Materiality

In 2018 we completed an update of our materiality assessment to review the issues, risks and opportunities that are most significant for QBE and our stakeholders. The results of our materiality assessment inform our sustainability approach, strategic priorities and reporting.

Sustainability topics were identified using guidance developed by AccountAbility’s AA1000 AcountAbility Principles (AA1000AP) 2018, including their five-part materiality test.

This included a review of:

  • media and global peer activities;
  • a range of sustainability indices such as the Dow Jones Sustainability Index and MSCI ESG-indexes;
  • industry standards and benchmarks such as the Global Reporting Initiative Standards; 
  • the United Nations Sustainable Development Goals;
  • emerging risks and opportunities for the insurance industry including those outlined in the World Economic Forum Global Risks Report;
  • employee surveys such as QBE Voice;
  • stakeholder expectations including feedback from investors and customers; and
  • targeted stakeholder interviews with business representatives from across the business.

The sustainability topics identified were mapped to our Sustainability Framework to ensure coverage of the risks and opportunities relevant to our role in society as an international insurance company.

The risks and opportunities associated with each sustainability topic were reviewed based on their importance to our business and to our stakeholders. In addition to the sources reviewed above, a survey of Sustainability Committee members and other senior leaders provided input into the analysis of the relative importance of sustainability topics to QBE. 

Each topic was then positioned on our materiality matrix within three different stages of relevance and maturity: 

  • Prioritise – Topics with high importance to both our stakeholders and our business. These topics require continuous review and focus.
  • Maintain – Relevant topics for the business for which we have well-established management processes. Stakeholder interest in these topics may vary.
  • Explore – Topics with increasing relevance from an internal perspective and an expected increase in stakeholder interest. These topics warrant further analysis.

Following the development of the materiality matrix by an independent third party, an internal validation workshop was held with the Sustainability Committee to test and validate the assumptions used and the outcomes, taking into account the short, medium and long-term potential impacts of each topic. The final outcomes were then shared with the GEC and the Group BRCC.

To find out more about our key material issues for 2018, please refer to our 2018 Sustainability Report.

materiality matrix