Scottish Life Assurance

A Look at the Scottish Life Assurance Industry

The Scottish life assurance industry has become one of the major contributors to Scotland’s economy in recent years. Already there are a lot of established Scottish life insurance companies and their numbers continue to grow. Among the most popular is Standard Life which is an Edinburgh-based insurance company that boasts more than 6.5 million customers worldwide. In fact, the life assurance industry has become so relevant in Scotland that over 1% of the employment population in the country works in the insurance industry.

Pensions, Life Assurance & General Insurance

The earliest form of insurance in Scotland dates back to as early as the 1700s. Since then it has developed its reputation into a top-notch and highly dependable service that continues to flourish today. Scotland has become popular in the world because of its relevance in the insurance industry as its dynamic environment allows different kinds of insurance activities to thrive. Direct investments from around the world continue to make their way into Scotland and the companies that invest in this country enjoy continued success.

Scottish life assurance companies have become well known because of their expertise in various fields including but not limited to pensions, life assurance, and general insurance. Testament to this fact is the multitude of renowned UK insurance companies that have their headquarters in Scotland such as Bright Grey, AEGON UK, Scottish Widows, and Standard Life.

A Powerful Industry

More than 30% of the country’s financial sector jobs can be accounted for by these insurance companies. Moreover the pensions, life assurance, and general insurance sector in Scotland accounts for 19% of all employment in this particular sector throughout the whole of UK. Some of the top life insurance companies in the UK also have substantial operations in this country, including Resolution, Prudential, and Norwich Union.

The Scottish Workforce

Even the education system in Scotland is highly influenced by the life insurance industry. Universities in Scotland produce thousands of first-rate graduates on a yearly basis. A majority of these graduates go on to work in the insurance industry to facilitate in the progress of the cycle. Scotland is proud to have one of the world’s best-trained, most cost-competitive, and most reliable workforces. The fact that labour regulations in Scotland are one of the most flexible in the UK is testament to the nation’s reliable working class.

Insurance companies that have intentions to establish or relocate operations in Scotland will surely enjoy savings in taxes, properties, and salaries costs without the need to compromise quality. GP