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 (Prudential M&G Light Green Fund; Prudential Ethical Trust Fund)
- Islamic financial products
Ethical Lending or Insurance
No evidence of an ethical insurance policy found for Prudential.
According to Prudential’s website, the Board regularly reviews the Group’s corporate responsibility (CR) performance and scrutinises and approves the Group CR report and strategy on an annual basis. The Group Corporate Responsibility team is responsible for collating data and information for internal and external reporting; publishing the annual CR report; external monitoring and horizon scanning; overseeing CR risk and issues management processes; and benchmarking. Click here for more information.
However, this does not prove enforcement of an ethical policy to govern its insurance activities.
Human Rights
No policy was found to indicate that Prudential avoids insuring companies that directly contribute to human rights violations.
No evidence found that the company has any systems in place to monitor the applicability of such a policy.
Financial Exclusion
No evidence of any accounts, products or services aimed specifically at the financially excluded.
No evidence that Prudential provides direct financial support to or engages in partnerships with Credit Unions and CDFIs (Community Development Finance Institutions).
In terms of website accessibility for disabled customers, the company has included facilities to allow the user to change the text size through the browser and to be navigable by Voice browser. Additionally, its states that it will continue to develop its website to increase the level of accessibility.
No evidence found of Prudential’s involvement in any microinsurance projects.
No evidence found that Prudential invests in or lends at lower rates to financially excluded communities.
However, Prudential has in place a Community Investment Policy to guide its community investment, which it offers through support, in the form of funding and expertise, for charitable organizations and appropriate NGOs. Its community investment encourages Prudential’s businesses to establish projects and partnerships around education (particularly financial education) and social welfare.
Environment
Prudential plc's environmental policy addresses the key areas of covers the key areas of climate change, energy efficiency, water use and waste management.
The company appears to be committed to continued improvement of its environmental performance.
Prudential’s website states it is committed to improving environmental performance around the world. In every country in which it operates, it aims to manage its environmental responsibilities as effectively as possible.”
Prudential’s strategy focuses on reducing the direct impact of the properties it occupies as well as the properties it manage through Prudential Property Investment Managers Limited (PRUPIM).
Carbon Neutral
No commitment to become fully carbon neutral was found.
Equal Opportunities
The company's diversity policy takes into consideration the key equality issues of race, gender, disability and sexuality.
Women on the Board
2/17 women hold top level board positions (11.8%)
Voluntary Standards & Initiatives
Prudential is a member of or signatory to the following relevant charter or initiatives:
- ClimateWise (Prudential)
- Race for Opportunity and Opportunity Now (Prudential UK & Europe), and the Scottish Business in the Community initiative (Prudential Corporation plc);
- Employers Forum on Age (Prudential plc)
- Employers Forum on Disability (Prudential)
Prudential Investment Management is a signatory of the Carbon Disclosure Project and Carbon Disclosure Project Water Disclosure.
Charitable Giving
According to its website, in 2012, the Prudential Group spent £12.6 million supporting community activities and 7,350 of its employees volunteered their time for charitable purposes.
Prudential
- Investments
- Insurance (Home, Motor, Travel, Health)
- Private Pension Fund
