Our approach

Our business purpose is at the heart of how we view sustainability. That purpose is to help people to manage risk and recover from the hardship of unexpected loss.

Living to our purpose requires taking a long term view - assessing future environment, social and governance risks and emerging trends, and making sure these inform today’s decision-making.

Our day to day decision-making considers both the fulfilment of our purpose, and the long term prosperity of our customers, the community, our people, suppliers, the natural environment and our investors. Each of these aspects is inherently interconnected with each other.

Business sustainability is the intended outcome of a successful business strategy. To achieve this we take a balanced approach across five key dimensions. 
Economic performance
Our economic performance underpins our ability to deliver value, not only to our shareholders, but to all those who rely on us – including customers, employees, and the community.  By anticipating and managing both external and internal influencers of our financial performance we deliver sustainable financial returns. These returns ensure that we can continue to pay our customers’ claims and offer insurance that is affordable and accessible.

As the largest general insurance group in New Zealand, IAG contributes to the economy in many ways. We employ more than 3,000 staff throughout the country. Our people are active in our communities and we’re a major purchaser of goods and services, supporting hundreds of other businesses in New Zealand, including panel beaters, builders and retailers.

Our asset management team maintains a focus on generating optimal, sustainable returns. IAG adheres to the United Nations Principles for Responsible Investment. For some of IAG’s investment we target opportunities to support environmental, social and governance issues.

Click here to see our credit ratings and here to review our financial performance.
Our relationship with our customers is first and foremost about paying claims.  In fact, we pay out around NZD$700m in claims annually.  In doing so we are focused on acting promptly, effectively and justly in the face of adversity to help our customers when they need us most.

However, we believe our relationship extends beyond just paying claims.  The value that we deliver to our customers includes helping them to reduce risk and avoid unnecessary hardships, keeping insurance available and affordable so that they are protected in their time of need, and anticipating and responding to their changing needs.

We value the diverse nature of our customers and recognise that we must take a broad and long-term view to meet customers’ requirements into the future. Some of the innovative products and services we have developed include: NZI’s Sustainability Suite; State online; NZI’s sustainable commercial rebuild, State’s small retail and trade business insurance; and NZI’s low-cost home and contents insurance.
Our people
Our people are crucial to the success of our business. We know that long-term success stems from attracting and retaining the right people with the right skills and capabilities to meet current and future business needs.

We are focused on looking after our people by building a workplace that respects the diverse range of talent and experience they bring, one that supports their growth professionally and personally; a workplace in which they are proud; that engages and motivates them to do their best for our customers and their colleagues each and every day.
We recognise the vital role that we play helping New Zealanders to manage risk, and to recover from the hardship of unexpected loss.

IAG works with many well-respected organisations to promote risk identification, awareness, prevention, reduction and adaptation. We are increasing our activities with customers and communities to improve risk management - in the home, on the road, and in the natural environment.

By harnessing insights and partnering wisely, we are evolving our understanding of how we can enable and protect our communities. This involves identifying adaptation measures and resilience building. Communities which actively plan to manage risks can ultimately recover from the unexpected more quickly. All of this helps to keep insurance more affordable and accessible for all.
Natural environment
IAG recognises the value of our relationship with the natural environment as being a vital aspect of our business sustainability. Accordingly, we are managing not only our impact on the environment, but also the impact of the environment on our business.

Increases in the severity and frequency of weather events represent significant risks to our business, our customers and the communities we serve. That’s why for some years IAG has advocated the need to develop a more resilient built environment to reduce communities’ vulnerability. We’re collaborating with our partners to improve our collective understanding of the important relationship between where our communities build, how they build and how to effectively reduce the impact of catastrophes when they occur.

Meanwhile we continue to adapt to a low carbon future. This is about investing in responsible environmental management across our operations, including how we operate and manage our use of consumables and utilities, and working with our suppliers to achieve more sustainable outcomes for our business, customers, partners and communities.  This has helped us to be carbon neutral since 2012.
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