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
Virgin Money
Green/Ethical Products
- Virgin Climate Change ISA (invests in companies with ‘lighter than average’ environmental footprint)
- Charity Deposit Savings Account
- Climate Change Fund
Ethical Lending or Insurance
No evidence of an ethical lending policy found for Virgin Money.
According to Virgin Money’s Pillar 3 Disclosure:
“Responsible lending is key to Virgin Money’s lending policies and practices and we always seek to ensure that we understand our customer’s ability to repay and the affordability of any borrowing. TCF is core in everything we do and a full TCF analysis is undertaken for any new product launch, routinely as part of the commercial and operational management of our portfolios and annually as part of the product renewal cycle”
This does not, however, provide evidence that Virgin Money refuses to lend to certain companies or customers operating in areas typically considered to be unethical.
Human Rights
No policy was found to indicate that Virgin Money avoids lending or insuring companies that directly contribute to human rights violations.
Financial Exclusion
No evidence of any accounts, products, or services aimed specifically at the financially excluded.
Virgin Money acquired Northern Rock plc on 1 January 2012, which engaged in partnerships with credit unions. It is unclear how the Virgin Money acquisition will affect Northern Rock’s credit union partnerships, which were supported through the Northern Rock Foundation.
According to Virgin Money’s website: Virgin Money is committed to supporting the Northern Rock Foundation until the end of 2013 and discussions are ongoing to consider how they can work together beyond that point.
Unable to find information on branch accessibility. However, according to the Virgin Money website, the bank's website is accessible to customers with disabilities. It also provides literature in Braille, large print and audio tape and offers Typetalk services.
No evidence found of the bank’s involvement in any microfinance or microinsurance projects.
No evidence found that the bank invests in or lends at lower rates to financially excluded communities.
Environment
No evidence of an environmental policy found for Virgin Money.
No evidence found of the bank’s commitment to continued improvement of its environmental performance.
Carbon Neutral
No commitment to become fully carbon neutral was found.
Equal Opportunities
According to its Annual Report, Virgin Money’s parent company, Virgin Group, has a diversity policy that takes into consideration the key equality issues of age, colour of skin, disability, ethnic origin/race, gender/trans-gender status, marital/civil partnership status, sexual orientation, religion or belief.
Women on the Board
2/14 women hold top level board positions (14.3%)
Voluntary Standards & Initiatives
Virgin Money abides by the 'The Lending Code', a voluntary code which sets the standard for good banking practice.
Charitable Giving
Virgin Unite is the ‘not-for-profit’ entrepreneurial foundation of the Virgin Group. Virgin Unite works with partners around the world to develop new approaches to tough social and environmental issues.
According to Virgin Unite’s website, Virgin Money helps many charities in the areas where they are based. The list includes Green Light Trust, an environmental charity that helps people, communities and organisations create sustainable activities; Waverley Care, a charity that supports people with HIV and Hepatitis C; and the Norwich City Community Sports Foundation, which helps people with disabilities achieve their goals through sport.
Virgin Money also operates Virgin Money Giving, a not-for-profit online fundraising website designed to help people to raise more money for charity. Virgin Money charges a 2% commission on donations and event fees to contribute towards costs incurred by Virgin Money Giving, which is a not-for-profit subsidiary.”
Virgin Money
- Credit Card
- Savings
- Investments
- Mortgages
- Private Pension Fund
- Insurance (Home, Motor, Travel, Pet)
Virgin Money
Virgin Money plc
Jubilee House
Gosforth
Newcastle upon Tyne
NE3 4PL
