INSURANCE companies have turned green eyes on their policies. Forty-three of the world's leading insurance companies recently backed a 'Statement of Environmental Commitment' which encompasses a series of green principles and also protects the interests of the companies. This also marks the formal entry of the insurance companies into environmental politics.
The statement was signed at Geneva in cooperation with the United Nations Environment Programme (UNEP) and consisted of big insurance players in its steering group: General Accident and National Provident Institution (NPI) Of UK, Gerling-Konzern Globale of Germany, Japan's Sumitomo Marine and Fire, Swiss Re and Uni-Storeband of Norway.
Part of the statement deals with the pledge to adopt the best environmental practices by the insurance companies and also promote them among clients, partners and suppliers. Insurance companies routinely check environmental risks while determining the scope of the insurance cover. Lower risks entail lower premiums and bad risks are given the go by.