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Saga Car Insurance's Guide to Offsetting Your Vehicle's Carbon ... PR Web (press release)

12.07.09

All conventional cars produce carbon dioxide - it's simply a bi-product of burning diesel or petrol. But as a driver and an owner of a vehicle, you can help to balance the damage your car is inflicting upon the environment with carbon offsetting .

What is carbon offsetting - and how does it work?

Put simply, carbon offsetting is based around the idea that you can pay to wipe clean the environmental damage that occurs every time you drive to the supermarket, or pick the grandchildren up from school. In return for your money, a growing number of companies will offer to invest, on your behalf, in any number of environmentally sound projects. Anything from planting trees in the Amazon, to offshore wind farms in the North Sea or solar panels for third world hospitals.

How much does offsetting cost?

The cost of carbon offsetting can vary quite considerably. According to recent studies, you can pay from as little as £2, or as much as £19, a ton. The reason for the variation is that there is a trading market for emission reduction credits, so the price can regularly go up or down.

Source:



Platinum reports second quarter declines

Platinum Underwriters Holdings has reported a fall in net income for the second quarter of 2009, to $98.1 million, compared with $102.3 million in the previous three months.

The decline took net income for the first six months of the year down to $183 million, from $207.5 million in the same period of 2008.

The Bermuda-based property and casualty reinsurer also saw net premiums fall to $232.4 million in the three months to the end of June, down from $257.9 million in the second quarter of 2008.

Premiums for the group’s property and marine business fell to $128.3 million, from $141.7 million a year earlier, while casualty premiums dropped to $99.1 million down from $113.2 million in the same period last year.

The firm’s investment income fell to $78.3 million in the first half of 2009, down from $95.9 million a year ago.

Chief executive, Michael Price, commented: “So far this year, we have found more attractive underwriting conditions for property and marine than for casualty. However, we may be approaching the bottom of the casualty reinsurance market.”

Source: Insurance Daily



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