Sustainable insurance in comparison

Is it important to you that sustainable insurances are you insured? You should definitely think about it. Because the money that 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 such as BKK ProVita and show you what these companies do differently.

1. Reasons
2. Features
3. Sustainable insurance
4. Closing words

Why should you prefer sustainable insurance?

In principle, insurance companies are subject to strict regulations regarding their own investments. Section 54 of the Insurance Supervision Act (VAG) regulates the investment principles for the tied assets of insurance companies. In addition, there is an Investment Ordinance (AnIV) which limits which investments from the actuarial reserve may be held by insurance companies and in what proportions.₁

However, these regulations do not prevent the largest insurance companies from 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 profits in return.

A sustainable insurance company distances itself from such investments from the outset 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 in keeping with the times. For example, since we can use the plastic-free lifestyle If we can see that our society is gradually becoming aware of its problems, we can of course also apply this desire to the insurance industry. 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 insurance policies.

How can you recognize sustainable insurance?

To easily distinguish sustainable insurance from conventional insurance, it is worth taking a look at the typical features of sustainable insurance. The following list will help you do this, as these are the aspects that characterize 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 partnerships. For example, the bank with which an insurance company holds its own account and the provider with which the website is hosted can provide an indication of this. Another indication of a sustainable insurance company can be whether it is a member of the Economy for the Common Good.

Mode of operation: How does the insurance company work? For example, a truly sustainable insurance company uses green electricity, has a fleet of low-emission vehicles and uses environmentally friendly office materials.

Services: Of course, you can also recognize sustainable insurance by the benefits it offers. For example, if the costs of the insurance are lower if a policyholder 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 an insurance company that thinks sustainably.

Communication: Does the company communicate regularly and convincingly on the subject of sustainability and can this aspect be substantiated by facts? Then this is usually a good sign. For example, you can recognize a sustainable insurance company by the fact that it has introduced a general code of conduct for sustainable cooperation that respects human rights.

What sustainable insurances are there?

As with conventional insurance, not all sustainable insurance policies offer every form of insurance. I would therefore like to introduce you to some insurance companies and their offers in this paragraph.

Sustainable insurance companies

There are thousands of agencies, brokers and groups on the insurance market. You have to take a closer look to find the really sustainable insurance policies. When researching 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 was particularly struck by the promotion of plant-based nutrition in general, for which the insurance company was also honored with the UN Climate Award. For insured persons, BKK ProVita is an ideal provider for their own health insurance.

Barmenia Insurance

Barmenia Versicherung, based 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 Environmental Management Association (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 disregard 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 forward and CoffeeToGo cups were also introduced in the interests of sustainability. 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 got to know two insurance companies, but which sustainable insurance is best suited to which type of insurance? Basically, this question is difficult to answer, as every insured person naturally has different insurance requirements. Nevertheless, I have compiled an overview of the most suitable sustainable insurance for each type of insurance below, taking into account the most general facts possible:

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: If you are looking for sustainable pension insurance, Barmenia Versicherung is recommended due to the high level of transparency of its own investments and work processes. Anyone opting for a unit-linked pension insurance policy can also make a conscious decision in favor of sustainable funds.

Homeowner's insurance: Whether glass insurance or natural hazards - when looking for sustainable household contents insurance, 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. Sustainable insurance investments are subject to a strict catalog of positive and negative criteria for sustainable investments. For example, investments are made in organic farming and healthy nutrition, and a great distance is maintained 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 sustainability-related invoices from everyday life (e.g. a Green electricity-invoice) gets advantages with the contributions.

Sustainable Liability Insurance: When it comes to taking out private, sustainable liability insurance, I can once 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. Because it consciously invests and works sustainably and pursues 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, it also means that we consumers need to take a closer look. For me personally, when it comes to sustainable insurance, it is also important that investments in sustainability are made on their own initiative and not just because the target group wants them.

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 Eco banks - A comparison of sustainable banks 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