|Date joined:||28 April, 2022|
|Initiatives:||Principles for Sustainable Insurance|
IPB Insurance Ltd. is a mutual property and casualty insurance company headquartered in Dublin, Ireland. It was established in 1926 and is regulated by the Central Bank of Ireland. IPB provide insurance products primarily to our 51 members which include the local authorities, education and training boards, regional assemblies and the HSE.
IPB incorporates members’ interests in its pricing strategy and product development through an internal modified community rating pricing system that ensures that there is an equitable approach to pricing across the member base. The company also commits to returning retained earnings and dividends where possible and in line with regulatory capitalisation targets.
Having completed a corporate sustainability assessment of their operations, IPB announced on 21 October 2021 that it has achieved an environmental, social and governance (ESG) Evaluation Score of 73/100 with S&P Global. IPB recorded the highest score to date of 77/100 in the S&P ESG evaluation process social category for financial services companies, which is a testament to its ethos as a mutual and the values IPB holds dear.
IPB`s founding purpose is to protect and safeguard the interests of its Members by fully integrating environmental, social and governance aspects into how IPB operates its business whilst working in tandem with IPB’s Members to deliver a “Climate First” Sustainability strategy which are aligned to the four UN Principles for Sustainable Insurance and the UN Sustainable Development Goals. As part of this strategy, IPB has set out 6 key commitments which are as follows:
1) Embed a Climate First Sustainability strategy,
2) IPB’s commitment to be a responsible and sustainable insurer,
3) IPB’s commitment to people and culture,
4) IPB’s commitment to responsible investment,
5) IPB’s commitment to provide responsible operations, and
6) IPB’s commitment to its Members.
IPB’s expectations as a signatory are that it can access UN expertise and resources on ESG issues, policymaking, science, research and networking to assist IPB in it’s journey and better support it’s members.