Thanks to youth employment, Glasgow is in the running to become a major centre for the insurance and long-term savings industry in the UK.
According to the Association of British Insurers (ABI), the sector provides Glasgow with over 10,000 jobs and employs 9% of the city’s workforce. A report by Insider.co.uk
said 24 of ABI’s members are based in Glasgow – the second-highest concentration (along with Manchester) of insurers outside London.
It added that about 75% of insurance and long-term savings industry jobs are outside the capital. The ABI cited the availability of new recruits coming from local tertiary education institutions as among the factors.
The Insurance and Actuarial Society of Glasgow (IASG) is also seen as contributing to the growth, as it runs mentoring sessions for young insurers. AXA
, meanwhile, has also reportedly enhanced youth employment in Glasgow with its Foundation Apprenticeship in Financial Services.
ABI director general Huw Evans said the insurance and long-term savings industry is proving to be a valuable business partner in Glasgow and throughout Scotland. According to him, the insurance sector boosts cities and regions by providing quality jobs and life-long careers.
For instance, the Leeds city region has 18,000 people employed in insurance and long-term savings, with the number of people working in the sector rising 19% in and around Leeds between 2009 and 2015.
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