Insurance


MEDIA RELEASE FROM ETHICAL CONSUMER MAGAZINE

STRICTLY EMBARGOED UNTIL 00.01 SATURDAY FEBRUARY 2nd 2013

UK INSURANCE INDUSTRY ACCUSED OF FUNDING CLIMATE CHANGE

In its latest report on the UK's insurance industry, Ethical Consumer magazine today criticises the sector for funding oil exploration in the Arctic which will result in a major impact on climate change as well as threatening a fragile and pristine environment.

Research by Ethical Consumer has revealed many of the UK's biggest insurance companies including Aviva, Legal and General and LV= are currently funding major oil and gas oil exploration in the Arctic.

Co-author of the Ethical Consumer insurance report Rob Harrison said:

    “At a time when the world's scientific community is urging action on climate change it     makes no sense for the UK's insurance industry to be funding activities that will lead to     more hydrocarbons being burned.

    “Many insurance policy holders will find it strange to discover that their insurance company     is helping to worsen climate change which in turn leads to a rise in premiums.”

Ethical Consumer is also critical of the industry's failure to provide consumers with ethically and environmentally responsible insurance products following the lead set by the Co-op.

Co-author of the Ethical Consumer insurance report Rob Harrison said:

    “The Co-operative's pioneering new business model to ethically screen the funds into which     insurance premiums are put, makes it an ethical best buy for the insurance products it     offers.

    “This sets the benchmark for other insurance companies to follow, and it is disappointing to     find that no others have yet risen to the challenge.”

The report examines the ethical and environmental track record of major underwriters who provide cover for leading providers of car, home, pet and travel insurance.

Ethical Consumer recommends Best Buys for the following categories:

Car Insurance: Best Buy is Co-operative Insurance

Home Insurance: Best Buys are Co-operative Insurance, Hiscox and Naturesave

Pet Insurance: Best Buy is Animal Friends

Travel Insurance: Best Buys are Aviva, Environmental Transport Association and Hiscox

The worst performing insurance companies include some of the biggest names in the insurance industry: Churchill, Great Lakes, MORE TH>N, and Tesco Underwriting.

ENDS

NOTES TO EDITORS

1 A copy of the Ethical Consumer insurance report is available here:
http://www.ethicalconsumer.org/home/insurance.aspx
2 Launched in 1989 Ethical Consumer is the UK's leading ethical and environmental magazine. In each issue Ethical Consumer examines the ethical and environmental record of the companies behind everyday products and services from bread to banks. For more information visit the Ethical Consumer website: www.ethicalconsumer.org

PRESS ENQUIRIES

During office hours call: Rob Harrison: 0161 226 2929