Insurance Overview
Insurance companies supply services to a wide variety of customers, from everyday consumers to large corporations.
But do they have guidelines or policies as to who they will and won't insure? Do green and ethical considerations feature in insurance companies' risk assessments?
Might they, for example, offer coverage to munitions factories or companies with significant operations in countries with oppressive regimes? Or might they insure others with poor labour or environmental records?
Green and ethical insurance products
Green and ethical insurance products
For home, motor, travel, life and health insurance, there is a small but growing number of green and ethical insurance products available. A selection is below:
- Co-operative Insurance
Insurance type: home, motor, life and health
This provider has a comprehensive ethical engagement policy in place that governs all its insurance decisions. The Co-op's 'ecoinsurance' scheme offers cash incentives as well as environmental pledges. It offsets the equivalent of 20 per cent of the CO2 from every vehicle insured and also offers premium discounts for greener cars. - Climate Sure
Insurance type: travel
Climate Sure calculates the CO2 produced by flying overseas and pays for it to be 'offset' by funding sustainable energy projects. - Green Insurance Company
Insurance type: motor
This provider aims to offset your car's carbon emissions and offers discounts on greener cars/lower mileage. - Naturesave
Insurance types: home, travel, personal accident and illness
This company puts 10% of its personal insurance premiums in a fund (Naturesave Trust) to benefit environmental and conservation projects. It also offers a free environmental performance review for commercial clients and aims to use suppliers that support sustainable business practices. - Ansvar Insurance Co Ltd
Insurance types: home, motor, travel
Insurance is sold to individuals and organisations with a not-for-profit remit.
Your next steps
What do you do now? Check out our guide Next Steps - Insurance for suggestions on how to give your insurance policies a green and ethical makeover as well as the questions you should be asking your current or prospective insurance provider.
Insurance Search
Insurance Provider
Aviva
Green/Ethical Products
- Socially responsible investment funds.
- General insurance: Bio ethanol and Hybrid vehicles - some of Aviva's insurance schemes in Canada, the UK, France and the Netherlands offer discounts to drivers of hybrid and biofuel cars.
- Life assurance: Aviva offers low premium products for rural areas as well as for people from economically underprivileged backgrounds in India.
- In 2009, Aviva France introduced a range of 'green' offers aimed at customers and employees. Including insurance for green products such as insurance against solar panel theft.
Ethical Lending or Insurance
No evidence of an ethical insurance policy found for Aviva.
The company has an ethical investment policy:
“We seek to invest in a responsible and sustainable manner to benefit our customers and society as a whole. Through responsible engagement and voting policies, we promote transparent, effective governance in companies in which we invest, with a focus on environmental, social and governance aspects.”
Link Here
The company states that they do not invest in companies involved in cluster munitions or anti-personnel mine manufacture. However, it does not mention this criteria in relation to whom Aviva will or will not insure. See here for more .
No evidence found to indicate that the bank (company) has a dedicated team or third party to advise it on any such ethical insurance policy.
Human Rights
No policy was found to indicate that Aviva avoids insuring companies that directly contribute to human rights violations.
The company states that they do not invest in companies involved in cluster munitions or anti-personnel mine manufacture. However, it does not mention this criteria in relation to whom Aviva will or will not insure. See here for more .
No evidence found that the company has any systems in place to monitor the applicability of such a policy.
Financial Exclusion
No evidence of any accounts, products, or services aimed specifically at the financially excluded.
No evidence that the company provides direct financial support to or engages in partnerships with Credit Unions and CDFIs (Community Development Finance Institutions).
The company provides internet accessibility for disabled customers (information in braille, large print and audio-tape).
Offers microfinance products in India:
“Our affordable microfinance and insurance products for low-income earners have reached around 3 million rural customers in India to date, in many cases offering financial protection for as little as US$2 a year.”
Link Here
Aviva Spain's Orbayu Foundation (a micro credit product) has generated more than 100 micro-credits granted in Latin America. The project is expanding to providing funding activities in Africa.
Link Here
Life assurance: Aviva offers low premium products for rural areas as well as for people from economically underprivileged backgrounds in India.
Environment
Aviva's environmental policy covers the key areas of climate change, energy efficiency, water use and waste management.
Additionally, it demonstrates a commitment to continued improvement of its environmental performance.
Carbon Neutral
Aviva became carbon neutral across worldwide operations in 2007.
Equal Opportunities
Aviva’s diversity policy takes into consideration the key equality issues of race, gender, sexuality, and disability.
Women on the Board
Aviva Plc.
1/9 women hold top level board positions (11%).
Voluntary Standards & Initiatives
Aviva is a member of or signatory to the following relevant charter or initiatives:
- UN Global Compact (Aviva plc).
- ClimateWise principles (Aviva).
- UN Environment Programme Finance Initiative (Aviva plc).
- CDP Investor signatory, CDP water Disclosure project signatory, CDP Carbon Action signatory (Aviva plc);
- Principles for Responsible Investment Initiative (Aviva Investors).
- UK Stewardship Code (Aviva Investors and Aviva UK),
- Business in the Community (Aviva plc),
- Oxfam 365 Alliance (Aviva plc),
- The London Benchmarking Group (LBG) (a group of over 100 companies working together to measure Corporate Community Investment) (Aviva).
- Kyoto Statement of the Geneva Association (Aviva plc);
- Caring for Climate initiative (Aviva plc);
- Employers' Forum on Disability Members (Aviva plc);
- Extractive Industries Transparency Initiative (Aviva Investors UK).
Charitable Giving
Aviva focuses efforts on community development programmes to support education and financial literacy and alleviate life trauma (ie preventing, or helping, people going through a distressing life event).
Globally, they contributed over £11 million in cash, gifts in kind,
project and volunteering costs to community development
in 2012,
(Annual Report 2012).
Aviva
- Investments
- Savings
- Insurance (Home, Motor, Breakdown, Travel, Health, Life, Pet, Personal Accident).
- Private Pension Fund
