Insurance Australia : IAG joins Net-Zero Insurance Alliance
July 02, 2022
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IAG, Australia and New Zealand's largest general insurer, whose brands include NRMA Insurance, CGU, AMI, State and NZI, has joined the United Nations convened Net-Zero Insurance Alliance (NZIA) as part of its overall commitment to achieving net zero
As an NZIA member, IAG joins 28 other leading insurers globally, representing close to 15 per cent of the world's premium volume.
NZIA members aim to transition their insurance and reinsurance underwriting portfolios to net-zero greenhouse gas (GHG) emissions by 2050, consistent with a maximum global temperature rise of 1.5°C above pre-industrial levels by 2100, in alignment with the Paris Agreement on Climate Change.
IAG Managing Director and CEO Nick Hawkins said: "Weather and climate are core business for IAG. For nearly two decades, we have worked to understand climate change, its impacts on our business, and the ways we can help reduce climate risk for our customers and the impacts on communities.
We are excited to join the Net-Zero Insurance Alliance and be involved in developing the methodologies and strategies to achieve this through our underwriting portfolio and work towards a net-zero future
Nick Hawkins
IAG Managing Director and CEO
"As a business we are committed to reaching net zero by 2050. We are excited to join the Net-Zero Insurance Alliance and be involved in developing the methodologies and strategies to achieve this through our underwriting portfolio and work towards a net-zero future."
Joining the NZIA supports IAG's Driving to Zero focus area outlined in its Climate and Disaster Resilience Action Plan. This includes delivering on IAG's commitment to leverage its underwriting and investment approach to drive net-zero emissions.
Within this focus area, IAG has a specific target of achieving net-zero emissions by 2050 across its value chain, with an intermediate target of a 50% reduction in emissions by 2030.
As no methodology currently exists to measure and disclose net zero Scope 3 emissions relating to customers' insured assets, by participating in the NZIA, IAG will work with the world's leading insurers to develop industry-appropriate methodologies and strategies to support a just transition to net zero.
IAG has been a carbon neutral business in relation to its Scope 1 and 2 emissions since 2012, and it has intermediate targets to align its investment portfolio to net-zero emissions by 2050.
IAG's latest Climate and Disaster Resilience Action Plan is available on its website: www.iag.com.au/safer-communities/climate-disaster-resilience-action-plan
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IAG - Insurance Australia Group Limited published this content on 03 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 July 2022 00:03:04 UTC.
Insurance Australia Group Limited is a general insurance company in Australia and New Zealand. The Company is engaged in underwriting of general insurance risks and investment management. Its segments include Direct Insurance Australia, Intermediated Insurance Australia and New Zealand. Direct Insurance Australia provides personal lines, and some commercial lines, general insurance products sold directly to customers primarily under the NRMA Insurance brand, SGIO and SGIC brands, the RACV brand in Victoria (via a distribution relationship and underwriting joint venture with RACV), as well as the CGU Insurance and ROLLiNâ Insurance brands. Intermediated Insurance Australia segment provides commercial lines, and some personal lines, general insurance products sold to customers through intermediaries primarily under the CGU Insurance and WFI brands, as well as the Coles Insurance brand via a distribution agreement with Coles. New Zealand segment includes NZI and Lumley Insurance brands.
INSURANCE AUSTRALIA GROUP LIMITED 
