The Association of British Insurers (ABI) has revealed that workers in the insurance and long-term savings industry contribute between £135,000 and £150,000 annually to the economy – that makes them around twice as productive as workers in the construction and manufacturing sectors.
The study, commissioned by the ABI, also found that of the 309,000 workers in the sector, 86% work full-time while the nation’s average is only 67%. Economists Volterra worked with the trade body to understand the insurance industry’s economic contribution to the UK.
According to Volterra’s independent analysis, the industry contributes over £40 billion a year to the economy, with Britain exporting more in insurance and long-term savings than any other country in 2014. The export amount was even almost double that of the United States, which was in position number two.
ABI noted that more than £3.5 billion of UK insurance exports go to the European Union; £4 billion to the US; and £5.2 billion to the rest of the world.
“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,” commented ABI director general Huw Evans.
He said the sector provides hundreds of thousands of quality careers, three quarters of which are outside of London. For Evans, ensuring the sector’s continuing success is something that should be top of mind of Britain’s representatives 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,” he said.
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