From its origins in the coffee shops of the City of London, the UK’s insurance and long-term savings industry is now relied on by tens of millions of British households and businesses to protect their families and build for the future. The fourth largest in the world and the biggest in Europe, our industry is supporting the Government’s ambition of a good deal and a smooth transition as we exit the European Union to ensure we can build on our historic strength as a sector.
London is known as the insurance capital of the world but over 230,000 people are employed in towns and cities beyond the capital in skilled insurance jobs with some of Britain’s best employers. In Glasgow, Birmingham, Leeds, Manchester and Bristol, our industry employs over 10,000 local people in each city and contributes hundreds of millions of pounds to local economies.
Insurers are also behind projects big and small across the country. From Aviva’s financing of the upgrade of East Anglia’s railways to AXA’s Strategic Ventures supporting dynamic startups and investing in cutting-edge research; insurers are proving diversification is the key to success in an ever-changing world.
It is not only on our own shores that Britain is thriving. Insurance is an exporting success story. It is the UK’s third largest net exporter – selling £13 billion worth of insurance and pensions to the rest of the world. British insurers export almost double the services than those in the US. The industry also supports small and mediumsized enterprises (SMEs) looking to export overseas by mitigating part of their risk.
British Insurers have forged strong bonds with every corner of the world, with particularly strong ties in some of Britain’s key markets like the US, China, Japan, Singapore and India. But closer to home, leaving the European Union without a deal cannot be an option. We are committed to working with Westminster and Whitehall to ensure the right legal and regulatory frameworks are in place enabling consumers across the UK to benefit from a continually thriving industry.