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Insurance Australia Group (IAG)

PRI reporting framework 2020

You are in Strategy and Governance » Promoting responsible investment

Promoting responsible investment

SG 09. Collaborative organisations / initiatives

09.1. Select the collaborative organisation and/or initiatives of which your organisation is a member or in which it participated during the reporting year, and the role you played.

Select all that apply

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

UNEP FI PRI

  • IAG is a member of the UNEP FI Principles for Responsible Investment
  • IAG makes annual public disclosures to the PRI which are publicly available
  • IAG attendance at PRI in Person in Paris 2019
  • IAG maintains dialogue with external investment managers and encourages where appropriate participation with PRI and use of PRI guidance and resources
  • IAG partnering with PRI and other financial sector players in the Australian Sustainable Finance Initiative (in Australia) and Aotearoa Circle (in NZ) on creating more sustainable finance systems.

 

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

CDP
IAG is a CDP Responding Company and has responded to the CDP Climate Change questionnaire annually since 2010 and regularly participates in their events. IAG’s 2019 CDP Score was a B.

 

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

UNEP FI PSI

IAG is a member of the UNEP FI Principles for Sustainable Insurance.

IAG’s Chief Strategy and Innovation Officer, Julie Batch is the Co-Chair for the UNEP FI PSI. 

IAG is participating in the UNEP FI PSI TCFD Pilot to develop a new generation of risk assessment tools designed to enable the insurance industry to better understand the impacts of climate change on their business.

In November 2019, IAG hosted a UNEP PSI Oceania market event at its office in Sydney.  The event demonstrated how the PSI is shaping the global sustainable insurance agenda through collaborative initiatives across key environmental, social and governance (ESG) issues and the insurance industry’s roles as risk managers, insurers and investors.  It provided a forum to discuss key sustainability developments in the insurance industry and financial sector in Australia and New Zealand.  It also worked to shape and identify core elements of a sustainable insurance agenda in the region.  

IAG makes annual public disclosures to the PSI which are publicly available.

          ASFI
        

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Australian Sustainable Finance Initiative (ASFI)

In Australia, IAG is Co-Chair of ASFI (alongside RIAA), which is working to set a roadmap to realign the finance sector to support greater social, environmental and economic outcomes.In December 2019, ASFI released its first progress report, identifying six critical challenges that the finance sector must address to navigate risks and opportunities for Australia’s future resilience, prosperity and wellbeing including Leadership,culture and institutional structures; Community and consumer interests and expectations; Frameworks, tools and standards; Decision-making and valuation; Unlocking sustainable finance and allocating capital to where it is needed; and Policy, regulation and supervision.In this forum, IAG contributes knowledge, insights and capability towards developing sector-wide approaches to the availability and affordability of insurance products and addressing sustainability issues which are affecting financial systems.

The Aotearoa Circle – Sustainable Finance Forum

In New Zealand, IAG plays a key role in the Sustainable Finance Forum which is a partnership of public and private sector leaders committed to sustainable prosperity and the conservation of natural resources across the country. In this forum, IAG contributes knowledge, insights and capability towards developing sector-wide approaches to the availability and affordability of insurance products and addressing sustainability issues which are affecting financial systems.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

UNEP FI

IAG has been a member of UNEP FI since 2003 and plays a leadership role in the UNEP FI PSI and PRI. IAG currently holds a Co-Chair position of the UNEP FI Global steering committee.

          Australian Business Roundtable for Disaster Resilience and Safer Communities
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Australian Business Roundtable for Disaster Resilience & Safer Communities

IAG is a founding partner of the Australian Business Roundtable for Disaster Resilience and Safer Communities with, Optus, Munich Re, Westpac and the Australian Red Cross to influence public policy and spending in sustainable and resilient infrastructure to reduce the social and economic cost of natural disasters.

The Roundtable was established in 2012 and brings together aligned organisations to lead and influence public policy in a way that reduces the impact and cost of extreme weather events on life, property and the economy. In the past 12 months, the Roundtable refined its focus to engage with disaster resilience frameworks and policies sitting at all levels of government, and to demonstrate that business and the wider Australian community have a role to play in building resilient communities.

The ABR’s research has continued to be used by a diverse range of stakeholders to inform the national conversation around disaster resilience and climate resilience.

Find out more about the Australian Business Roundtable here: http://australianbusinessroundtable.com.au/ 

          Insurance Council of Australia
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Insurance Council of Australia

The Insurance Council of Australia is the representative body of the general insurance industry in Australia.  IAG is a member of the ICA and plays an active role its Climate Change Action Committee and Data and Knowledge Sub Committee.

          100 Resilient Cities
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

100 Resilient Cities

As part of 100 Resilient Cities, IAG has sat on working groups for, Melbourne and Sydney and been involved in the programs in Christchurch and Wellington.

Resilient Sydney is supporting the work with Sydney Councils, the Red Cross, IAG, the Australian Business Roundtable for Disaster Resilience and Safer Communities and partners to promote the Red Cross and IAG co-created “Get Prepared” app. The Get Prepared app is a free and easy to use tool to help community members prepare for any type of emergency by:

  • establishing a quick and easy network of support with three key contacts
  • promoting review of the risks relevant to where they live
  • providing checklists of actions to make an emergency plan
  • saving the emergency plan as a PDF to be printed and shared with others.

Resilient Sydney aims for 100,000 Sydney residents have downloaded the app to undertake preparedness activities.

Find out more here: https://www.cityofsydney.nsw.gov.au/__data/assets/pdf_file/0008/309896/Resilient-Sydney-A-strategy-for-city-resilience-2018-part-3.pdf

          Geneva Association
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Geneva Association
Since 2014, IAG has supported the Geneva Association’s Climate Risk Statement guiding principles on the substantial role insurance can play[NS1]  in global efforts to tackle climate-related risks.

IAG participates in the Geneva Association’s Emerging Risks Working Group addressing Physical and Transition risks in different regions internationally.


SG 09.2. Assets managed by PRI signatories (Private)


SG 10. Promoting RI independently

10.1. Indicate if your organisation promotes responsible investment, independently of collaborative initiatives.

10.2. Indicate the actions your organisation has taken to promote responsible investment independently of collaborative initiatives. Provide a description of your role in contributing to the objectives of the selected action and the typical frequency of your participation/contribution.

Description

          Broad discussion on responsible investment during Annual General Meeting and IAG executive speaking engagements at UNEP FI, PRI, PSI and the Australia Business Roundtable for Disaster Resilience and Safer Communities events.
        

Frequency of contribution

10.3. Describe any additional actions and initiatives that your organisation has taken part in during the reporting year to promote responsible investment [Optional]


SG 11. Dialogue with public policy makers or standard setters (Private)


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