IAG is the largest general insurance company in Australia and New Zealand, with leading brands in Australia including NRMA Insurance, CGU, WFI, SGIO, SGIC and Swann Insurance. With more than 8.5 million customers and information on the majority of motor vehicles and domestic residences in its markets, IAG uses its leadership position to understand and provide world-leading customer experiences, making communities safer and more resilient for the future.
IAG’s purpose is to make your world a safer place and the company is committed to being a responsible and ethical business that exceeds community and customer expectations. The IAG-wide Safer Communities Plan delivers on its purpose, prioritising two key areas where it can make a meaningful difference to society and create commercial value:
- Disaster risk reduction and climate change – enabling communities in Australia and New Zealand to better prepare for, and respond to, natural perils and climate change.
- Community connection and resilience – building safer and more connected communities that have the capacity to grow and thrive by partnering, accelerating the role of business in resilience and taking a community-led approach.
IAG supports the international commitment to the United Nations’ 17 Sustainable Development Goals (SDGs) to advance economic, social and environmental prosperity. This support recognises that the social and environmental challenges faced by communities, countries and regions affect business and influence commercial success. While IAG’s work to create safer communities and focus on risk transfer through insurance can support many of the SDGs, IAG prioritises those SDGs where it can make the largest difference:
SDG 8 – Decent work and economic growth
SDG 9 – Industry, innovation and infrastructure
SDG 11 – Sustainable cities and communities
SDG 13 – Climate action
Each year, IAG engages its key stakeholders to help identify the material issues that affect its ability to make your world a safer place. Materiality is based on the importance of each issue to IAG’s stakeholders and their impact on the community, environment and economy. Issues identified as material to IAG’s business for FY20 are:
Post disaster relief and emergency response
Customer and partner experience
Trust in institutions
Accessibility and affordability of insurance
Community connection and resilience
Climate change and its impacts
Climate change is a key consideration in IAG’s strategy-setting process. IAG uses risk-based pricing, reinsurance and annual premium adjustment to address the short-term risks of climate change, and longer term recognises considerations such as the increasing frequency and severity of natural peril events.
IAG’s objectives and progress are outlined in its Climate Action Plan and Scorecard, which is released publicly every six months at www.iag.com.au.
Please note this disclosure does not cover business operations in Vietnam due to materiality and Joint Ventures where we do not control or manage the assets.