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
M&S Money
Green/Ethical Products
- M&S Ethical Fund
Ethical Lending or Insurance
M&S Money is a wholly-owned subsidiary of HSBC Bank. M&S Money operates retail banking only so ethical lending policies are not relevant in this instance.
Responsible Lending
1. Credit Lending
M&S Money offers unsecured credit (personal loans, credit cards) only.
In assessing applications for unsecured credit, the bank says that credit scoring ‘may’ be applied. This uses information supplied by the applicant as well as that obtained from credit reference agencies.
No information was found as to whether the bank has a policy to avoid or prevent offering unrequested increases in credit limits to customers.
2. Debt Warning
The bank issues pre-contractual warnings to customers stating that if they default on payments their credit rating may be affected.
It also refer customers to the FSA’s Debt Test which is designed to help customers find out whether they have, or are likely to have, problems with borrowing. It also has tips on what to do if customers find themselves in difficulty.
3. Debt Management and Advice
The bank offers only generic advice to customers in financial difficulty and refers them to external debt advice agencies such as the Consumer Credit Counselling Service (CCCS), PayPlan, the National Debtline and the Citizens Advice Bureau.
The bank states that customers are invited to call should they find themselves in financial difficulty and it states that it deals with such customers on a case-by-case basis. No details of possible repayment restructuring or payment holidays for customers in financial difficulty were found. However, M&S Money offers a three month initial deferral period on personal loan repayment.
Financial Exclusion
M&S Money does not offer any products or services to the financially excluded nor does it or its parent company engage in partnerships with credit unions or other mutual organisations.
As it is a retail banking business only it does not offer microfinance or preferential lending to communities.
M&S Money makes some provisions for disabled customers by providing information on products in Braille, large print or audio cassette formats.
Environment
M&S Money is part of Marks & Spencer Financial Services, a wholly owned subsidiary of HSBC Bank plc.
HSBC’s environment policy covers the key areas of climate change/energy efficiency and waste management. The policy also contains a commitment to continued improvement in performance.
Carbon Neutral
The parent company’s business operations have been carbon neutral since 2005.
Equal Opportunities
The bank addresses the key issues of gender, race, disability and sexuality in its equal opportunities policy.
Women on the Board
The parent company, HSBC, reported 10.5% women on its board in 2007.
Voluntary Standards & Initiatives
Parent company, HSBC is a signatory/member of a number of charters and initiatives including:
Charitable Giving
HSBC donated 0.48% of its pre-tax profits to charity in 2007.
M&S Money
- Current Accounts
- Savings
- Investments
- Credit Cards
- Loans
- Mortgages
- Insurance (Home, Motor, Travel, Life, Pet, Wedding)
M&S Money
M&S Money
Customer Services Department
Kings Meadow
Chester
CH99 9FB
