Insurance net exports reach record level
Figures from TheCityUK’s annual report, UK Financial Sector Net Exports, have shown that insurance net exports reached a record £8.3bn in 2009.
The insurance sector contributed £7.6bn in 2008 and £5.2bn in 2007.
The report added that insurance had bucked the general trend with total financial sector net exports falling by 17% from £50.6bn to £41.8bn. Banks remained the largest contributor at £25bn.
Duncan McKenzie, senior manager economic research at TheCityUK, commented: "Despite the impact of the global slowdown in 2009, the continuing importance of the financial sector is indicated by its £42bn net export contribution offsetting half
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