Region named as top insurance destination

New independent analysis, commissioned by the Association of British Insurers (ABI), has shown the region to be second only to the capital for employment in the insurance industry, equating to some 24,000 jobs.

The Leeds city region alone has 18,000 people employed in insurance and long-term savings, and the number of people working in the sector grew by 19 per cent in and around Leeds and by 40 per cent in and around Sheffield between 2009 and 2015.

Data showed that insurance firms operating in the Leeds and Sheffield city regions contributed almost £2bn to the Yorkshire economy in 2015. Three quarters of insurance and long-term savings jobs are in towns and cities outside the capital.

Key examples in Yorkshire include Covea Insurance who recently completed a £14m office redevelopment in Halifax, Hiscox which has invested £19m to develop new office space in York with room for up to 500 employees and Leeds start-up Cocoon which has benefitted from over £2m of investment.

Huw Evans, director general of the ABI, said: “The insurance and long-term savings industry is benefiting Yorkshire to the tune of tens of thousands of jobs and millions of pounds of investment. It’s also clear that Yorkshire is of enormous value to firms, offering an excellent mix of location, infrastructure and talented workforce to help insurance businesses thrive.”