Is Zurich an ethical insurance provider?
Zurich is included in The Good Shopping Guide’s Ethical Insurance Ratings Table. Zurich has yet to meet our ethical standards, however, we hope the company will transform in the future to operate as a more ethical insurance provider. Our Ethical Insurance Rating Table allows you to compare UK General Insurance to other insurance providers for the ethical concerns that are most important to you. Zurich might increase consumer and investor trust by applying for Ethical Accreditation, which would include a more complete examination and suggestions for ethical development from The Good Shopping Guide.
More information on the necessity of ethical insurance may be found in The Good Shopping Guide to Ethical Insurance Companies.
The History of Zurich Insurance
Zurich Insurance was founded in 1872 in the marine industry, branching out into accident insurance in 1875. It quit the marine business in 1880. Read more on the history of Zurich Insurance here.
The brand is a part of the Zurich Insurance Group Ltd. Zurich provides property, life and health insurance options.
For which criteria does Zurich perform poorly?
Zurich received a low rating for Political Donations as well as other Other Criticisms. Zurich Financial Services- a part of the insurance companies group- donated over $2 million in recent U.S. election cycles. The brand scored a middle rating for its Responsible Investment Policy, as it mentions ‘decarbonising’ its portfolio and also details investment exclusions such as coal and controversial weapons but still allows around 30% of its revenue to come from these sources.
Past Criticisms of Zurich’s ethical record
Zurich faced criticism as being one of the four founding members of the Net Zero Insurance Alliance, but still providing a significant proportion of funding to oil and gas insurance, despite committing to a policy preventing this. The Independent has written an article on Zurich Insurance’s hypocrisy.
The Insurance provider was also criticised after being fined for ‘cartel practices’ following a long-running investigation by Portugal’s Competition Authority.
In what areas does Zurich score well for its ethics?
Zurich receives a high score for its Environmental Report due to its sustainability report, which includes targets such as increasing the usage of electric vehicles and renewable energy. Zurich was also awarded a top rating for Carbon Disclosure & Reduction Targets, as the brand has a Net Zero by 2050 goal and signed up for Science-Based Targets Initiative.
How can Zurich improve its ethical rating?
The Good Shopping Guide organises its research into three categories: the Environment, People, and Animals, which together make up a brand’s Ethical Rating. Zurich might apply for Ethical Accreditation for more detailed guidance on how to improve its sustainability and CSR.
Zurich may improve its rating and fulfil our fundamental ethical requirements by re-evaluating who they invest in, researching companies and ensuring there are no unethical associations, and limiting Political Donations.
Certification in CSR, ethics, and sustainability for UK Insurance Companies
If you work for or with an insurance company that promotes business ethics, or if you’re searching for ways to develop your sustainability and CSR initiatives, why not have a look at The Good Shopping Guide’s Ethical Accreditation? This esteemed certification of ethics and sustainability has helped and benefited well-known insurance companies as ETA and Aviva. Contact us for additional details, or fill out our brief initial ethical evaluation form to begin your Ethical Accreditation process.
Ethical performance in category
GSG category benchmark
Carbon Disclosure & Reduction Targets
Responsible Investment Policy
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