David Willetts, the Minister of State for Universities and Science, has praised the insurance industry as an engine for economic growth and for providing over a quarter of all UK financial services jobs.
The Minister, speaking at the City offices of global reinsurance broker Willis Re, praised the London insurance market as a global leader that made a significant contribution to the British economy. Last year the UK insurance industry contributed £10 billion in taxes and derived 30% of its premium income from overseas – making it one of the most important export industries.
The UK insurance sector provides 300,000 financial services jobs and London is the world’s leading insurance market, attracting a large corporate presence from major insurance companies from around the world.
The insurance industry offers a wide range of financial services jobs with challenging roles. Actuaries and underwriters assess premiums based on the calculation of risk. Due to the international nature of the London market, some insurance covers potentially enormous losses – far too big for one company to consider by itself. As a result, London is the world’s reinsurance hub where the risk is shared around a number of different companies. On the claims side of the insurance business are other financial services jobs including claims examiners and loss adjusters who assess a company’s liability in the event of a claim.
Insurance offers a rich and varied career in financial services in a challenging and competitive environment with a significant international element.