All home insurance from ICMIF member Folksam now carries the Good Environmental Choice label (Bra Miljöval in Swedish). This covers 1.8 million households in Sweden. Also, the insurance company’s car, villa and holiday home insurance also meet the eco-label’s new, stricter requirements. The Good Environmental Choice standard’s requirements mean that insurance premiums must be invested sustainably and that claims settlement must be environmentally adapted.
Good Environmental Choice (Bra Miljöval) is an independent eco-label with tough environmental requirements. The Bra Miljöval label makes it easier for people in Sweden to find the products and services that are least harmful to the environment.
Folksam’s home, holiday home and car insurance has been allowed to use the Good Environmental Choice label for over 11 years. Folksam has now met the eco-labelling’s new, stricter requirements for insurance products that were already allowed to use the mark. This follows further steps in its sustainability work by Folksam.
This includes, Folksam having raised the level of sustainable investments related to its insurance premiums and also places high demands on the suppliers who repair damage following customer claims, from building materials to sorting the resulting waste. Good Environmental Choice also noted that Folksam actively and strategically works to provide prevention information to its customers to help them reduce the number of claims.
Sofie Dannaeus, Head of Home Insurance, Folksam, said: “I am both happy and proud that Folksam’s home insurance now has the Good Environmental Choice label. We have offered safe home insurance for a long time and the fact that it now also lives up to one of the world’s toughest eco-labels feels very good and is completely in line with the sustainability work that characterises everything we do at Folksam.”
“It is gratifying that close to a third of households in Sweden now receive eco-labeled home insurance. A home insurance labelled with Good Environmental Choice contributes to sustainable investments and reduces the environmental impact of claims settlement, says Eva Eiderström, Head of Good Environmental Choice.
“We hope that more insurance companies now eco-label their insurances to give more policyholders the opportunity to choose an insurance with high environmental requirements,” Eva concluded.