Just Group launches unique £250m eco-friendly insurance bond
Based in Surrey, the company was founded in 2004 and chooses to focus on “attractive segments” within UK retirement products and services.
The Green Bond itself is viewed as a method by which further investment in other green assets, such as buildings, renewable energy and clean transport, can be facilitated.
Part of a growing movement within the insurance industry, whereby companies seek to address wider Environmental, Social and corporate Governance (ESG) issues (see also: ), Just Group specifically declared that insurance has a crucial role to play in advancing sustainability causes.
Disrupting with a social purpose
Already experienced in generating green investment for wide-reaching CSR activities, including £360m for offshore and wind developments and £250m for social housing, Just Group also introduced a earlier in 2020.
David Richardson, Group CEO, stated that this unique milestone in the nation’s insurance sector was just the latest in an ongoing series of market disruptions it was introducing with “a strong social purpose.”
He reflected that both the Green Bond and Lifetime Mortgage represented “[Just Group’s] unique to adapting products and services to support our customers who are looking for ways to make positive changes to their environmental footprint.”
Although Just Group is pioneering ESGs in the UK insurance market, their popularity around the world is continuing to grow at a rapid rate.
There is also no reason to think that this trend will not continue post-COVID-19: JP Morgan in its survey of investors from 50 global institutions that the majority (55%) held at least a ‘rather positive’ view of ESG investment’s prospects over the next three years.
While the unprecedented effect of the pandemic leaves the answer ultimately uncertain, Just Group’s Green Bond could prove to be both an environmentally and financially sustainable development.
Tribe and APOLLO announce national insurance campaign
Tribe Property Technologies in partnership with APOLLO insurance has announced a national insurance campaign to digitise insurance for condominium owners, renters, landlords, and developers across Canada. The aim of the campaign is to make insurance access easier and faster for owners while improving the coverage and protection of condominiums and rental buildings.
According to several surveys, nearly half of 4.5mn rented houses in Canada do not have tenant insurance protection, meaning those individuals and their families are put at risk of fire and water damage.
What does the national insurance campaign include?
According to Tribe, the company is working with APOLLO to ensure that this type of insurance is easier to access. It aims to achieve this by introducing a direct connection to APOLLO's insurance technology from both Tribe's strata and condo management platform and rental software to allow for increased education and awareness for owners into insurance risks and options.
It also includes the future ability for notifications for mid-term cancellations, and plans to offer protection from potential strata/condo corporation deductibles, Tribe said.
"We are excited to partner with APOLLO to bring accessibility, visibility, and education around insurance options to our communities and reflect the current lifestyle expectations of condo owners and residents while protecting the value of their biggest assets", said Joseph Nakhla, Chief Executive Officer of Tribe.
Nakhla added: “This agreement with APOLLO is just the first step under our Digital Services & Partnerships revenue pillar. We will continue to layer on services to drive revenue for Tribe, and bring convenience and savings for our users, with the goal of being able to offer a one-stop-shop to our development partners and the over 100,000 residents in Tribe-managed communities”.
APOLLO uses technology as a channel between insurance brokers, carriers, and their mutual clients, offering insurance options from multiple companies on one integrated online platform.
"We like that Tribe is taking a fresh approach to condo living and building smart homes through tech-enabled service, and an integration with their Community Platform supports our goals of making insurance more accessible and supporting the needs of communities”, said Jeff McCann, Chief Executive Officer of Apollo.