IAG has backed the Net-Zero Insurance Alliance’s (NZIA) Target-Setting Protocol that will allow members to individually set and report net-zero targets relating to specific greenhouse emissions.

Under the policy, NZIA members will be able to set “intermediate science-based targets” for their insurance and reinsurance underwriting portfolios towards net-zero guidelines outlined in the Paris Climate Accords.

The protocol looks to address emissions generated by policyholders from the production and use of their insured assets, also known as Scope 3 Insurance Associated Emissions. The NZIA has informed insurers to identify and disclosure their initial targets for the protocol by July 31.

IAG, which is one of 29 members of the UN-convened initiative, says its first target will be in accordance with its established climate goals and commitments and will be revealed ahead of the required date.

“We’re proud to have contributed to the development of the Protocol to provide a framework for NZIA members to set and report on their net zero goals,” IAG Chief Underwriting Officer Darren Maher said.

“We’re already looking at how the Protocol can support our Net Zero Roadmap actions to reduce emissions across our insurance portfolios.”

Click here for more information on the NZIA’s Protocol.