IAG today launched its new Climate & Disaster Resilience Action Plan for Australia and New Zealand outlining the goals and commitments that will drive our action on climate change and disaster resilience over the next three years.
We know the need for businesses, governments and communities to act on climate change has never been more urgent, with the latest findings from the UN’s Intergovernmental Panel on Climate Change showing temperatures in the last decade are now warmer than at any time during the last 100,000 years.
IAG’s own claims data and research – conducted by our in-house Natural Perils team of meteorologists, scientists, hydrologists and statisticians – shows climate change is already leading to more frequent and more damaging weather events, including severe storms, hail, bushfires, floods and tropical cyclones.
We recognise achieving net zero emissions as soon as possible can limit the impact climate change will have on severe weather.
We also see first-hand the impact a warmer climate has on our customers and communities when we're on the ground helping them recover from these devastating events. That’s why taking action on climate change and disaster resilience is so important to us.
For nearly two decades, IAG New Zealand has worked to understand and reduce our impact on the climate. We have measured our emissions since 2004, been carbon neutral since 2012, are committed to a low emissions future through our science-based targets and on track to realise 40% reduction in our emissions by 2025.
We have continued our focus on educating and advocating for greater action on adapting, including through our annual Ipsos-IAG Climate Poll, AMI Weather Outlook, climate education events and our work with Governments and industry groups.
We have also been a strong advocate for climate risk reduction and the role of insurers in achieving that. We were proudly part of the Government working group on climate change adaptation and the development of the Aotearoa Circle’s Sustainable Finance Roadmap and have been an active promoter of climate action by business through the Climate Leaders Coalition and Sustainable Business Council.
The new Climate & Disaster Resilience Action Plan has three focus areas in which we are taking action.
Rethinking risk. We will continue to evolve our understanding of climate risk and build it into the core of our insurance business, including how we manage capital, and how we price, underwrite and design our products to support insurance accessibility and affordability.
Transforming the System. We will continue to collaborate with the business, government and community sectors to increase the focus on climate change adaptation and reduce climate risk.
Driving to Zero. We will continue to take significant steps to reduce our own emissions and support our customers, suppliers and our people to reduce theirs.
Responding to climate change is an important part of what it means to be a sustainable organisation. Our FY21 Annual Snapshot shows many of the contributions we made during the last financial year.
For more information read the full IAG Climate & Disaster Resilience Action Plan.