.jpg)
Hands down London remains the largest financial centre in the UK – but as a new report has highlighted, the British capital doesn’t have a monopoly.
According to TheCityUK’s Enabling Growth across the UK 2018 report, the financial industry makes a significant contribution to both the regional and national economies. Calling the industry “a national asset,” the report noted that in 2016 two-thirds of the 2.3 million financial and related professional services jobs were based outside London.
TheCityUK said the 2.3 million figure represents around 7.4% of the working population, or approximately one in every 14 jobs – with the financial industry contributing £174 billion to the UK economy in 2016.
Major UK centres with more than 30,000 people in employment in the industry include Birmingham, Bristol, Edinburgh, Glasgow, Leeds, and Manchester. According to the report, Edinburgh and Manchester are the biggest financial centres outside London.
Overall, 22 towns and cities across the UK each have over 10,000 individuals employed in financial and related professional services.
When it comes to insurance, in particular, the report revealed that UK’s biggest insurance centre outside London is Scotland’s Glasgow.
“Manchester is the UK’s second biggest legal services centre after London with 12,000 jobs in the sector; Watford is the second biggest accounting cluster with 12,000 jobs in the sector; Edinburgh is a major international location for fund management with 4,500 jobs; and Glasgow is home to 8,500 insurance jobs,” it read.
Meanwhile TheCityUK has issued a number of policy recommendations – including ensuring access to and development of the right skills within local areas through regional alliances; continuous improvements to regional economic data; and government units working closely with regional promotional bodies to encourage inward investment.
“The ongoing strength of our financial centres across the country underlines what a national success story this industry is,” said TheCityUK chief executive Miles Celic. “Building on this success will need a supportive business environment and greater emphasis on local expertise and local decision making. A one-size-fits-all approach simply won’t be good enough.”
The UK insurance industry is a large and dynamic sector that provides a wide range of job opportunities to individuals with different skills and qualifications. Here are some of the best insurance jobs in the UK:
Actuary: An actuary is a professional who uses mathematical and statistical models to assess risk and uncertainty in insurance, finance, and other industries. Actuaries play a critical role in pricing insurance products, determining reserves, and managing risk.
Underwriter: An underwriter is responsible for assessing the risk of insuring a person, property or business, and determining the terms and conditions of the insurance policy. Underwriters use a variety of factors to evaluate risk, such as data analysis, market trends, and industry regulations.
Claims adjuster: A claims adjuster investigates insurance claims, assesses the damage or loss, and negotiates settlements with policyholders. Claims adjusters need to have strong analytical and communication skills, as well as the ability to manage multiple claims simultaneously.
Broker: A broker is an intermediary between insurance companies and clients, helping clients find the best insurance products for their needs and negotiating the terms of the policy. Brokers need to have excellent communication and sales skills, as well as knowledge of the insurance market and regulations.
Risk manager: A risk manager is responsible for identifying, assessing, and mitigating risks that may affect an organization's financial and operational performance. Risk managers work closely with other departments, such as finance, legal, and operations, to develop risk management strategies and policies.
Insurance agent: An insurance agent sells insurance products to individuals and businesses, helping clients choose the best coverage options for their needs and budget. Agents need to have excellent communication and sales skills, as well as knowledge of insurance products and regulations.
The UK insurance industry offers a wide range of job opportunities for professionals with different skills and qualifications. From actuaries and underwriters to claims adjusters and brokers, there are many rewarding and challenging roles in the insurance sector that offer competitive salaries and career growth prospects.
