'Green' home and motor insurance policies 'may be on the way'

Posted : 13-09-2007

The introduction of an increased number of environmentally-aware motor and home insurance policies may be on the way, following the launch of a climate change initiative by the insurance industry.

ClimateWise policies have been developed by a group of companies to encourage the development of ecologically-friendly practices, reduce the impact of their own businesses and reward consumers for reducing their carbon footprint.

As the floods that hit the UK earlier this month displayed, the amount of extreme weather is on the rise and global warming may lead to an increase in such events, the destructive nature of which requires a large amount of spending to repair.

Such policies may result in lower car insurance costs for consumers who driver hybrid cars or reduced home insurance premiums for those who make use of solar panels on their houses.

Director general of the Association of British Insurers Stephen Haddrill commented: "The [ClimateWise] principles will enable us to do so by encouraging greater climate-friendly behaviour among our customers, through our investment strategy and risk analysis."


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