Research gives savings sector top marks
The insurance and long term savings sector is one of the UK’s most productive industries, adding more than £40bn a year to the economy.
It is also the world’s leading exporter of insurance and long term savings, selling £13bn more to the rest of the world than we buy from them.
New independent analysis by economists Volterra, commissioned by the Association of British Insurers (ABI), shows that individual workers in the industry are around twice as productive as workers in sectors such as construction and manufacturing, each contributing between £135,000 and £150,000 to the economy each year.
It also found the industry provides high quality jobs across the country. Of the 309,000 workers in the sector, 86% work full-time – significantly higher than the UK average of 67%. Three quarters are employed outside London.
Meanwhile, in 2014, Britain exported more in insurance and long term savings than any other country; almost double that of our nearest rival the US.
Further, in terms of exports, the research also found that the UK insurance industry exports £4bn to the USA and £5.2bn to the rest of the world – compared to just £3.5bn to the EU.
Huw Evans, ABI Director General, said, ‘The insurance and long-term savings industry is a jewel in the UK’s crown – leading the world in exporting insurance and pension services and helping Britain thrive. The sector provides hundreds of thousands of quality careers, three quarters of which are outside of London. Ensuring the continuing success of such a productive sector is something the UK representatives should have at the front of their minds during negotiations with the EU. The right Brexit deal for insurers benefits the UK economy, thousands of UK employees and all the other businesses the sector supports on a daily basis.’
