Is it important to you that sustainable insurances insured? You should definitely think about it. Because the money we spend on our personal insurance is largely invested in things that are anything but sustainable. For example, the money is used to support powerful oil companies and polluting nuclear power plants.
In this article, I would like to introduce you to sustainable insurance companies like BKK ProVita and show you what these companies do differently.
Why should you prefer sustainable insurance?
In principle, insurance companies are subject to strict regulations regarding their own investments. Section 54 of the German Insurance Supervision Act (VAG) regulates the investment principles for the tied assets of insurance companies. In addition, there is an investment ordinance (AnIV) that limits which investments of the actuarial reserve insurance companies may hold and in what proportions.₁
However, these regulations do not prevent the largest insurance companies from also investing in coal and arms companies that destroy our environment and help finance wars. Fortunately, some large insurers have recently refrained from investing in coal-fired power plants, accepting a loss of profit in return.
Sustainable insurance takes a big step back from such investments in the first place and instead invests in wind and solar energy projects or in companies and ideas that have real value for our society.
This idea is absolutely contemporary. Since we can see, for example, on the basis of the plastic-free lifestyle can see that our society is gradually becoming aware of its problems, we can naturally transfer this desire to the insurance industry in exactly the same way. Sustainable insurance is therefore absolutely on the rise. In the following paragraph, I would like to show you how you can recognize these green, sustainable insurances.
How can you recognize sustainable insurance?
In order to easily distinguish sustainable insurance from conventional insurance, it is worth taking a look at the typical characteristics of sustainable insurance. The following list will help you to do so, because these are the aspects that distinguish sustainable insurance:
Investments: A sustainable insurance company is characterized by the fact that it invests its customers' money in renewable energies such as photovoltaic, wind energy or solar power plants.
Cooperations: To find a sustainable insurance company, you should also look at the cooperations. For example, the bank with which an insurance company holds its own account and the provider with which the website is hosted can give an indication. Another indication of a sustainable insurance company can be whether it is a member of the common good economy.
Mode of operation: How does the insurance company work? A truly sustainable insurance company uses green electricity, for example, has a fleet of low-emission vehicles and uses environmentally friendly office supplies.
Services: Of course, sustainable insurance can also be recognized by the benefits it offers. For example, if the cost of insurance is lower when a policyholder is vegan diet or by bicycle instead of by car - i.e. car-free - drives to work? The attitude of an insurance company towards natural healing methods can also be a sign of a sustainable-thinking insurance company.
Communication: Does the company communicate regularly and convincingly on the subject of sustainability, and can this aspect also be proven on the basis of facts? Then this is usually a good sign. For example, a sustainable insurance company can be recognized by the fact that it has introduced a general code for sustainable and human rights respecting cooperation.
What sustainable insurances are there?
As with traditional insurances, not all sustainable insurances offer every type of insurance. Therefore, I would like to introduce you to some insurance companies and their offers in this paragraph.
Sustainable insurance companies
The insurance market is full of thousands of agencies, brokers and groups. You have to look a little harder to find truly sustainable insurance policies. During the research for this article, the following two sustainable insurance companies in particular caught my eye due to various factors.
BKK ProVita
My personal favorite among the sustainable statutory health insurances ist die BKK ProVita mit Sitz in München. Das Unternehmen erfüllt sämtliche Merkmale einer nachhaltigen Versicherung. Die BKK ProVita hat beispielsweise einen Nachhaltigkeitsbeauftragten, arbeitet klimaneutral mit umweltfreundlichen Büromaterialien und investiert in Projekte und Unternehmen für Gemeinwohl, Nachhaltigkeit und gegen den climate change.
At BKK ProVita, I particularly noticed the promotion of general plant-based nutrition, for which the insurance company was also awarded the UN Climate Award. For insured persons, BKK ProVita is an ideal provider for their own health insurance.
