QBE is on track to meet its 2021 target of $US1 billion ($1.37 billion) for its Premiums4Good progressive investment portfolio.

It is pursuing investments such as green bonds, which would bring “impact” investment to 4% of total QBE investment.

At the end of June, Premiums4Good had $US904 million ($1.24 billion) invested across 66 assets, up from 43 investments valued at $US633 million ($865 million) a year earlier.

QBE wants to grow its impact investment allocation to $US2 billion ($2.73 billion) by 2025.

The insurer plans to invest up to 25% of customer premiums across its Australian, North American and European operations into impact investments. It is seeking to deliver positive change, support renewable energy projects and sustainable infrastructure as well as social services and programs for vulnerable people.

Group Chief Investment Officer Gary Brader said the initiative has recently supported the COVID-19 pandemic response.

“We’re funding healthcare initiatives, microfinance opportunities for women and small business owners and financial support for charities around the globe.”

Since March, QBE has invested more than $US40 million ($54.64 million) in initiatives that support private and public sector projects in countries and communities most exposed to the economic and health effects of the COVID-19 pandemic, he said.

QBE has also invested in World Bank bonds and International Finance Corporation and Ford Foundation social bonds and renewable energy projects and other initiatives designed to address the physical and transition risks and opportunities of climate change.

“The financial services sector needs to find ways to direct capital flows into investments that can support the transition to a lower carbon, climate-resilient economy and the investments we make through this initiative support this drive,” Mr Brader said.