Placements offered by insurance companies have increased by 1,150% over the last three years

Insurance and banking firms are the most likely to offer paid internships to students in London, according to new figures from the City of London Corporation.

The number of placements offered by the insurance sector through the City Business Traineeship (CBT) scheme has increased by 1,150% over the last three years.

In comparison, paid placements through the programme within the banking sector have increased by 74% since 2008.

Insurers are also the most represented sector regarding the number of businesses taking part in the scheme, with eight insurance companies offering placements. Banking is the second most represented sector with seven banks signed-up.

QBE general counsel Esther Felton, whose company takes part in the scheme, said: “The insurance industry is certainly alive to the benefits that a diversified workforce brings. After speaking recently at Lloyd’s Community Programme about QBE’s involvement in the CBT internship programme, I was contacted by fellow insurers in the Square Mile who were keen to get involved in similar schemes within their businesses.

“Momentum is really gathering pace - with an awareness that talent comes from many different backgrounds. It’s an ever-changing world and insurance has to respond to the challenges this brings for individuals and companies across the globe.”

City of London Corporation policy chairman Mark Boleat said: “More businesses need to wake up to the skills that students on their doorstep can bring, and that by supporting them financially as they go the net can be significantly widened. The City has a responsibility to look beyond its gates to source potential employees and the City of London Corporation strongly believes that levelling the playing field will benefit both businesses and the trainees themselves.”