Insurance Overview

RSA Group’s Human rights policy “applies to all RSA operations, including wholly or majority owned subsidiaries and associated companies where RSA has management control.”

Specifically, the policy states that as a major insurer of commercial, industrial and individual risks RSA Group endeavours to ensure its direct operations and any interactions with business partners do not make the group complicit in human rights violations in accordance with the principles set out in the Universal Declaration of Human Rights (UNDHR), the ILO core conventions on Labour Rights and the United Nations Global Compact.

The Group sets out several principles to define its position in several areas. A list of the principles can be found here.

With regards to investments, the policy only states "RSA will continue to strive to ensure that Group investments are managed giving consideration to the above principles."

No public information was found about a dedicated ethical insurance team or the engagement of a third party to advise this policy’s application to insurance transactions. 

No evidence found of the policy in action (e.g. foregone income).

The company's human rights policy states that as a major insurer of commercial, industrial and individual risks RSA Group endeavours to ensure its direct operations and any interactions with business partners do not make the group complicit in human rights violations in accordance with the principles set out in the Universal Declaration of Human Rights (UNDHR), the ILO core conventions on Labour Rights and the United Nations Global Compact.

The group’s 2012 Corporate Responsibility Report states that it “will not underwrite business in countries where to do so would breach sanctions or where [RSA] identif(ies) a high human rights risk unless the activity [RSA] insure(s) is carried out for humanitarian purposes. [RSA] reviews [its] register of high-risk countries at least twice yearly, based on HM Treasury’s sanctions lists, [its] analysis of socio-political developments and information from local managers.” See page 23.

RSA Group maintains that it respects and supports the following:

• The right to equal opportunity and non-discriminatory treatment;
• The right to security of person;
• The rights of children;
• The freedom of association and right to collective bargaining;
• It will not use forced or compulsory labour;
• It will provide a safe and healthy workplace;
• It will pay workers a fair wage;
• It will not pay bribes; and
• It will ensure that the company’s services and products are not used to abuse human rights;

However, with regards to its investments it only states "RSA will continue to strive to ensure that Group investments are managed giving consideration to the above principles."

RSA’s CR policies form part of RSA’s risk framework and define its risk appetite in relation to social and environmental issues, including human rights. Internal risk function reviews compliance, reporting to the Group Executive Committee and Group Board. Social and environmental risks facing the insurance industry from threats such as climate change are incorporated in the Group Risk Framework and reviewed each year.

In the UK, RSA is a leading provider of insurance to social housing schemes. It provides products for social housing tenants in the UK including: low cost weekly insurance with-rent insurance schemes (where the insurance premium is paid weekly with the tenant’s rental payment) and group schemes that keep premiums as low as possible. The products are designed to increase financial inclusion.

In the UK, RSA’s Tenants Contents Insurance policy aims to be affordable for social housing tenants, providing insurance cover for relatively small sums with no cancellation or mid-term amendment fees. RSA also offer various flexible payment methods and schedules.

According to RSA’s website, customers can do business with the company directly by phone, online or in writing, or through brokers, agents or corporate partners.

RSA seeks to provide a website that is accessible to the widest possible audience, regardless of technology or ability.

RSA Group works with the government-sponsored Rashtriya Swasthya BimaYojna (RSBY) to bring health cover to the rural poor in India. Families pay just 30 rupees to join the scheme, with premiums covered by the government. In three years RSA has enrolled 3.8 million families and over 100,000 people have received treatment that would otherwise have been unavailable.

RSA states that “barriers to insurance can be a significant factor in financial exclusion and it is often the most vulnerable that do not have access to the protection that financial services can provide. Through (RSA’s) products and services (the company) can address those barriers for low-income households.”