In FY24 we worked to reduce our impact on the climate and the climate’s impact on Aotearoa New Zealand.
This year, we reached a significant milestone in our sustainability journey by entering a three-year renewable energy agreement with Ecotricity.
Ecotricity is Aotearoa New Zealand’s only Toitū climate positive certified electricity provider, offering 100% renewable energy sourced from wind, hydro, and solar. They have earned multiple sustainability awards and adhere to international standards (ISO14067 and ISO14064-1) for their certification requirements.
Through our partnership with Ecotricity we are demonstrating our commitment to sustainable solutions.
Progress continues at AMI RepairHub, with a step towards on-site renewable energy generation. AMI RepairHub Onehunga, backed by property landlord PFI, installed 135 rooftop solar panels in April this year, which is estimated to reduce the site's dependence on grid electricity by more than 20% annually. This installation was the first AMI RepairHub site to benefit from onsite solar.
Gary Geeves, AMI RepairHub CEO says, “The solar panels at AMI RepairHub Onehunga are helping us lessen our dependence on grid electricity, which aligns with our focus on reducing our carbon footprint across all aspects of our operations. We are continuing to explore the potential of solar energy and how we can harness it more across the AMI RepairHub business. By adopting innovative solutions like rooftop solar, we are not just talking about reducing emissions – we are acting on it.”
These initiatives are in line with our sustainability strategy and help us to reduce our carbon emissions.
This is the seventh year of our annual climate change poll and over the years we have observed that New Zealanders have a high level of concern about climate change and its impacts; however, there is a clear call for practical steps to reduce the impact of climate hazards to protect our most hazard-prone communities.
The recent 2024 poll’s results come after last year’s weather events, including the North Island flooding and Cyclone Gabrielle in early 2023. These events have underscored the very real impact of climate change on people’s lives and livelihoods. As a result, 68% of New Zealanders now expect to be personally affected by climate hazards and 90% expect to see more frequent and extreme floods.
New Zealanders are concerned about the nation’s ability to mitigate the effects of climate change, and are calling for stronger, more proactive measures. They are advocating for risk reduction, resilient infrastructure, and improved public understanding of climate impacts, and seek for the Government to lead the way.
In the face of risks associated with severe weather events, New Zealanders believe in the importance of robust insurance systems. They are in support of a risk-based approach to premium setting as the fairest reflection of these risks and see risk reduction as the key to maintaining affordable insurance. A majority, from 80%-82%, say that we should be doing more to avoid or reduce development in high-risk locations, as well as enhance the resilience of buildings and infrastructure against the impacts of climate hazards.
As we navigate the effects of climate change, our collective response must evolve to meet the changing severity and frequency of these events. Together, we can build a more resilient Aotearoa New Zealand.
Visit IAG Climate Change Poll 2024 to read more and download the booklet.
Credit: NZME
We released our first mandatory climate-related disclosure, alongside other publicly listed New Zealand companies.
In 2021, the New Zealand Government introduced legislation mandating certain large New Zealand businesses to disclose how they identify, assess, and manage their climate-related risks and opportunities. Our first mandatory climate-related disclosure in FY24 provides an overview of the climate related risks and opportunities facing us, and how we are addressing these through our strategy, governance, risk management, metrics and targets.
This year, we adapted the Insurance Council of New Zealand’s sector-level climate scenarios to better reflect our business and help us gain insights into the potential physical and transition impacts of climate change. Through this process we engaged our Leadership team and Board on how our strategy may need to adapt to respond to these impacts.
As an insurer, we have considered a range of risks – including the physical impacts of climate change on customers, which pose challenges to insurance affordability, and the cost and availability of reinsurance. We have also considered transition impacts and identified opportunities like underwriting the customer transition to net zero, and adaptation partnering to drive system-wide change to reduce risk.
Visit FY24 Climate Disclosure to read our first mandatory climate-related disclosure
The majority of New Zealanders now consider climate risk when choosing a home.
NZI continue to support businesses with information on transitioning to an electrified fleet.
We continued to engage Government on managed retreat, climate adaptation, and natural hazard risk reduction.
We joined the Insurance Council of New Zealand’s (ICNZ) Cogo pilot project, which sees the ICNZ and participating insurers collaborate with industry motor repairers to calculate their carbon emissions using Cogo’s Business Carbon Manager App – capturing the insurers' Scope 3 supply chain emissions.
In FY24 we lent a helping hand to those in need and celebrated the diversity of our communities.