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
Co-operative Insurance
Green/Ethical Products
Since 2011, The Co-operative Bank's Ethical Policy has been extended to cover the investments underpinning the Co-operative Insurance's home and motor insurance products.
Specific green or ethical products include:
- Motor Insurance initiative for young drivers (links premiums to safer driving for young people).
- Carbon offset insurance.
- Ecoinsurance - For every ecoinsurance policy for cars sold by The Co-operative Insurance, half a tonne of carbon dioxide is offset by investing in projects like rainforest reforestation, energy efficiency and renewable energy resources. The ecoinsurance also has a responsible repair network - repairers prioritise the recycling or reusing of materials where possible.
Ethical Lending or Insurance
The Co-operative Insurance provides home and motor insurance (also called general insurance) cover to over 1.4 million customers. In 2011, we extended the Bank’s Ethical Policy to cover the fixed income bonds underpinning home and car premiums. As a result it does not purchase bonds issued by organisations that do not meet the criteria of the Policy.
Sustainability Report 2012
The Policy has exclusion criteria in the areas of human rights; the arms trade; corporate responsibility and global trade; genetic modification; social enterprise; ecological impact, and animal welfare.
The Co-operative Insurance has also outlined an ethical engagement policy to evaluate the performance of the companies in which it invests against certain criteria:
- Human Rights
- The Arms Trade
- Corporate Responsibility and Global Trade
- Genetic Modification
- Social Enterprise
- Ecological Impact
- Animal Welfare
By using its position as an investor, the business engages with companies and challenges them to improve their performance in relation to issues of concern to its customers. Its Ethical Engagement Policy does not mean that it refuses to invest in certain business activities. Rather it means that it invests in most companies, but will seek to use its influence as a shareholder to try and improve the ethical performance of these businesses. It reports that it actively votes at AGMs and meets with the companies in which it invests. Read more here.
During 2012, the Ethical Policy Unit reviewed seven fixed income investment opportunities, of which two were declined.
Its Responsible Shareholding team implements its Ethical Engagement Policy across all the companies in which it invests. It states that company performance on ethical, environmental, social and governance grounds is analysed to identify where good or bad management of an issue may impact upon share price, and to identify where a company's practices conflict with its customers' ethical concerns.
An annual audit of the implementation of the policy is commissioned from an external, independent organisation.
Human Rights
Since 2011, The Co-operative Bank's Ethical policy has been extended to cover the investments underpinning its home and motor insurance products. As a result it does not purchase bonds issued by organisations that do not meet the criteria of the Policy. This includes criteria on human rights grounds.
They will not finance any of the following:
- any government or business which fails to uphold basic human rights within its sphere of influence;
- any business whose links to an oppressive regime are a continuing cause for concern;
- any organisation that advocates discrimination and incitement to hatred;
- the manufacture or transfer of armaments to oppressive regimes;
- the manufacture or transfer of indiscriminate weapons, eg cluster bombs and depleted uranium munitions;
- the manufacture or transfer of torture equipment or other equipment that is used in the violation of human rights.
During 2012, the Ethical Policy Unit reviewed seven fixed income investment opportunities, of which two were declined.
Financial Exclusion
The Co-operative Banking Group offers a range of products and services for the financially excluded.
- In 2012, 38% of the bank's branches were located in deprived areas.
- The bank also reports that finance to small businesses in deprived areas as a proportion of equivalent bank activity remains significantly above the industry average in 2012.
- The bank provides basic bank accounts to prisoners ready for use on release. 13,380 bank accounts for prisoners opened since 2009.
- The Co-operative Bank offers a basic bank account, Cashminder, aimed at those who may not be eligible for a standard current account.
No evidence that the company provides direct financial support to or engages in partnerships with Credit Unions and CDFIs (Community Development Finance Institutions).
Has the following installed in its branches:
- Hearing induction loops in our branches to assist the hearing impaired.
- A textphone, which can be accessed by making a call through TextDirect, dialling prefix 18001 before the telephone number you want.
- Correspondence, statements, PIN advice, policy document, forms and brochures available in large print, braille and audio formats.
- Chip and signature cards for customers who are unable to use a keypad or have difficulty remembering numbers.
- Card readers with a larger keypad and audio format for use with internet banking.
- Facsimile signature stamps for customers who have difficultly reproducing a consistent signature.
- Templates to help customers complete cheques and paying in slips.
The business is also involved with microinsurance. It reports that a national co-operative and mutual insurance provider for funerals is being established with the South African trades union movement.
(No evidence found only according to last year).
No evidence found that the company invests in or lends at lower rates to financially excluded communities.
Environment
Co-operative banking Group’s environmental policy covers the key areas of climate change/energy efficiency, water use and waste management.
The environmental policy also contains a commitment to continued improvement in environmental performance.
Carbon Neutral
In 2012 The Co-operative Banking Group maintained its policy of going ‘beyond carbon neutral’ for the sixth consecutive year by offsetting its emissions plus an extra 10% of emissions to cover legacy issues (8% of total carbon offset).
Equal Opportunities
The bank's equal opportunities policy addresses the key issues of race, gender, disability and sexuality.
Women on the Board
The Co-operative Banking Group:
2/12 women hold top level board positions (17%).
Voluntary Standards & Initiatives
Co-operative Insurance is a member of the following relevant initiatives:
- Climatewise
The Co-operative Banking Group is also a member of / signatory to the following relevant initiatives:
- Carbon Disclosure Project Water Disclosure (Co-operative Financial Services)
- Opportunity Now and Race for Opportunity (The Co-operative Group)
- UKSIF (Co-operative Banking Group)
- The London Benchmarking Group (Co-operative Banking Group)
- Employer's Forum on Equality and Inclusion (Co-operative Group)
- Employers' Forum on Disability (Co-operative Group)
- Extractive Industries Transparency Initiative (Co-operative Insurance UK)
Co-operative Asset Management is also a signatory to the Principles for Responsible Investment and UK Stewardship Code.
Charitable Giving
The Co-operative Foundation is an independent charitable trust set up in 2000. The Foundation's current grant-making programme, Truth about Youth, aims to challenge and change negative perceptions about young people, by working with seven charities in cities around the UK. Has committed a total of £5 million since 2009.
Community Initiatives including Skills4Schools, Reading partners, StreetGames Young Volunteers, Offenders’ art exhibitions (invested £82,000), Supporting the homeless (donated £89,000).
Co-operative Insurance
Insurance
- Home
- Motor
- Life
- Health
- Pet
- Business
Co-operative Insurance
Co-operative Insurance Society Limited.
Registered office:
Miller Street,
Manchester
M60 0AL.
