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
Scottish Widows
Green/Ethical Products
- Scottish Widows environmental and ethical investment funds
Ethical Lending or Insurance
No evidence of an ethical insurance policy found. However, Scottish Widows apply ethical screens to some of their investment funds.
Responsible Lending
1. Credit Lending
Scottish Widows offer between 60 and 85% LTV (loan-to-value) rates depending on the customer’s circumstances. This exceeds the FSA’s Turner Review suggestion that a maximum of 90% of a property’s price be loaned i.e. that borrowers should have at least a 10% deposit for a mortgage.
In terms of LTI (loan-to-income) rates, Scottish Widows offer single applicants 3.5 times their basic salary and 2.75 times to joint applicants or 3.5 times the higher basic annual salary plus the full amount of the lower. It will lend 3.5 times net annual earnings to self-employed applicants. These figures again correspond favourably with the Turner Review which suggests lending 3.5 times the annual wage of a single applicant.
The bank does not offer unsecured credit, for example personal loans.
2. Debt Warning
The bank runs a generic repossession warning for mortgage customers. No information as to whether the bank uses the FSA Debt Test or an equivalent system was found. This facility aims to help customers find out whether you have, or are likely to have, problems with borrowing. It also has tips on what to do if customers find themselves in difficulty.
3. Debt Management and Advice
No information regarding policies on payment default and handling payment problems was found.
The bank states that mortgage payment holidays/breaks and reduced monthly payments will be considered only if a Mortgage Reserve Account is in place. This means that normal monthly mortgage payments will be collected from this account instead of the customer’s bank or building society and that the balance on the Mortgage Reserve Account will increase and interest will be charged on that amount.
No information was found as to whether 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
The only provisions found for excluded customers are related to access for parent company, Lloyds TSB’s, banking customers.
Environment
The parent company Lloyd TSB's policy applies to all operations. This policy meets the two criteria in this area regarding energy efficiency and waste management and commitment to continued improvement. Additionally, while Scottish Widows publish no direct policy, they do outline their targets for environmental performance.
Carbon Neutral
Scottish Widows pledged to make its business operations carbon neutral by end 2007 and reduce total carbon emissions by 2012.
Equal Opportunities
Scottish Widows is covered by its parent company's policy which addresses the key criteria of gender, race, disability and sexuality.
Women on the Board
No data found.
Voluntary Standards & Initiatives
Charitable Giving
1% of pre-tax profits were donated to charity (2007).
Scottish Widows
- Life Insurance
- Pensions
- Investments
- Savings
- Mortgages
Scottish Widows
Scottish Widows
Customer Relations Department
15 Dalkeith Road
Edinburgh
EH16 5BU
