General insurance, life assurance and pensions
The general insurance, life assurance and pensions sector in Scotland has a strong reputation and enviable history of success. The sector dates back to the early 1700s when the increase in international trade led to a requirement for marine insurance for many Scottish export and import companies. Today, with over 1% of the Scottish working population employed in the insurance industry, the significance of Scotland as a centre for insurance and the importance of the sector to the Scottish economy is clear.
Key facts and figures
Scotland is the UK headquarters location of four major insurance companies (Standard Life, Scottish Widows, AEGON UK and Bright Grey – a division of Royal London). It is also the operating base for several other major insurance institutions, such as Norwich Union, and Prudential.
Fund management is of great importance to the insurance sector. Scottish Financial Enterprise’s insurance member companies manage around £726 billion between them internationally (inclusive of funds managed by investment management subsidiaries).
The sector has a diverse business profile including (but not limited to) the provision of:
- General Insurance
- Life Assurance
- Pensions and long term savings products
- Annuities
- Health insurance
- Investment products (such as open ended investment companies – OEICs, and unit trusts)
- Additional protection products
- Mutual finds
Did you know?
Although marine insurance played a pioneering role in the development of Scotland’s insurance industry, the great fire of London in 1666 was the main trigger for its early growth.
The “Scottish Widow” was created in 1986 as a radical marketing decision to create a “living logo”.
Standard Life was a listed company until 1925 when it become a mutual. In July 2006, after over 80 years as a mutual company, Standard Life floated on the London Stock Exchange as a publicly listed company after members had approved a demutualisation.
