Insurance Australia Group Ltd

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Direct Lobbying Transparency

Overall Assessment	Comment	Score
Comprehensive	Insurance Australia Group Ltd (IAG) provides a highly detailed picture of its climate-policy lobbying. It names numerous concrete measures it has tried to influence, including APRA’s Prudential Practice Guide CPG 229 on climate-related financial risks, the External Reporting Board’s climate-related disclosure standards in New Zealand, the Australian Government’s Emergency Response Fund Amendment (Disaster Ready Fund) Bill 2022, the creation of the Federal Hazards Insurance Partnership, and several parliamentary inquiries such as the “Select Committee on the Impact of Climate Risk on Insurance Premiums and Affordability.” The company is equally explicit about how it lobbies and whom it targets. It describes lodging written submissions to federal and state inquiries, “engaging with Ministers and officials in New Zealand,” making a public submission to APRA, taking part in Treasury-hosted round-tables, co-chairing the Australian Sustainable Finance Institute, and providing technical input through the Insurance Council of Australia and the Hazards Insurance Partnership. These mechanisms are tied to clearly identified targets such as APRA, Australia’s Treasurer, the NZ Minister for Climate Change, and specific parliamentary committees. IAG also sets out the concrete results it is pursuing. It calls for “greater investment in mitigation initiatives – at least $200 million per year, matched by the state and territory governments,” backs the final design of a reinsurance pool to cut premiums in Northern Australia, supports the establishment of a New Zealand Climate Change Commission to deliver net-zero by 2050, and endorses “draft Governance and Risk management standards” that align with TCFD disclosure, stating its “support with no exceptions.” It additionally presses for reforms to land-use planning and stronger building codes to reduce disaster risk. By disclosing the specific policies, the methods and targets of its engagement, and the precise outcomes it seeks, IAG demonstrates a comprehensive level of transparency on its climate-related lobbying activities.	4

Lobbying Governance

Overall Assessment	Comment	Score
Limited	Insurance Australia Group discloses only a rudimentary approach to governing its climate-related advocacy. It states that “IAG’s goals and commitments to address climate and disaster resilience are captured in the Climate & Disaster Resilience Action Plan (Action Plan)” and that “The Action Plan is aligned to the Paris Agreement”, indicating an intention that policy engagement should reflect the company’s climate strategy. The company also notes that “IAG’s participation in the public policy making process is multi-layered. At the leadership level, IAG’s CEO and Executives meet regularly with political, policy making and regulatory leaders,” and that it “continually engages with regulators, governments, government agencies and industry associations on public policy issues relevant to IAG.” While these statements show senior-level involvement and an expressed aim to keep engagement consistent with the Action Plan, the evidence stops short of detailing any formal mechanism that monitors or audits lobbying positions, sets review criteria for trade-association alignment, or assigns a board or committee to oversee lobbying alignment. No public lobbying-alignment report, escalation process, or commitment to withdraw from misaligned associations is disclosed. Consequently, the company provides limited but explicit acknowledgement that its external engagement should align with its climate goals, yet it does not describe a structured governance process to ensure, monitor or enforce that alignment.	1