QBE has grown its Premiums4Good progressive investment portfolio as it targets $US1 billion ($1.47 billion) in investments such as green bonds by 2021, which would bring “impact” investment to 4% of total QBE investment.

At June 30, Premiums4Good had $US633 million ($929.54 million) invested across 43 assets, up from 29 investments valued at $US417 million ($612.35 million) a year earlier.

The initiative sees QBE invest up to 25% of customer premiums across its Australian, North American and European operations into impact investments.

It is intended to deliver positive change, supporting renewable energy projects and sustainable infrastructure, as well as social services and programs for vulnerable people.

“Premiums4Good has the potential to become an industry catalyst that fundamentally alters our industry’s approach to investment,” QBE CEO Pat Regan said.

New investments have been made in areas such as social care and provision of community services, social inclusion, diversity and gender as well as urban and community development, including the new LeapFrog Emerging Consumer Fund III which invests in emerging markets to improve access to financial services and consumer health products.