Which insurance companies are ethical in the UK?
In reality, very few insurance companies in the UK are ethical – with only one standout ethical provider. Naturesave and its sister company Ecclesiastical aim “to sell insurance that is 100% fossil fuel free." While they haven’t got there yet, they do have policies to limit investments in coal and consider a range of other ESG factors – a step beyond most insurance brands.
Naturesave offers insurance for home, travel, renewable energy, businesses, and charities (but not car insurance).
However, you’ll want to check which company is acting as underwriter for the policy you plan to take out (we explain more in the box below). They usually work with Ecclesiastical, their sister company which shares their values, but for some policies the underwriter will be another investor which does not have the same ethics.
Are major insurance companies in the UK ethical?
Most other UK insurance companies perform badly when it comes to ethics.
Many are high risk for likely use of tax avoidance and several big names including AXA and Lloyds Bank have been named and shamed for their investments in nuclear weapons. Zurich and AXA continue to insure new oil and gas projects in defiance of climate science and evidence.
Our guides to Home, Car, Travel and Pet insurance rate and rank the major providers and compare steps they are taking to address climate change. We recommend one major provider taking a different approach.