QBE’s Premiums4Good initiative boosted by Serco commitment
QBE Insurance (QBE) today announced that its Premiums4Good initiative will be boosted by a commitment from client Serco Australia to direct 25 percent of its premiums towards the program that invests in projects creating positive environmental and social change.
Premiums4Good is a global initiative by QBE that directs a portion of customer premiums towards investments that deliver social or environmental benefits as well as meeting risk-return objectives. These investments include social impact bonds, green bonds and other impact investments. Under the program, select clients can elect to direct up to 25 percent of their premiums to these investments.
Vivek Bhatia, Chief Executive Officer at QBE Australia Pacific, said Serco’s commitment will go towards supporting a number of initiatives that are delivering real change to Australian and global communities.
“Earlier this year we opened the Premuims4Good program to our workers compensation customers and I am delighted that, with the support of our partner Marsh, Serco has become the first of these clients to commit 25 percent of their annual premiums to impact investments,” Bhatia said.
“The Premiums4Good program is a unique initiative that invests in a diverse range of projects – from renewable energy to homelessness and recidivism. Serco’s support will make a real difference to communities here in Australia and across the globe.”
Serco Asia Pacific CEO, Mark Irwin said: “Serco is delighted to be the inaugural partner with QBE in the Premiums4Good program. Throughout our 30 years of operation in Australia we have always worked hard to support the communities in which we operate and make a positive difference to people’s lives every day. Our commitment of 25 percent of our annual insurance premiums to socially-beneficial investments will provide positive support for a range of programs that improve local Australian communities and the environment.”
Earlier this year QBE announced that it would commit a minimum USD 100m, GBP 100m and AUD 100m of premium to the program, from the United States, United Kingdom and Australia respectively, in 2019. The company has also set an ambitious target of growing its impact investments to USD 1bn by 2021.
QBE Australia Pacific
Head Office: Level 5, 2 Park St, Sydney NSW 2000 Australia
PO Box 82, GPO Sydney NSW 2001 Australia
telephone +61 2 9375 4444 facsimile +61 2 9231 6104