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
Prudential
Green/Ethical Products
- Socially responsible investment funds
- Islamic financial products (Shariah investments)
- ICICI Prudential Micro Systematic Investment Plan (available to customers in India)
Ethical Lending or Insurance
No public data about an ethical policy for insurance products, however, M&G, the fund manager of Prudential’s SRI funds, applies responsible investment principles.
Responsible Lending
Prudential does not lend to its customers.
Financial Exclusion
Prudential does not offer any insurance products to the financially excluded. The ICICI Prudential Micro Systematic Investment Plan (MSIP) is open to savers at just Rupees 50 per month (c.60p) in India, where 600 million people do not have access to formal finance (Prudential’s figures). The company’s website has been made accessible to people with disabilities.
Environment
The policy addresses energy efficiency and makes a commitment to continuously improve its performance. However, it does not make an explicit statement on the key issue of waste management.
Carbon Neutral
Prudential has not pledged to make its business operations carbon neutral.
Equal Opportunities
Prudential has strong policies on gender, race and disability. No reference to sexuality/sexual orientation was found in its statements on diversity and equal opportunities in its workforce.
Women on the Board
18.75% of board members are women (2007).
Voluntary Standards & Initiatives
Prudential is a signatory/member of a number of charters and initiatives, including:
Charitable Giving
Prudential donated 0.26% of its pre-tax profits in 2007.
Prudential
- Investments
- Insurance (Home, Motor, Life, Travel, Health)
