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
Post Office Personal Banking
Green/Ethical Products
- POCA (Post Office Card Account)
Ethical Lending or Insurance
No evidence of an ethical policy.
Responsible Lending
1. Credit Lending
Post Office Personal Banking offers a LTV (loan-to-value) rate of up to 80%. This compares favourably with the suggestions laid out in the FSA’s Turner Review that banks should lend no more than 90% of the value of a property. The Post Office offers an LTI (loan-to-income) rate of 4.5 times the main income plus 1 times the second allowable income or 4 times joint income if greater. The Turner Review suggests 3.5 times the income of a single applicant.
With regard to unsecured loans the Post Office says it ‘may’ check a customer’s record at a credit reference agency. Credit scoring which is based on information submitted by the customer is used to assess credit card applications.
No policy was found to avoid or prevent offering unrequested increases in credit limits to customers.
2. Debt Warning
The Post Office’s mortgage literature carries a generic warning: ‘Your home may be repossessed if you do not keep up repayments on your mortgage.’
It does not refer customers the FSA Debt Test to find out whether they have, or are likely to have, problems with borrowing. It does provide an Affordability Calculator which tells customers how much they can borrow based on annual income and monthly outgoings, but carries no warning at the end of the calculation.
No warnings directed at unsecured loan customers were found.
3. Debt Management and Advice
No information or policies on mortgage payment default and handling payment problems were found. Similarly no information was found with regard to the possibility of payment holidays/breaks or whether the Post Office 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 repossession.
For other customers, the Post Office asks them to call if they find themselves in financial difficulty, but no details are provided of possible advice/help they will receive. There is no evidence that a system is in place for the Post Office to contact customers first.
Financial Exclusion
The internet banking facility is in line with the Web Accessibility Initiative (WAI) and the Disability Discrimination Act (DDA) 1995. The Post Office also has the largest free-to-use cash ATMs network in the UK (Post Office rural network).
Environment
The Royal Mail’s environment policy applies across the group and 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
No pledge was found on making business operations carbon neutral.
Equal Opportunities
The parent company’s policy covers the key areas: gender, race, disability and sexuality.
Women on the Board
No data found.
Voluntary Standards & Initiatives
Parent company, Royal Mail, is signatory of:
Post Office Personal Banking
- Current Accounts
- Savings
- Credit Cards
- Loans
- Insurance (Home, Motor, Travel, Pet, Life)
Post Office Personal Banking
Post Office Personal Banking Post Office Customer Care
PO Box 740
Barnsley
S73 0ZJ
