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
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Insurance Provider
Northern Bank
Green/Ethical Products
- Basic Bank Account
- Parent Study Loan
Ethical Lending or Insurance
The bank does not have an ethical lending policy.
Responsible Lending
1. Credit Lending
Northern Bank offers a maximum LTV (loan-to-value) mortgage rate of 90%. This compares favourably with the FSA’s Turner Review which suggests LTV rates should be no greater than 90%, i.e. that customers should have at least a 10% deposit.
No information on the bank’s LTI (loan-to-income) rate was found. The Turner Review suggests a rate of 3.5 times income for sole applicants.
The bank states that its loan application assessment process ‘may’ involve credit scoring. It is not clear whether this is based solely on information submitted by the applicant or whether checks are done with credit reference agencies.
No specific information was found as to whether a policy was in place to avoid or prevent offering unrequested increases in credit limits to customers.
2. Debt Warning
The bank issues the following warning to its mortgage customers: ‘Your home may be at risk if you do not keep up repayments on your mortgage or any other debt secured on it.’
No warnings were found in relation to the consequences of falling behind on payments on unsecured credit.
No evidence was found that the bank uses or recommends the FSA Debt Test or an equivalent service. This facility is designed to help customers find out whether they have, or are likely to have, problems with borrowing.
3. Debt Management and Advice
In presenting the options/steps it will take to assist customers in financial difficulty, the bank says that it will:
- Contact customers at an early stage to discuss their problems
- Try to arrange a new, mutually agreed payment plan
- Look at changing the interest rate on the mortgage or change the way payments are made
- Consider allowing the customer to pay back the loan over a longer period of time, thus reducing monthly payments but increasing the overall cost of the loan
- Consider allowing the customer to pay reduced payments or just the interest payments for a period of time
- Supply details of organisations who can give debt advice (for example, Citizens Advice Bureau), and talk to them if requested
The bank does not provide information on the steps leading up to repossession or court action.
Payment holidays may be available on secured loans but the necessary circumstances are not publicly outlined.
No evidence was found that the bank offers re-housing advice or liaises with organisations such as Shelter and the Citizens Advice Bureau to work out re-housing arrangements with mortgage customers facing re-possession.
Financial Exclusion
Northern Bank offers a basic bank account to low income customers as well as a low-rate Parent Study Loan.
In terms of access, Northern Bank offers its product literature in Braille, large print and audio tape, on request.
It does not work in partnership with any credit unions or similar mutual organisations nor does it offer preferential lending within deprived communities. Furthermore the bank does not provide funding to microfinance projects.
Environment
The parent company’s environmental policy addresses the key issues of energy efficiency and waste management. It also states a commitment to the continued improvement its environmental performance.
Carbon Neutral
The parent company has pledged to make its business operations carbon neutral by late 2009.
Equal Opportunities
While the parent company’s policy makes reference to race, gender and sexual orientation, we could find no evidence that its equal opportunities policy extends to staff with disabilities.
Women on the Board
33% of parent company, Danske Bank Group's, board are women.
Voluntary Standards & Initiatives
Parent company is a signatory/member of:
Charitable Giving
The parent company, Danske Bank Group contributed DKr 29m, c. £3m, or just under 1% of its pre-tax profits, in donations in 2007.
Northern Bank
- Current Accounts
- Credit Cards
- Loans
- Savings and Investments
- Mortgages
- Insurance (Home, Life, Critical Illness, Repayment Protection)
