Insurance is a catalyst for investment, not just a safety net

Scotland is already a financial powerhouse. Edinburgh hosts giants of long-term savings – Scottish Widows, Standard Life, Royal London, M&G – while Glasgow is the UK’s general insurance capital outside London, home to AXA, Aviva, Chubb, Intact, Zurich and more.

So when people ask, “Why Scotland?” the answer is simple: We’re here. We’re invested. We’re ready to go further.

In 2024 alone, ABI annuity providers invested almost £11 billion across the UK. That includes £83 million into Peel Ports, supporting Greenock, and £50 million to Stagecoach Group in Perth, backing its net zero transition. These are real investments, rooted in Scotland’s economy.

​Insurers supported construction clients working on the Queensferry Crossing (Picture: Andy Buchanan/AFP via Getty Images)

Scotland’s strengths are clear: world-leading green energy, cutting-edge life sciences, a thriving fintech ecosystem. But unlocking the next wave of investment means tackling persistent barriers – planning delays, infrastructure gaps, and a lack of visibility on investable projects.

The UK’s governments are making progress, but there’s one lever still underused: insurance.

When it comes to investment, politicians and policymakers often focus on banking and pension capital. That’s important – and life insurers are already at the table, deploying long-term capital into infrastructure. But it overlooks the role of general insurers, who don’t just provide capital – they de-risk it.

From construction delays to climate shocks, insurance makes projects more investable, reduces reliance on public guarantees, and lowers the cost of capital. Yet too often, the fallback is assumed to be the government balance sheet.

Hannah Gurga, Director General, The ABI

It’s time for a mindset shift. Insurance isn’t just a safety net – it’s a strategic enabler. The Queensferry crossing over the River Forth is a 21st century engineering masterpiece admired across the world – but it couldn’t have been built without insurers supporting their constructor clients to de-risk the project.

Where governments work proactively with the insurance sector, engaging early to understand and allocate risk, we can crowd in more private capital and deliver better value for the taxpayer.

Scotland has the ambition and the assets. Let’s unlock them fully – by recognising insurance not just as a safety net, but as a strategic partner in building the future.

Hannah Gurga, Director General, The ABI