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
West Bromwich Building Society
Green/Ethical Products
No evidence of specifically green or ethical products found.
Ethical Lending or Insurance
Although it is a building society, West Bromwich offers services to businesses.
No evidence of an ethical lending policy was found for West Bromwich Building Society.
However, the 2012 Annual Report states the Society’s procurement policy requires it to review the ethical and environmental policies of potential suppliers to ensure they are consistent with West Brom’s stipulated criteria. That also means assessing the supply chain and lifecycle of products or services. In this respect, the Society’s support for the economic regeneration of the region guides its practice of giving preference where practicable, to local enterprise’. See page 32.
Human Rights
Although it is a building society, West Bromwich offers services to businesses.
No policy was found to indicate that West Bromwich 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.
No evidence that the building society provides direct financial support to or engages in partnerships with Credit Unions and CDFIs (Community Development Finance Institutions).
The majority of branches provide level access o ramps or assistance buttons at entrances. Power-assisted entrance doors have been provided in some locations. Leaflets and other printed materials are available in large print on request.
No evidence found of West Bromwich’s involvement in any microfinance projects.
No evidence found that the building society invests in or lends at lower rates to financially excluded communities.
Environment
No evidence of an environmental policy found for West Bromwich Building Society.
West Bromwich Building Society’s 2012 Annual Report states that the company has been examining a number of options to be taken on relevant green and energy matters. These options include recycling, managing paper use, and informing staff such matters.
At present, West Bromwich Building Society recycles consumables, including waste paper and toner cartridges, and office furniture through donation. It sources certain consumables, such as paper supplies, from sustainable forests. See page 32 for more information.
Carbon Neutral
No commitment to become fully carbon neutral was found.
Equal Opportunities
Information on the company’s website indicates that a policy was previously in place in 2004, but no information found on West Bromwich’s current diversity policy.
Women on the Board
1/10 women hold top level board positions (10%)
Voluntary Standards & Initiatives
The West Bromwich Building Society is involved in a local agreement, the Sandwell Climate Change Partnership, which comprises major organisations from both the public and private sectors, with a shared objective to tackle the challenges faced by the borough when it comes to the issue of climate change.
Charitable Giving
According to its 2012 annual report, the building society did not make any charitable donations in 2011.
West Bromwich Building Society encourages its staff to become involved in supporting chosen charitable causes, including a nominated charity of the year which they help to select.
In 2012, the charity of the year was Marie Curie Cancer Care.
West Bromwich Building Society
- Savings
- Mortgages
- Investments
- Insurance (Home, Over 50 Life Cover)
West Bromwich Building Society
West Bromwich Building Society
Principal Office
374 High Street
West Bromwich
West Midlands
B70 8LR
