Our insurance partners
Our ultimate aim is to offer underwriting partners that are 100% fossil fuel free (i.e. do not insure or invest in fossil fuel assets) and instead invest their premium income both ethically and sustainably. Whilst change is finally happening, unfortunately, the insurance industry still has a long way to go. To compensate, we will continue to divert income into our charity, The Naturesave Trust something we have been doing since we were founded in 1993, which has recently culminated in Naturesave donating over £1 million to environmental causes. We will also continue our efforts to lobby the industry to divest of its fossil fuel assets and to cease underwriting fossil fuel extraction. Success here would deliver unprecedented benefits for the climate and ecological crisis.
Until then Naturesave continues to select insurance partners that most suit our needs. Environmental credentials play a key part in this selection process, with a particular focus on supporting those insurers who are divesting their fossil fuel investments. We also aim to select partners who have committed to stop underwriting coal-fired power plants mines and coal mines. Considerations like service and value for money are also taken into account, as are specific areas of specialism.
The following is a selection of the insurance partners we work with who are making positive steps forward with their environmental policies. Non of these companies are yet offering insurance that is truly ethical. All of them, for example, are still invested to varying degrees in fossil fuels, however we continue use our long standing and growing presence in the market to apply pressure for change that we hope will ultimately lead to a truly ethical insurance product.
Canopius is a global speciality lines (re)insurer and one of the top 10 insurers in the Lloyd’s insurance market. Naturesave uses Canopius to underwrite our household policies primarily because of their support for insuring homes that employ non-standard construction that enable their owners to achieve high environmental performance ratings. We welcomed the news that Canopius have now distanced themselves from the Carmichael coal mine in Australia. The controversial mine’s owners Adani. plan to extract 2.3bn tonnes of coal over its lifetime. Such is the power of insurance, that if no insurer will insure the project, it will not go ahead. At present we talking to Canopius to clarify their overall environmental stance. We would like to see a reference to their fossil fuel divestment strategy and a vision as to how they intend to operate in line with the Paris Agreement. Whilst we have always aimed to influence from within, we will be obligated to review our support for Canopius if we are unable to find answers to these questions.
In May 2018 Allianz announced it would stop selling insurance to both single coal-fired power plants and all planned and operating coal mines. In practice this meant they would pull out of supplying cover for single-fired coal plants and coal mines. However, they gave themselves until 2040 to phase out all coal risks. Allianz claimed that it would lose £50m making this move, however that it makes more than twice that amount by insuring renewable energy projects. The insurer has pledged to stop investing in companies that do not cut their greenhouse emissions and plans to be carbon neutral by 2023. Allianz is a founder member of ClimateWise and sponsors a Climate Risk Research Award, funding PhD students to work on reducing the risk of extreme weather events and using technology to improve resilience to climate change.
As part of our ongoing concern to work with underwriters who understand climate change, we work with RSA Group, primarily with our renewable energy policies, a sector in which RSA have remained highly supportive. RSA has a specific focus on ‘Sustainable Future and was the first carbon neutral insurance company.
Naturesave has recently started working with Aviva to underwrite renewable energy projects. Aviva is the first major insurance company to set a target to achieve Net Zero by 2040, which is excellent news. The firm, like all big insurers, manages are large investment portfolio valued at £300bn. Aviva has now written to the 30 biggest CO2 emitters in this portfolio asking that set net zero emission goals and sign up to science based targets aligned to the Paris Agreement. Aviva has threatened to sell shareholdings in these companies if they fail to take this action.
Campaigns and organisations we love
Reinventing our economy – The Ellen MacArthur Foundation is working with business, government and academia with the visionary objective to redesign a positive future through the framework of the circular economy.
Go Go Green Electricity – It’s quick and easy to do and it will definitely help save the plant and most likely SAVE you money. Whilst, there are a number of websites that will help you switch and find the best green tariff, our favourite by far is Big Clean Switch.
Good Money Advice – For great advice on being greener and more ethical with your money it’s hard to beat the team at Good With Money. Be part of the ethical finance movement that is helping reshape one of the most powerful industry sectors on the planet.
Help your staff to take no-fly holidays – the movement to encourage employers to offer paid ‘journey days’ to incentivise staff ditch the plane and choose low-carbon holiday travel. Here at Naturesave, we are founder members and pioneers of this movement and encourage other employers to take it up.
Organisations we work with
The Climate Change and Emergency Bill has been written by scientists, lawyers and activists; it is gathering support from a broad range of campaign groups, businesses, charities and individuals. The bill has the potential to become the most significant move forward since the Climate Change Act 2008. Naturesave are strong supporters of this organisation.
Champions of One Planet Living –Bioregional champions a better, more sustainable way to live and are authors of the One Planet Living framework that Naturesave use for our Environmental Performance Reviews
Restoring a magical forest habitat – Trees for Life are seeking to bring back the globally unique Caledonian Forest and all its wildlife to the Scottish Highlands. Naturesave has a long-standing relationship with Trees for Life and currently use them to plant a tree for every new insurance policy we issue. You can read more about our tree planting program here.
Beautiful British Made Sustainable Products – Naturesave are patrons of Blue Patch, a growing and sustainable marketplace for UK design, ethical fashion, eco-furniture, green gifts, organic & fair trade food
Community Energy England – This not for profit organisation is a voice for the community energy sector and help create the conditions within which community energy can flourish.
Community Energy Wales – a not for profit membership organisation that has been set up to provide assistance and a voice to community groups working on energy projects in Wales.
Organisations worth checking out
The Transition Network – A movement of communities coming together to reimagine and rebuild our world
Castlefield – independent financial advisors on ethical investment
The Ethical Partnership – ethical financial advisers
Ethical Investors Group – ethical financial management and advice
Insuring It (UK) – site offering useful information about types of insurance
Findhorn Eco-Village – sustainable community living
Ethical Consumer – ethical scrutiniser of companies for concerned consumers
Life Cycle UK – charity which encourages people to cycle
RenewableUK (formerly BWEA) – the trade and professional body for the UK wind and marine renewable information.
Association of British Insurers – Trade body representing around 400 insurance companies.