IAG is the only Australian insurer to become a signatory to the United Nations (UN) Principles for Sustainable Insurance, joining 26 other insurers worldwide.

The principles, which were developed by the UN Environment Program Finance Initiative, provide a framework for the insurance industry to respond to environmental, social and governance challenges and have been designed to support the development of a green economy, more resilient communities and sustainable development.

In becoming a signatory to the principles, IAG has committed to integrating environmental, social and governance considerations into all aspects of its operations.

New Zealand life and health insurer Sovereign has also become a signatory, along with the Insurance Council of Australia (ICA) and the Insurance Council of New Zealand (ICNZ), which have signed up as supporting institutions, along with five other industry associations.

In 2006, a group of insurers began studying the impacts of a wide range of environmental, social and governance issues on the insurance industry for the UN, leading to the development of the principles.

IAG initially co-chaired the research group and IAG MD Mike Wilkins says he is delighted the company is a founding signatory to the principles.

The signatories were announced as part of the Rio+20 UN conference on sustainable development, and include insurance groups such as Aviva, Axa, ING, Munich Re and Swiss Re.