Date lodged: 21 September 2017
To ask the Scottish Government how it supports the commercial insurance industry.
Answered by: Paul Wheelhouse 5 October 2017
While powers in respect of regulation of the industry and fiscal policy of insurance providers are reserved to the Westminster Parliament and UK Ministers, the Scottish Government is working to build a sustainable future for the financial services sector in Scotland, including the commercial insurance industry.
The sector, taking general insurance, life and pensions together, employs in the region of 22,500 employees across Scotland and our development agencies Scottish Enterprise and Scottish Development International are engaging with the insurance sector and key professional bodies to support development of the sector across Scotland, building on our established reputation in the industry. We are working with existing investors and potential new investors to identify investment opportunities and scope for public sector support and to take account of industry concerns regarding the impact of Brexit on their ability to service customers across Europe. The insurance sector, and its needs, are also represented on the Financial Services Advisory Board (FiSAB) which is co-chaired by the First Minister and Jim Pettigrew, chair of Scottish Financial Enterprise