Green insurance customers are more profitable

Dr. Gary Robertshaw

April 2010

It can be dismaying when looking at the small number of insurance companies who offer truly eco-friendly, green policies to consumers. Many insurers pay lip service to the environment and allude to their ‘efforts’ to reduce carbon emissions, often reflected in vague ethical statements that are the trademark of ‘greenwash’.

It was great to hear, therefore, that Naturesave is attracting more eco-conscious customers whose loyalty is higher than that of the general insurance market. In an interview for Insurance Times (April 2010), Naturesave reported a customer retention rate of 95% and a quotation take-up rate in excess of 50% across all classes of business written. In other words, eco-conscious insurance customers are more profitable.

A spokesperson for Naturesave said: ‘Green is a corollary of being ethical and treating people as you would like to be treated. This underpins everything we do.’

Contrast that with insurance companies such as Hastings Direct, which has been fined by the FSA for mistreating customers.

We hope that Naturesave’s excellent results serve as a benchmark for the insurance industry in terms of taking environmental responsibilities seriously and treating customers ethically.

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