Naturesave: Insuring the future
Naturesave is having a positive impact on climate change, says its head of marketing and sustainability, Nick Oldridge
What is Naturesave Insurance
Naturesave is an ethical insurance broker in the UK that was founded to help create a more sustainable insurance industry. We have been awarded the top rating and Best Buy Status by Ethical Consumer, for both home and travel insurance. We provide home and travel insurance for individuals and business insurance for some of the UK’s greenest businesses, and plant a tree for every insurance policy we issue, via our partner, Trees for Life.
Last year we joined the Benefact Group, a group of financial services businesses that gives all available profits to charities and good causes.
Where did the idea come from?
Naturesave was founded in 1993 by former Lloyds insurance broker, Matt Criddle. Matt realised that not only was the insurance industry not taking the climate crisis seriously, it would also be on the front line in dealing with the consequences of climate impacts when it came to paying out claims. At the same time, it was clear that the industry possessed an almost unparalleled potential to reduce the impact of climate change in two main ways. Firstly, due to its underwriting activities – no fossil fuel project can get the go ahead without insurance, so the industry has serious influence over how quickly the world decarbonises.
Secondly, insurers invest our premiums to guarantee they can pay any potential claims, and as a result the industry is one of the world’s largest institutional investors. Again, this gives the industry significant influence over tackling the climate crisis, as currently, the insurance industry has over $1 trillion invested in fossil fuels!
What is your impact?
We have two areas of impact. The first is to influence the insurance industry itself. We do that by highlighting the potential insurers have to stop fossil fuel expansion and instead to drive the transition to renewables. We achieve this by lobbying the insurers we work with to make further changes. We also educate consumers and business owners about the issue and find them insurance options that are the most sustainable. The second area of impact is via our charity, the Naturesave Trust. Since our company was founded 30 years ago, we have donated over £1 million into the Trust.
And how do you have that impact?
The Trust acts independently of Naturesave and provides grants of between £500 and £5,000 to small-scale, grassroots environmental projects across the UK, pictured here. The diverse range of over 500 funded projects covers renewable energy, low-carbon transport, nature conservation, community agriculture, recycling and sustainable fashion.
What would you like to see change/improve in your area?
Tackling the climate crisis is becoming a race against time, especially as the UK is predicted to significantly miss its next carbon budget target and is currently expanding fossil fuel production. The insurance industry has the power to change this. We would like to see fossil fuel-free insurance offered to consumers and businesses. Some insurers are making changes in this direction, a couple are even getting close. However, many are still underwriting new fossil fuel projects and still carry large investment holdings in oil and gas. It’s time for the industry to have a red line on supporting any new fossil projects. Consumers can help make this happen, by asking this question of their current insurer and at renewal, choosing a provider who is doing the right thing. Alternatively, they can talk to us, and we will find the most sustainable insurance option that meets their needs.
Can you give an example of how you've helped a community?
So far this year the Trust has focused on plastics, river pollution and sustainable fashion, and have had more than 150 applications from organisations working in their communities to combat these problems. We are proud to have pledged more than £40k towards these projects so far.
What is your biggest challenge?
We have seen a big shift in awareness in banking and pensions, as many consumers move away from organisations funding and investing in the climate crisis, and shift to more ethical alternatives. It’s now time to shift that spotlight to insurance, as our industry has possibly more influence than most when it comes to the challenge of urgently decarbonising our economy.
What is a social enterprise to you?
To us, this means an organisation with a primary purpose that is more about people, planet, and communities than about making money.
What's nest for Naturesave Insurance?
We are currently developing an Ethical Insurance Manifesto, which sets out how we think insurers should now be behaving in relation to fossil fuels and the energy transition.
Green Cover
Naturesave exists to provide more sustainable insurance options for consumers and businesses covering everything from travel insurance and home protection to liability and cyber insurance.
Find out more here.
This is a feature from Issue 19 of Charitable Traveller.
by net effect