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QBE Insurance Group Limited

PRI reporting framework 2019

You are in Strategy and Governance » Promoting responsible investment

Promoting responsible investment

SG 09. Collaborative organisations / initiatives

09.1. Select the collaborative organisation and/or initiatives of which your organisation is a member or in which it participated during the reporting year, and the role you played.

Select all that apply

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Consistent with our commitment to responsible investment, throughout the year, QBE representatives attended several PRI events on responsible investment, including, PRI in person and those related to TCFDs, alongside other industry initiatives outlined.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

In 2018, QBE joined the Global Real Estate Sustainability Benchmark (GRESB) as an investor member and reviewed the ESG performance of real estate portfolio managers. Based on GRESB real estate benchmarks, the weighted average for the property portfolio is GRESB 4 Star, which is in the top quartile.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

QBE have an impact investment program that requires investments to be verified and classified by an independent committee. For Green Bonds to be eligible for this pool of investment the Green Bond Principles are one of the assessment considerations.

QBE have on issue in 2018 a $200 million in fixed-rate senior notes under the QBE Green Bond Framework - which aligns with the Green Bond Principles. It is the first green bond to be issued by a global insurance company. The proceeds were materially invested in areas such as renewable energy, low-carbon transportation, sustainable forestry, water efficiency, waste management and pollution control.

 

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

During 2018, we strengthened our commitment to responsible investment by joining the Investor Group on Climate Change (IGCC), where we participate in member meetings on emerging and materialissues associated with climate risk and participate in the Adaptation Working Group.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

QBE provides a broad range of insurance products to personal,business, corporate and institutional customers. As a proud signatory to the United Nations Environment Programme – Finance Initiative’s (UNEP FI) Principles for Sustainable Insurance (PSI), we take an active approach to risk management, no matter how complex, and listen to our customers’ needs to deliver tailored solutions. Just as QBE helps customers to manage their risks, we apply a similar approach to managing our risks and sustainability challenges as a business where we seek to embed awareness of sustainability issues into our decision making. In addition, QBE works with employees, clients and business partners to raise awareness of ESG and sustainability issues, manage risks and develop solutions.

In 2018, we formed an ESG Risk team to analyse and help manage these risks across the business. Our new ESG Business Policy Committee also discusses and develops specific ESG policies for application. 

Throughout the year, QBE representatives attended and spoke at business roundtables, seminars and events on sustainability topics, including impact investing, diversity, climate change, sustainable communities, human rights and sustainable finance.

          Responsible Investment Association Australasia (RIAA)
        

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

QBE are a member of the Responsible Investment Industry Australasia (RIAA), and participated in the RIAA Conference (Australia) along with a number of other responsible investment industry forums and information sharing platforms. QBE participates on the RIAA Impact Investment Forum committee and the Human Rights Working Group and submitted responses to benchmarking surveys.

Your organisation’s role in the initiative during the reporting period (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

See PSI comments.

          ClimateWise
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

QBE participates in ClimateWise initiatives. In 2017, ClimateWise – an industry leadership platform facilitated by the Cambridge Institute for Sustainability Leadership (CISL), of which QBE is a member – used QBE’s Premiums4Good initiative as a case study and example of responsible investment approach, aligned with ClimateWise's wider agenda.

          Women's Empowerment Principles (WEPs)
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

QBE signed up to the Women’s Empowerment Principles (WEPs) and has issued a $400m QBE Gender Equality Bond (social bond), which imposes criteria for how QBE can invest any capital raised. An issuer must be a signatory to the WEPs and included in the Equileap Gender Equality Report Top 200 Companies for 2017. 

          Impact Management Project
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

As we strive for best practice in impact investing globally, QBE are proud to participate in the Impact Management Project (IMP). This global network of standard‑setting organisations aims to develop a convention and shared language for impact investment. IMP works alongside other reporting standards to identify investors’ contribution, and how capital providers such as QBE are investing for impact and intentionally seeking deeper impact. QBE has mapped the Premiums4Good portfolio to the IMP to demonstrate the development and maturity of the program over the past four years since its launch.

          Accounting4Sustainability
        

Your organisation’s role in the initiative during the reporting year (see definitions)

Provide a brief commentary on the level of your organisation’s involvement in the initiative. [Optional]

QBE participated in The Prince’s Accounting for Sustainability Project (A4S) and Institute of Chartered Accountants (ICAEW) Finance for Future Awards program in 2018, and was a Finalist in the ‘Building Sustainable Financial Products’ category for Premiums4Good – a customer focussed initiative which connects insurance customer premium with a growing pool and impact investments.

Employees across the business attended or contributed at multiple events held by Accounting for Sustainability (A4S). Our Group Head of Sustainability has been an expert panel member since January 2017, and our Group Financial Controller joined the A4S Trans‑Tasman Circle of Practice in 2018. Once again, QBE attended the 2018 A4S Summit at St James’s Palace in London, an invitation‑only event hosted by HRH The Prince of Wales.


SG 09.2. Assets managed by PRI signatories (Private)


SG 10. Promoting RI independently

10.1. Indicate if your organisation promotes responsible investment, independently of collaborative initiatives.

10.2. Indicate the actions your organisation has taken to promote responsible investment independently of collaborative initiatives. Provide a description of your role in contributing to the objectives of the selected action and the typical frequency of your participation/contribution.

Description

          Training related to impact investment for insurance brokers.
        

Frequency of contribution

Description

          QBE is an anchor partner of Impact Investing Australia which conducts research, advocacy, field-building efforts to encourage development of impact investing in Australia and globally.
        

Frequency of contribution

Description

          QBE representatives have spoken and attended a number of responsible investment forums and conferences including:
- Winter Innovation Summit in Salt Lake City
- PRI in Person conference in San Francisco
- RIAA annual conference in Melbourne
- Asia Pacific Impact Summit in Sydney
- Global Steering Group for Impact Investing in Delhi
- Gender‑Smart Investing Summit held in London
        

Frequency of contribution

Description

          QBE encourages adoption of the PRI and responsible investment in general through our public promotion of responsible investment; secondly, the Premiums4Good initiative, which encompasses ESG and impact investment, and communication about the investments; and thirdly, as an issuer, QBE's Green Bond and Gender Equality (Social Bond) Issuance, among other initiatives. Please refer to the QBE Sustainability Report 2018 for further information.
        

Frequency of contribution

Description

          QBE representative contributes on the Impact Investment Forum and the Human Rights working Group for the Responsible Investment Association Australasia.
        

Frequency of contribution

10.3. Describe any additional actions and initiatives that your organisation has taken part in during the reporting year to promote responsible investment [Optional]

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SG 11. Dialogue with public policy makers or standard setters (Private)


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