Financial Services play a vital role within the economic structure of the Perth city region, accounting for more than 8,000 jobs – around 13% of the working age population.
Insurance is a particular strength. It accounts for 25% of the jobs in this sector within the area, with several big insurers present in the city, particularly Aviva – the UK’s largest insurer serving more than 31 million customers across 16 countries.
Aviva has been ever-present in Perth since the formation of General Accident in 1885. Today, it sees Perth as a centre of excellence in its UK operations and the firm purchased the site of its Pitheavlis campus in 2013.
The cluster of expertise in the insurance field, including a large brokerage and professional services sector, provides opportunities for growth in this sector.
The central location of Perth with its excellent transport links, cheaper land and property prices, existing cluster of expertise and quality support infrastructure from the Council to Perth College, the largest campus within the University of Highlands and Island means that the city offers a highly attractive option for businesses in this sector looking to start up in a place that shares their ambition for growth.
The sector’s local economic output is estimated at more than £135m annually, (representing 7.1% of the area’s total economic output).