QBE Insurance has announced that its global initiative, Premiums4Good, will receive a boost from client Serco Australia.
Under the program, Serco has committed to direct 25% of its premiums to be invested in projects 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.
“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% of their annual premiums to impact investments,” said Vivek Bhatia, QBE Asia-Pacific CEO. “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 is delighted to be the inaugural partner with QBE in the Premiums4Good program,” said Mark Irwin, Serco Asia-Pacific CEO. “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% 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.”
QBE earlier announced that it would commit a minimum US$100 million, £100 million, $100 million of premium to the program, from the US, UK, and Australia respectively, this year. The company also aims to grow its impact investments to US$1 billion by 2021.
