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
Bank of Scotland
Green/Ethical Products
- Cash Account,
- It offers banking initiatives for the not for profit sector, e.g. Bank of Scotland Interest First Account, a charity account which offers an advance payment of up to 12 months’ interest, at a guaranteed fixed rate.
Ethical Lending or Insurance
Since 2011 Bank of Scotland’s parent company Lloyds Banking Group has used its Environmental Risk Screening Tool (ERST) to assess its environmental risk in its transactions. Transactions are dealt with on a case-by-case basis, with over 13,700 transactions assessed since the introduction of ERST.
Lloyds Banking Group is also a signatory to the Equator Principles, in order to support its approach to assessing and managing environmental and social issues in project finance transactions.
However, it does not disclose the lending exclusion criteria.
The Group’s specialised Environmental Risk team apply detailed focus to the transactions ERST identifies with potentially heightened environmental risks. They are also supported by the Group’s Panel of environmental consultants.
Lloyds Banking Group is also a signatory to the Equator Principles, in order to support its approach to assessing and managing environmental and social issues in project finance transactions. The Group report publically on the transactions, their categorisation and outcomes that fell in to the scope of this framework. In 2012, no transactions were declined or approved with exceptions as a result of this process
Human Rights
Bank of Scotland’s parent company Lloyds Banking Group has a human rights policy which applies across all its business practices worldwide. (See Here). This according to their 2012 Code of Business Responsibility applies to their investment, lending and service operations.
Applies the Equator Principles to applicable projects which includes an assessment in respect of Human Rights.
Financial Exclusion
Offers:
- Cash Account.
- Community Finance.
- Basic Bank Accounts
The Bank of Scotland supports around 40 remote communities in Scotland by providing seven Bank of Scotland mobile branches. The bank's staff also makes home visits to disabled customers who cannot gain entry to the mobile branches.
Bank of Scotland provides the following in its branches:
- Ramps, clearer signage and the installation of power-assisted doors.
- Where branches have split-level banking halls, they provide internal ramps or wheelchair lifts.
- Low-level counters and counter queue rails.
- Leaflets in large print, Braille or on audio tape. These can be ordered in branches to be sent direct to the customer.
- Cheque book templates to simplify the writing of cheques.
- Bank note guide to help identify the value of bank notes.
- A raised dot on number 5 of the keypad to help identify surrounding keys.
- You can contact them via Typetalk or by using BT Textdirect.
- Induction Loops.
- Interpreting Service.
- SignVideo Interpreting System.
- Telephone/Online Banking.
Parent Company Lloyds Banking Group has:
- Aims to create a ‘Dementia Friendly Financial Services Charter’
- Made a commitment to not close a single branch if it is the last in the town.
Lloyds Banking Group's Wholesale Division has raised funds to build a new branch of Opportunity International Savings and Loans Ltd, a provider of microfinance services, in Mankessim, Ghana. The Group’s Wholesale Division has also had a long-term partnership with the charity Opportunity International over three years. As well as financial support, representatives from the Group have also provided their skills and expertise.
Financial Inclusion Report (2010)
No evidence found that the company invests in or lends at lower rates to financially excluded communities.
Environment
Lloyds TSB’s parent company Lloyds Banking Group’s environmental policies cover the areas of: climate change, energy efficiency, waste management and water usage.
Lloyds Banking Group is committed to continued improvement through its targets for 2013.
Carbon Neutral
No commitment to become fully carbon neutral was found.
Equal Opportunities
Bank of Scotland’s parent company Lloyds Banking Group has a diversity policy which takes into consideration the key equality issues of race, gender, sexuality and disability 2012 Responsible Business Report.
Women on the Board
Parent Company:
3/10 women hold top level board positions (30%).
Voluntary Standards & Initiatives
Bank of Scotland is not a member / signatory by itself of any relevant initiatives, but its parent company Lloyds Banking Group is a member of or signatory to the following relevant charter or initiatives:
- Carbon Disclosure Project
- Equator Principles
- The Prince of Wales's Corporate Leaders Group on Climate Change
- Natural Capital Leaders Platform
- The London Benchmarking Group (LBG) (a group of over 100 companies working together to measure Corporate Community Investment)
- The Banking Environment Initiative of the University of Cambridge (convened in 2010 to identify ways in which banks can collectively redirect capital away from environmentally damaging activities towards environmentally beneficial ones)
- UKSIF
- Business in the Community (a business-led charity focused on promoting responsible business practice) and its initiative Race for Opportunity, and Scottish Business in the Community
- Climatewise
- Employers Forum on Age and Employers Forum on Disability.
- Dementia Friendly Financial Services Charter.
- Go ON UK.
Charitable Giving
- Invested £85 million last year in grassroots charities, financial inclusion and capability and sports for young people.
- Much of Lloyds Banking Group’s community investment initiatives are through the Lloyds TSB Foundations and Bank of Scotland Foundation – five independent charitable Foundations supported solely by the Group.
- The Charity of the Year programme is the Group's key fundraising initiative. Lloyds Banking Group’s Charity of the Year for 2012 was Save the Children. The project raised £3.6 million to help over 12,000 children in local communities through Schools Together (FAST) projects in some of the UK’s most disadvantaged communities.
- Lloyds Banking Group has a range of community programmes supported through direct investment and encouragement of colleagues to support communities with their skills and knowledge.
- Time contributions were made by 32,000 employees in 2012 which can include supporting their existing programmes such as Money for Life and Business Connectors, or some other community project.
- In kind contributions including using company premises, their in house training or recruitment resources for community benefit.
Bank of Scotland
- Current Accounts
- Savings
- Investments
- Credit Cards
- Loans
- Mortgages
- Insurance (Car, Life, Critical Illness, Home, Income Protection).
- Student Current Account
Bank of Scotland
Bank of Scotland Plc.
PO Box 23581,
Edinburgh,
EH1 1WH.
