As mentioned above the word 'ethical' means different things to different people. A vegan may think of a vegetarian as a meat eater, for example. Within the insurance industry the term 'ethical insurance' usually relates to the life and pensions side of the business and not the general side, the latter dealing with the insurance of people's homes, vehicles, holidays and businesses etc. Whilst ethical investment considerations on the life and pensions market are based more around what the money invested is being used for, on the general side the term 'ethical' relates to the relationship between sustainable development and the insurance industry. We feel that the industry has an 'ethical' responsibility to examine and resolve the root of its problems - i.e. human induced climate change and pollution losses.
Ethical insurance is the way forward.
By placing your general insurance business with Naturesave you are supporting a company with the right long term ethical direction. The more policyholders we have, the more pressure we can place on general insurers to adopt this ethical approach, whilst at the same time by you investing in ethical funds through the life and pensions side of the insurance industry you can influence these companies capital bases. The insurance industry, like other industries, has to be constantly aware of the effects that factors in its environment have on its products, services and consumers. Factors such as the changing climate, the US legal system and consumer preference are important to the insurance industry given that probabilistic assessments of the future are the basis on which the industry makes multi-million pound decisions. If this future cannot be predicted then the industry has to change its consumer's attitude to insurance and the risk transfer service it provides.