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
Standard Life Insurance
Green/Ethical Products
A range of ethical funds, including:
- Standard Life Ethical UK Life Fund, which invests in a diverse portfolio that meets Standard Life’s ethical criteria and
- European Corporate Bond Sustainable and Responsible Investment Fund
Ethical Lending or Insurance
No evidence of an ethical insurance policy found for Standard Life.
However, Standard Life Investments has ethical criteria for companies that it may invest in. See page 18.
Despite being listed as an insurance company, Standard Life does not widely offer insurance products. Instead, the company focuses on long-term savings and investments.
Human Rights
No policy was found to indicate that Standard Life avoids lending to or insuring companies that directly contribute to human rights violations.
Despite being listed as an insurance company, Standard Life does not widely offer insurance products. Instead, the company focuses on long-term savings and investments.
Financial Exclusion
The company offers:
- Stakeholder pensions for those on lower incomes
No evidence that Standard Life provides direct financial support to or engages in partnerships with Credit Unions and CDFIs (Community Development Finance Institutions).
The Standard Life retail websites have been designed to be viewed on all mainstream computers and internet browsers, including magnification and speech browsers for the visually impaired.
Consumers can contact Standard Life by textphone facility, as well as in writing or by telephone. Standard Life offers financial adviser’s information in audio tapes, large print, braille, PC disk, Type Talk and via a Textphone service.
Standard Life offers offer preferential pricing for those with a chronic illness, support to disabled persons to assist them to return to work more rapidly and support on health issues/prevention issues.
No evidence found of Standard Life’s involvement in any microfinance (or microinsurance) projects.
No evidence found that Standard Life invests in or lends at lower rates to financially excluded communities.
Environment
Standard Life’s environmental policy covers the key areas of climate change, energy efficiency, water use and waste management.
The company shows commitment to continued improvement of its environmental performance through its yearly and long-term environmental energy goals. These goals include reducing energy use and consumption, the group’s carbon footprint, paper consumption, waste, and business travel. See Sustainability Report.
Carbon Neutral
No commitment to become fully carbon neutral was found.
However, according to its 2012 Sustainability Report, the Group decreased its carbon footprint by 3% to 24,200 Tonnes in 2012 from 24,929 in 2011. Its 2012 carbon footprint is 24% lower than in 2006.
Equal Opportunities
The company diversity policy takes into consideration various grounds, including the key equality issues of race, gender, sexuality and disability, amongst others.
Women on the Board
2/10 women hold top level board positions (20%)
Voluntary Standards & Initiatives
Standard Life is a member of or signatory to the following relevant charter or initiatives:
- Opportunity Now initiative of the Business in the Community group
- Principles for Responsible Investment (and is involved in the Expert Working Group on Responsible Investment in Conflict-Affected Areas and the Corporate Fixed Income Working Group)
- UK Stewardship Code
- Carbon Disclosure Project and CDP Water Disclosure
- Institutional Investor Committee
- International Corporate Governance Network
- UKSIF
- Global Auditor Investor Dialogue (a forum)
- EUROSIF
- sits on the board of the Extractive Industries Transparency Initiative
- Global Investor Governance Network.
- The Association of British Insurers’ (ABI) Investment Committee
- Confederation of British Industry (CBI) Companies’ Committee
- Asian Corporate Governance Association
- Council for Institutional Investors
- ABI Investment Committee
- Enhanced Disclosure Working Group
- CBI Companies Committee
Charitable Giving
Standard Life’s total community investment for 2012 was £2.11 million, up from £1.84 million in 2011. This included a number of donations to charity, including £199,360 to the Personal Finance Education Group for building a partnership project designed to map and improve skills work with young people. In the UK, Standard Life’s employee donations were topped up with £146,200 donated by Standard Life to its charity partners Cancer Research UK and Alzheimer Scotland.
Standard Life contributes to its Charitable Trust with the aim of supporting people to make positive and sustainable changes in their lives. In 2012, the focus was on funding advice services and education to improve financial capability.
Standard Life Insurance
- Savings
- Investments
- Insurance (Life, Over 50s Life)
- Private Pension Fund
Standard Life Insurance
Standard Life
Standard Life House
30 Lothian Road
Edinburgh EH1 2DH
