Author: IPB

Plans for a multi-million investment in Active Travel Safety will enhance child safety in the public realm

 

Irish mutual insurer IPB Insurance has today announced plans to invest €3 million in social initiatives for the period 2024 to 2026. The funding is drawn from the company’s Corporate Social Engagement (CSE) Fund which supports initiatives for social benefit. The company commenced its Corporate Social Engagement Fund in 2012 on behalf of its Members and, to date, has allocated to support

Today’s announcement covers three areas of focus for investment. The Fund will involve the investment of €150,000 in using football as a tool for social inclusion through the renewal of its partnership with the FAI Late Night Leagues in association with An Garda Siochana. Additionally, a €200,000 commitment to promote music education secures the extension of the already successful ETB Music Instrument Fund in partnership with Music Generation. The third area of focus will see a major investment in Active Travel safety and education in partnership and consultation with the Department of Transport and key stakeholder agencies.

The investment in Active Travel is being undertaken in partnership with the Department of Transport and will include engagement with key stakeholders in the delivery of Active Travel infrastructure, road safety and sustainable travel. IPB and the Department of Transport have signed a Memorandum of Understanding (MOU) to develop a funding programme to support initiatives that promote safety, particularly for school children.

Announcing the details of the Fund, John Kearns, CEO of IPB Insurance said, “As a Mutal whose Members serve the public and their communities, we are committed to playing our part in partnership with our Members to build a better Ireland. I am pleased to announce a €3 million investment in social engagement initiatives across education, sport and active travel that is strategically aligned with our Members in addressing social needs within their communities.”

IPB Chair, John Hogan said, “At our core is our mutual ethos, which is about working together with our Local Authority and ETB Members to protect their insurable interests in support of their objectives, namely, to serve the needs of the public and wider communities. At IPB we believe in contributing to wider society and playing an active role in creating better communities and helping to address social needs. Our Members are immersed in society providing vital services therefore our approach is closely aligned to their aspirations.

The €3 million announced today will impact communities in every local authority area across the country. I want to thank our Members for their support and all our partners involved in these initiatives for their commitment and energy to make a meaningful difference to the issues being addressed.”

The event was also attended by representatives from CSE Fund programme partners and related stakeholders including local authority and ETB representatives, the FAI, Music Generation, the Road Safety Authority and An Taisce.

IPB Insurance is a signatory of the Beat the Peak pledge and will help reduce electricity consumption during peak times (5-7pm) through the following initiatives:

 

Switch off unused appliances in the canteen/office space at 5pm

Switch off TVs (canteen, reception, breakout areas) at 5pm

Encourage employees to take the stairs during peak hours to reduce the number of elevator journeys at peak hours

Encourage employees to unplug unnecessary power cables, screens or electrical appliances during peak hours (if possible)

Ask employees not to print after 5pm (printing should be limited in the first instance)

Don’t charge mobile phones during peak hours

Communicate pledge with employees about why is important but also an opportunity to save costs when at home

IPB Insurance had its ESG Evaluation Score re-assessed by S&P Global Ratings, and we are pleased to announce that we have improved our score from 75 to 76.  This is in recognition of the work we have carried over the last 12 months in supporting our Members, our Diversity & Inclusion Programme, and the publication of our first Sustainability Strategy.

You can read the report here

S&P Global Ratings today (26th August 2022) revised its ESG Evaluation on Ireland-based IPB Insurance CLG to 75 from 73, following our upward revision of Ireland’s regional governance risk score. Higher numbers indicate stronger sustainability in our evaluations.

S&P Global Ratings said ‘The improvement in IPB’s ESG Evaluation reflects revision of Ireland’s regional governance risk score to ‘1’ from ‘2’, following our updated review of governance standards globally. We now assess Ireland’s governance standards, practices, and ESG-focused regulation to be in line with its strongest international peers, which enables IPB (headquartered in Ireland) to benefit from higher market­ wide standards. The list of countries we assess as having a regional governance score of ‘1’ includes Canada, France, the U.K., and Switzerland, among others.

All other ESG profile factors and evaluation of preparedness for IPB remain unchanged.

IPB Insurance CLG is a mutual property and casualty insurance company headquartered and operating exclusively in Ireland. It provides insurance products primarily to its 51 corporate members, including local authorities, education training boards, regional assemblies, and the health service executive.

IPB, Irelands only non-life mutual and the largest liability insurer in the state, today announced that its strategy to do business responsibly and sustainably has been formally evaluated by S&P Global Ratings. Assessed across Environmental, Social and Governance (ESG) dimensions of S&P Global Ratings’ assessment, IPB received a score of 73 out of 100, recording the highest score for the social category to date under the S&P ESG evaluation Process for Financial Services companies.

“I am pleased that our commitment to working within the Principles for Sustainable Insurance (PSI) is now recognised externally, receiving a solid score from which we can build on further over the coming years. I am particularly pleased that the S&P Global Ratings ESG Evaluation rated IPB’s Social performance the highest yet among its published reports for financial services companies. This is a testament to our ethos as a mutual and the values we hold dear that not only recognises our commitment to our Members but also the communities they serve.” Michael Garvey, CEO IPB Insurance.

S&P Global Ratings’ ESG Evaluation assesses a company’s ESG strategy and ability to prepare for potential future risks and opportunities and is used by investors as a forward looking, long-term opinion of a company’s readiness for disruptive ESG risks and opportunities. It provides an overall ESG Score that allows comparison with other entities globally, including sector peers.

We are pleased to announce that on the 22 April 2022, IPB Insurance became a signatory to the Principles for Sustainable Insurance (PSI) and a member of the global community of banks, insurers and investors of UN Environment Finance Initiative (UNEP FI).

The UNEP FI is a partnership between UN Environment Programme and the global financial sector created in 1992 to advance sustainable finance. More than 400 financial institutions work with UN Environment to understand emerging environmental, social and governance issues, why they matter to the finance industry, and how to address them in banking, insurance and investment decision-making and market practice.

The United Nations Environment Programme (UNEP) is the leading global environmental authority that sets the global environmental agenda, promotes the coherent implementation of the environmental dimension of sustainable development within the United Nations system, and serves as an authoritative advocate for the global environment.