Suffolk is home to one of the largest financial services and insurance sector outside London with hundreds of insurance companies, accountancy firms and building societies, providing financial advisory services.
There are niche markets around marine insurance linked to the county’s ports, farm and crop insurance and thatched property insurance in rural areas, plus a host of small financial service businesses.
Suffolk has an seen a significant increase in the number of finance and insurance businesses taking advantage of relatively cheap property costs and wages, easy access to London, good availability of related training and education plus an experienced workforce. LV decided to expand their workforce in Ipswich explicitly because of the skills available locally, while Willis has recently moved several operations out of London to Ipswich because of the savings in operating costs.
Small and medium-sized firms continue to expand, capitalising on the large pool of insurance talent in Ipswich and there has been a growth in new micro businesses in financial and related services - often being set up by experienced employees made redundant from larger firms.
Suffolk has an extensive pool of experienced people to draw upon in insurance and finance. The county continues to develop the future workforce by offering work experience and opportunities for 16-24 year olds including apprenticeships, internships, work pairings, college and workplace training places.
Companies in this sector operating across Suffolk are:
Willis, Kaplan Financial, Larking Gowen, LV Group, Ipswich Building Society, Baker Tilly and Scrutton Bland