Wednesday, 17 February 2010

What is the Future of Green Insurance?

Kwik-Fit, the car repair firm, is preparing to sell its insurance business for more than £200m, according to The Sunday Times (February, 2010).

What many people don’t realise is that Kwik-Fit Financial Services owns the Green Insurance Company, one of the flagship eco-friendly insurance companies offering to offset 100% of a driver’s annual emissions.

It is unclear at this stage what will happen to the Green Insurance Company, and its promise of offering to offset a driver’s carbon emissions. Last year we reported that I Buy Eco had abandoned its commitment to offset drivers' carbon emissions and were instead offering a £5 charity donation.

We are keeping a close eye on developments, and which insurance companies we include in our directory. Our strongly held belief is that all car insurance policies should include a 100% emissions offset (in proven schemes) at no extra cost to drivers.

The UK insurance industry is the largest in Europe and the third largest in the world, with total net premiums amounting to over £30 billion. It is profitably sustained by the huge number of cars on the road and has a moral obligation to help in combating climate change caused by these cars.

Call us cynical for suggesting that some insurance companies might put profit ahead of the environment. But next time your renewal quote comes through the door begging you to renew, why not tell them you will if they can tell you what they are doing to combat climate change. Expect a long silence on the phone…

Dr. Gary Robertshaw

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