Barmenia Insurance
Barmenia Versicherung, headquartered in Wuppertal, also works sustainably and publishes a sustainability report every year. This shows that the sustainable insurance company has been a member of the German Working Group for Environmentally Conscious Management (B.A.U.M. e.V. for short) since 2012. The insurance company also refrains from investing customers' money in companies in the arms industry or in companies that violate human rights.
Barmenia Versicherung continuously sets itself the goal of optimizing its internal processes so that they are as sustainable as possible. For example, the paperless office was recently pushed and CoffeeToGo cups were also introduced in the spirit of the Zero Waste Lifestyle Goodbye. Instead, reusable coffee mugs are now used.
Barmenia also offers sustainable pension and health insurance, but also, for example, sustainable liability and motor vehicle insurance.
Sustainable types of insurance
So we have now met two insurance companies, but which sustainable insurance is best for which type of insurance? Basically, this question is difficult to answer, since every insured person naturally has different requirements for an insurance policy. In the following, taking into account as general facts as possible, I have nevertheless compiled an overview of the suitable sustainable insurance for the respective form of insurance:
Sustainable Health Insurance: Due to the comprehensive standard benefits and the high transparency of the company on the subject of sustainability, I can recommend here the health insurance of the BKK ProVita recommend
Sustainable annuity: When looking for a sustainable pension insurance, Barmenia Versicherung is recommended due to the high transparency of its own investments and work processes. Those who opt for a unit-linked pension insurance can also consciously choose sustainable funds there.
Homeowner's insurance: Whether it's glass insurance or natural hazards - if you're looking for sustainable household insurance, you'll find it at the Barmenia found what it was looking for. The company also focuses on maximum transparency when it comes to sustainability.
Sustainable car insurance: Anyone who has a car and wants to insure it should contact green-insured.com look around. The investments of sustainable insurance are subject to a strict catalog of positive and negative criteria for sustainable investments. For example, investments are made in organic farming and healthy food, and a great deal of distance is kept from nuclear energy, overexploitation and weapons.
Sustainable legal protection insurance: If you are looking for sustainable legal protection insurance, you will find it at the Greensurance in good hands. The insurance company has introduced a kind of points system - anyone who scans in sustainability-documented bills from everyday life (e.g. a Green electricity-invoice) gets advantages in contributions.
Sustainable Liability Insurance: For the conclusion of a private, lasting liability insurance I can again warmly recommend the Barmenia insurance company. Because here, too, the company scores with transparency.
Do you have any other types of insurance and the sustainable insurance that goes with them? Then feel free to leave a comment below this article.
Sustainable insurance? No problem, right?
As you can see, it makes more than sense to scrutinize insurance policies and to be insured with a sustainable insurance company. This is because they consciously invest and work sustainably and pursue goals every day that are good for our society and our environment.
Every second insurance company now invests in some form of sustainability.₂ On the one hand, this is a wonderful trend, but on the other hand it also means that we consumers need to take a closer look. For me personally, it's also important for a sustainable insurance company to invest in sustainability on its own initiative and not just because the target group wants it.
Do you have questions, suggestions or your own experience with one of the insurances? Then feel free to leave a comment below this post.
Stay clean,
PS.: You now know about sustainable insurance. And what about a bank? Have a look at the article Ökobanks - Sustainable banks in comparison an.
References:
₁ https://www.handelsblatt.com/finanzen/steuern-recht/recht/streitfall-des-tages-wie-lebensversicherer-anlegen/6620492-2.html?ticket=ST-520158-gcektV0kT0yHugfvSK7g-ap2
₂ https://www.transparent-beraten.de/ratgeber/nachhaltige-versicherungen-in-die-zukunft-investieren
Hello Christoph,
The topics of your blog speak to me very much. It's great that you share your knowledge and experiences here. I also like how user-friendly it is designed.
Thank you!
Many greetings
Solmund
Hey Solmund! Thanks for your positive feedback on the blog, gives me an extra boost of motivation! 😉
Best regards
Christoph
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