Insurance Products with social and environmental value
As part of our range of solutions, we are committed to supporting and promoting some solutions with high added value from a social and environmental perspective.
By their very nature, our insurance products have great social and environmental value as they constitute a concrete response to the protection requirements of customers and the growing needs of society, contributing to the prevention and mitigation of risks. However, there are products which, due to the type of customer protected or coverage supplied, have specific social or environmental characteristics:
Products of significant social value
- products that respond to the needs of specific categories of customers or particularly unfortunate events in life, including products dedicated to the young, to the elderly, to the disabled, to immigrants, to the unemployed and to coverage for professional disabilities, or which in some way support and foster social inclusion; products that promote a more prosperous and stable society, with particular attention on small and medium-sized enterprises and people involved in voluntary work; products with high pension or microinsurance content
- products that promote responsible and healthy lifestyles, leveraging on the opportunities provided by new technologies, on the importance of preventive healthcare or other virtuous behaviours of policyholders
- products that supplement the public health service, designed to help manage the costs of treatment and assistance, as well as the reduction in earnings of customers in the event of serious illnesses or the loss of self-sufficiency
To expand access to insurance protection, we have developed microinsurance projects in a number of countries:
- In India, in recent years, agreements have been reached with leading microfinance institutions, NGOs and cooperatives (IFMR Rural Channel & Services, Satin Credit Care & Network, ESAF Microfinance, Muthoot Fincorp, Cashpor Microcredit, United Telecom Ltd, Arohan Financial Services, Bullock Carts Workers Development Association and Growing Opportunity) which operate in rural areas, providing health coverage, accident insurance and livestock insurance policies to a large number of people on low incomes. In 2017, almost 1.358 million people were insured.
In line with this classification, in 2017 written premiums of social value represented 18% of all premiums in the company perimeter considered, which represents 93.5% of Group’s total turnover in direct business. The impact of products with social value on the total Group premium volume was 16.4%.
Products of significant environmental value
To encourage the adoption of environmentally friendly behaviours, we design and distribute products and services with specific environmental value:
- products designed to promote sustainable transport with reduced environmental impact, including policies for electric vehicles and policies that reward responsible driving
- products that support the energy efficiency of buildings, for which we also provide customer consultancy to identify opportunities for optimising domestic energy consumption
- products for covering the risks connected with the production of renewable energies. The insurance policies covering equipment for the production of renewable energy guarantee compensation for damage caused to solar or photovoltaic panels, or similar equipment, by the weather. These policies may be expanded to include cover for lost profits following the interruption or reduction of electricity production
- Products specifically designed to cover catastrophe risks or specific environmental damage
- Anti-pollution products, such as third-party liability policies for pollution covering the reimbursement of costs for emergency or temporary measures to prevent or limit compensable damages. In addition, the motor third-party liability policies that provide discounts to customers insuring "green" vehicles or for those that anticipate low annual mileage.
In line with this classification, in 2017 written premiums of environmental value represented 4.1% of P&C premiums in the company perimeter considered, which represents 93.5% of Group’s total turnover in direct business. The impact of products with environmental value on the P&C Group premiums volume was 3.2%
Given the strong emphasis that the Group places on these themes, an interfunctional working group with technical and socio-environmental expertise dedicated itself to:
- refine and update the definitions of products with environmental and social value and promote the best practices of the Group. Among these we note the case of Vitality, an innovative health and wellness program, designed to encourage and reward the behavior of customers who want to improve their lifestyle
- widen the data collection area (which in 2017 included Italy, Austria, Belgium, France, Germany, Greece, Guernsey, Poland, Portugal, Czech Republic, Slovakia, Spain, Switzerland, Turkey, Hungary, Argentina, Brazil, Asia and Europ Assistance).