Question reference: S3O-05305
- Asked by: Roseanna Cunningham, MSP for Perth, Scottish National Party
- Date lodged: 18 December 2008
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Current status: Answered by John Swinney on 18 December 2008
Question
To ask the Scottish Executive what assessment it has made of the importance of the insurance sector to the Scottish economy.
Answer
In its annual reporting process, the Financial Services Advisory Board (FISAB) publishes details of the financial services industry in Scotland, including both the life and pensions and general insurance sectors.
In its 2008 Annual Report, FiSAB reported that Scotland''s financial services industry as a whole contributes around £7 billion to the Scottish Gross Domestic Product and 86,000 jobs in total. Employment in the Life and Pensions sector in 2006 accounted for 16% of financial services employment in Scotland with general insurance employing 7%.