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'.