The Environmental Defense Fund (EDF), with the support of Californian governor Arnold Schwarzenegger, launched the inaugural report "Innovations Review 2008: Making Green the New Business as Usual", recognizing Fireman's Fund as a company that greatly contributed to the "green" movement. Chuck Kavitsky, chairman of Fireman's Fund: "We are honored to be recognized by the Environmental Defense Fund for our innovation in green insurance products."

The EDF report, the first of its kind, highlights the latest trends and best practices that demonstrate how environmental sustainability efforts are creating new markets, providing competitive advantages and saving companies millions of dollars.

"While Wall Street is used to operating in terms of quarterly returns, when it comes to climate change we can’t afford the long-term costs of short-term thinking. Now is the time to think ahead," said Governor Schwarzenegger.

Allianz Group's property and casualty insurer Fireman’s Fund was the first insurance firm to offer green insurance to the US commercial marketplace, introduced in fall 2006. It gave the first financial incentive – a five percent discount on the policy premium – for owners of buildings certified by the green building rating system LEED (Leadership in Energy and Environmental Design). Vegetated roofs, plumbing and electrical systems, commissioning and the costs for green recertification fees for previously certified buildings are all included coverages that fill the gaps in traditional insurance policies.

The company's Commercial insurance division has expanded its green offerings to include historic buildings, hotels, restaurants, manufacturing facilities and commercial auto. Its Specialty insurance division also offers green coverage for commercial buildings that are under construction.

"Businesses have enormous influence in catalyzing environmental change," said EDF's Executive Director, David Yarnold. "The companies featured in 'Innovations Review 2008' demonstrate that integrating environmental considerations into business processes creates a competitive advantage."

EDF leadership and a distinguished advisory panel of experts from the fields of environmental science, law, finance and management consulting assessed hundreds of business products, practices and technologies, selecting more than 20 innovations from around the country that are highlighted in the report.

In keeping with EDF's market-based approach to solving major environmental problems, the "Innovations Review 2008" features game-changing best practices that can influence nearly every functional area within a company. All the innovations were selected based on four key criteria: good for business, good for the environment, ready for implementation across an industry or business sector, and innovativeness.

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