QBE Asia has launched Premiums4Good, a global initiative that invests everyday premiums to make a difference to communities across the globe.
Through Premiums4Good, a portion of customers' premiums are put into investments that create social and environmental impact alongside a financial return, at no extra cost to the customer.
The investments include projects that help the environment, like renewable energy, waste management and water conservation, and ones that deliver direct, sustainable benefits to communities such as helping the homeless or providing additional social care to adults and young people.
Asian Development Bank (ADB)'s gender thematic bond, which brings gender equality support and women's empowerment to the fore is one such programme supported through this initiative. This has enabled communities to improve social protection and health programmes, reduce poverty and better support the prevention of and response to gender-based violence. This has also seen more tangible strategies to further women's entrepreneurship opportunities and to help them secure green and more financially stable jobs. As of July 2021, ADB has raised over $2.9bn through this programme.
Another investment undertaken through Premiums4Good is OCBC Bank's green bond, which supports green investment portfolios and projects in the renewable energy and green buildings categories in the Asia-Pacific region. Projects through these bonds have to date collectively surpassed OCBC's S$10bn ($7bn) sustainable finance portfolio set in 2020, with a goal to reach a S$25bn sustainable finance portfolio by 2025.
Premiums4Good is offered across QBE's operations in Australia, Pacific, Asia, Europe and North America, with an investment portfolio spanning multiple asset classes, geographies and impact areas. As of 31 December 2021, QBE has invested $1.4bn through Premiums4Good, with a goal to reach US$2bn by 2025. To acknowledge the contributions its customers and partners can make, it issues a certificate of recognition for their Premiums4Good contributions.
The initiative is aligned with the United Nations' Sustainable Development Goals to support advancement of these global goals.