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
Nationwide Building Society
Green/Ethical Products
- Basic Account (Cash Card Account)
- Low-cost savings account
- Green Additional Borrowing
- Affordable housing finance
Ethical Lending or Insurance
No evidence of an ethical lending policy found for Nationwide Building Society.
However, as a building society the majority of its lending is to individuals in the form of mortgages. Its commercial lending is concentrated in the following three sectors:
- UK registered social landlords (Housing Associations)
- Commercial and residential property investors
- Private Finance Initiatives (PFI) funding schools, hospitals and social housing projects
Human Rights
No policy was found to indicate that Nationwide avoids lending to or insuring companies that directly contribute to human rights violations.
However, Nationwide states that its policies and practices are aligned with the United Nations Universal Declaration of Human Rights and the United Kingdom’s Human Rights Act. It does have a policy statement on human rights for its employees and a code of practice for its suppliers, which includes human rights standards relating to forced or involuntary labour, child labour, working hours, wages and benefits, freedom of association, harassment and bullying.
Financial Exclusion
Nationwide offers the following products aimed at financially excluded customers:
- Basic Account (Cash Card Account)
- Affordable housing finance: Nationwide supports over 350 housing associations in England, Wales, Scotland and Northern Ireland and has financed the provision or improvement of over 330,000 homes for individuals and families in need of affordable housing.
- Nationwide offers a specialist team to offer one-to-one dedicated support to customers who find it hard to deal with matters on their own
No evidence that the company provides direct financial support to or engages in partnerships with Credit Unions and CDFIs (Community Development Finance Institutions.)
Most branch facilities include:
- employees trained in disability equality
- level access or wheelchair ramps or assistance buttons at entrance
- power assisted entrance doors
- hearing aid induction loops
- Sign language interpreters, lipspeakers, speech-to-text reporters, deafblind interpreters and notetakers by appointment.
According to its website, all of Nationwide’s marketing literature is in audio, large print or Braille on request within 10 working days. The bank makes available banknote gauges and credit card and cheque templates as well as magnifiers and easy grip pens.
InvestDirect, its postal account, offers a service that can be operated from home. Regarding chip and PIN cards, if a disability prevents a customer from using a PIN, customers can ask for a Chip and Signature card to allow them to use debit or credit cards without the use of a PIN.
In 2013, Nationwide was piloting Talking ATM’s to assist blind and visually impaired users.
Nationwide represents the financial sector on the Dementia Friendly Communities Champion Group, which is developing a charter to allow companies and bodies within the industry to state their commitment to working towards dementia friendly financial services.?
No evidence found of Nationwide’s involvement in any microfinance projects.
According to its website, Nationwide is one of the UK’s largest lenders to social housing providers. UK registered social landlords provide affordable housing supported by governmental grants.
Environment
Nationwide’s environmental policy covers the key areas of climate change, energy efficiency, water use and waste management.
Nationwide shows commitment to improving its environmental performance. Nationwide has set the following three targets:
- Ensure its 2020/21 carbon emissions remain at or below its 2011 baseline levels
- Reduce the water consumption of operations by 10% by 2015 from the 2011 baseline
- Achieve zero waste to landfill by 2015
Carbon Neutral
No pledge to make business operations carbon neutral was found.
However, Nationwide has set a target to ensure that its 2020/21 carbon emissions remain at or below their 2011 baseline levels. The company’s carbon footprint for 2012/2013 was 56,304 tonnes of carbon dioxide, which was 9.6% the baseline year.
Equal Opportunities
The equal opportunities section of the company's website takes into consideration issues of age, disability, gender reassignment, marriage and civil partnership, pregnancy and maternity, race (which includes colour, nationality and ethnic or national origins), religion or belief, sex, sexual orientation.
The company’s diversity policy can be found here.
Women on the Board
2/11 women hold top level board positions (18.1%)
Voluntary Standards & Initiatives
Nationwide Building Society is a member of or signatory to the following relevant charter or initiatives:
- Business in the Community (a business-led charity focused on promoting responsible business practice)
- Social Mobility Business Compact
Nationwide abides by the 'The Lending Code', a voluntary code which sets the standard for good banking practice.
Nationwide states that its policies and practices are aligned with the United Nations Universal Declaration of Human Rights and the United Kingdom’s Human Rights Act.
Nationwide’s Citizenship Report adheres to the Global Reporting Initiative.
Charitable Giving
Nationwide gives 1% of pre-tax profit to community and charitable causes to support the Citizenship strategy ‘Living on your side’. The latest five-year strategy was launched in April 2012 focussing on three key areas of ‘Your Home, Your Money and Your Community’. The aim of each of these is:
- Your Home – help 750,000 people into a home of their own.
- Your Money – empower 1,000,000 people to start saving
- Your Community – invest and unlock £15,000,000 into local communities as directed by customers and employees
More information can be found here.
Nationwide Building Society
- Current Accounts
- Savings
- Investments
- Credit Cards
- Loans
- Mortgages
- Insurance (Home, Car, Landlord, Life, Critical Illness, Income, Travel, Mobile Phone)
Nationwide Building Society
Nationwide Building Society
Head Office
Nationwide House
Pipers Way
Swindon
SN38 1NW
