Guided by the Global Reporting Initiative (GRI) Standards, we completed a full materiality assessment in FY22. We identified material topics using a range of sources, including: our internal risk team and Enterprise Risk Profile (ERP), the World Economic Forum Global Risk Report, the UN Sustainable Development Goals (SDGs), relevant sustainability standards, and peer activities.
Using these topics, we engaged with customers, employees, partners, shareholders and the communities in which we operate to prioritise the topics based on their impact on the economy, society and the environment and their potential to affect our business performance.
Identification > Prioritisation > Validation
In FY23 we re-examined the outcomes of the FY22 assessment with a customer survey and a review of industry and global socio-economic trends. Engaging with our customers helps us to understand if their priorities have changed, and where IAG is best placed to influence the impacts of our material topics. The survey provided customer sentiment insights that support the prioritisation of our work:
- Climate change increased in importance for our New Zealand customers relative to Australia, reflecting the impact of the North Island floods and ex-Tropical Cyclone Gabrielle in early 2023.
- A heightened focus on natural environment, biodiversity and water scarcity, driven by more frequent natural peril events and a growing awareness of the biodiversity crisis.
- Increased focus on privacy and cybersecurity, driven in part by a series of high-profile privacy breaches in Australia in FY23.
The materiality process in FY23 validated that our four material topics remain consistent with the FY22 assessment: climate change; disaster resilience and emergency response; affordability and availability of insurance; and trust and transparency. These outcomes were validated internally and shared with our Sustainability Steering Committee. Our materiality process is also reviewed by KPMG as part of third-party limited assurance.
Further detail on how we are managing our material topics can be found on pages 8-32 of the FY23 Annual Report and throughout the FY23 Group and New Zealand climate-related disclosures, which can be found in the Sustainability reports area of this website.