Glasgow are banking (8,000 employees), legal services (7,000) and accountancy (6,000).

Recognising stellar growth of the fintech sector in Glasgow and Edinburgh, the report also notes that 'Scotland is rapidly becoming a global leader in fintech and well positioned to capitalise on its data driven innovation'.

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