Brief Overview of Organisation
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 our operations, IPB announced on 21 October 2021 that we have achieved an environmental, social and governance (ESG) Evaluation Score of 73/100 with S&P Global. We 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 our ethos as a mutual and the values we hold dear.
Summary of Sustainability Strategy
IPB’s founding purpose is to protect and safeguard the interests of our Members by fully integrating environmental, social and governance aspects into how we operate our business whilst working in tandem with our 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, we have set out 6 key commitments which are as follows:
1) Embed a Climate First Sustainability strategy,
2) Our commitment to be a responsible and sustainable insurer,
3) Our commitment to people and culture,
4) Our commitment to responsible investment,
5) Our commitment to provide responsible operations, and
6) Our commitment to our Members.
Our expectations as a signatory are that we can access UN expertise and resources on ESG issues, policymaking, science, research and networking to assist us in our journey and better support our members.