Seminar Highlights Importance of Insurance Sector to Glasgow's Economy

The importance of the insurance industry to the city of Glasgow was underlined at a seminar held today (Tuesday 16th February 2010).

Attended by over 100 representatives from the city’s insurance sector, the event was organised by the Insurance and Actuarial Society of Glasgow (IASG), with support from Glasgow’s International Financial Services District (IFSD).

Statistics unveiled at the seminar confirm that more than five thousand people work in insurance in and around Glasgow, making it a key component of the city’s economy. The organisers are keen to use this strong foundation to retain and enhance the presence of the insurance industry in Glasgow.

In recent years, the IASG has worked closely with Scottish Enterprise and Glasgow City Council on a range of initiatives including last year’s opening of the Study and Reference Centre at the Mitchell Library, the first such facility in the UK outside London, to support insurance and financial services workers in studying for professional qualifications.

Barry Smith, President, and Sandy Scott, CEO of the London based Chartered Insurance Institute spoke at the seminar.

Mr Smith, also chief executive of Fortis UK, said: “It is tremendously encouraging that the role of the insurance industry in boosting the city's economy has been recognised and I am impressed with how Scottish Enterprise and Glasgow City Council have been working together with the IASG on a number of important initiatives over the past few years. We very much look forward to developing these relationships over the years ahead for the benefit of the industry and the city.”

Speaking on behalf of the public sector partners behind Glasgow’s IFSD, Jim Watson, director of financial services, Scottish Enterprise said, “We recognise the significant contribution of the general insurance sector to the health and well being of both the Glasgow and Scottish economies and we are committed to working in partnership with the sector to help it maintain and grow its presence here.”

Mr Watson confirmed that Scottish Enterprise has agreed to conduct a major research study on the insurance sector in Scotland, to help identify new and additional ways the public sector agencies can support the sector to prosper in the future. Other initiatives where Scottish Enterprise and Glasgow City Council have supported the IASG include work in secondary schools to promote career opportunities in insurance.

Contact: Elizabeth Steel
Phone: 0141 553 1115
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