Agents Answer: Has the Green Insurance Revolution Been Oversold?

Here is what readers had to say about the question of whether the promise of green insurance products and services has been oversold, which was split right down the middle. The majority of respondents state that their agencies were not writing green-related insurance products or services. 

Here are selected respondent comments to survey question 3:

• "It is all about price. Most consumers want to go green until they see the cost."
• "I see a real need for them and offer them to all customers."
• "I believe that 'green' has become a buzzword in great popularity today. In the delivery of insurance, there has not been the impact on the environment as in other industries." 
• "This should be on the forefront."
• "Just another way to promote the sale of new and expensive products under the guise of helping the environment."
• "Poor economic activity makes marketing product difficult."
• "Never had anyone inquire about it."
• "Too much hype regarding this whole concept."
• "I don't understand the need. The cost to rebuild a like building is what we are using, so if it's a green building, as long as the cost is correct, why should it matter?"
• "The ads are there, but ability to write has been difficult."
• "Most business owners aren't that interested as tenants. A little more interested if they own the building."
• "Insurance products/coverages are not nearly keeping up with the rapidity of innovation in most industries where new green exposures/practices exist. Insurers should decide if they are in the 'green' business and then commit to being a dominant player, not a half-hearted player. It's hard to be 'half-green.'"
• "Yes somewhat in that there seems to be a lot of hype about the new green coverages; however, maybe with more continuing education for both the agent and client, there will be more demand with general consumers."
• "The leader in the development and marketing of these products for real estate interests has taken a step back. That tells me something."

If respondents indicated that they were writing green-related products or services, here are the coverages indicated, along with respondent comments below.

• "We have written consultants that do carbon footprinting."
• "Solar heating and solar electric installations."
• "Green endorsements to real estate risks."
• "Bio fuel and wind farms."
• "Our agency writes a small solar panel project."

In survey question 6, a vast majority of respondents indicated that there has not been an increased demand or need for green-related insurance products from the marketplace.

Those who did see an increase noted the categories of coverage that were getting the most interest in their response to survey question 7.

Finally, based on the responses to survey question 8, it appears that the market for green insurance isn't being targeted by a vast majority of respondents.

What do you think readers? Has your experience been similar to those who responded? Are you equally unimpressed with the demand or need for green-related insurance prodcuts? Chime in below in our Reader Comments section. 

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