According to a report by The Co-operative Bank, the value of the UK green financial services sector has increased from GBP5.1 billion to GBP11.5 billion over the last six years. This has lead sister company Co-operative Insurance to predict that increasing numbers of UK motorists will turn to environmentally friendly insurance products going forward.
A separate report commissioned by The Co-operative Bank and Friends of the Earth stated that the UK could achieve the necessary carbon reductions if the government implements a major program of action within the next four years, but commented that delaying action would require much more drastic and less manageable cuts.
According to CIS, its eco insurance product is a ready-made solution to this problem, providing consumers with a cost-effective way to make a positive impact on the environment. The product includes offsetting 20% of CO2 emissions for every vehicle insured under the eco insurance product through direct funding by CIS, premium discounts for ‘greener’ cars, and an environmental backed claims service.
David Neave, CIS director of general insurance, commented on the report’s findings, saying: it is apparent that more and more consumers are becoming environmentally aware and that influences what they buy, including the purchase of car insurance.
He added: It is clear that more needs to be done to redress the impact of climate change. CIS now have in place a high quality eco-friendly car insurance product that will allow customers to make a difference and to take action to reduce their own carbon footprint at no extra cost to themselves.