Reinsurance News

QBE commits AUD 2.6mn to global COVID-19 response effort

20th April 2020 - Author: Luke Gallin

QBE Insurance Group Limited has announced AUD 2.6 million (approx. USD 1.7mn) in direct funding to support the global response to the COVID-19 coronavirus pandemic.

QBEThe insurer states that these funds will be disbursed via the QBE Foundation’s existing global charity and not-for-profit partners, designed to help agencies experiencing greater demand for their services, and, mitigate a decline in donations and funding driven by the economic fallout of the virus outbreak.

According to QBE Insurance, this includes the company’s disaster relief partners, with AUD 770,000 contributed to Red Cross National Societies in Australia, UK, Italy, USA and the Philippines, and AUD 730,000 disbursed to Save the Children in Australia, Pacific, Europe and Hong Kong.

QBE Group’s Chief Executive Officer (CEO), Pat Regan, commented: “The health and economic crisis caused by the COVID-19 pandemic is having an enormous impact on our customers and their communities right around the world and we are enormously proud of the work our charity partners are doing to support those facing hardship during this unprecedented time.

“At times like these, it is vital that business steps up to assist, which is why we are dedicating funds, bringing forward future funds and enabling more flexible use of existing grants and funding provided through our global Foundation, to ensure that our charity partners have the resources they need most right now.”

The insurer has been working with charities around the world to identify areas where funds are needed the most and can be deployed immediately to help with the response effort.

“I’m incredibly proud of the speed with which our teams mobilised, despite the challenging circumstances we are all experiencing at the moment, to work with our charity partners, cut red tape and get these vital funds moving.

“This is an extraordinary time and while the road to recovery remains uncertain, we will continue to be there to support our customers and their communities, true to our purpose to give people the confidence to achieve their ambitions,” said Regan.

He added that these funding initiatives come on top of measures being implemented across the firm to support customers that are experiencing financial difficulties during the current crisis.

At the end of March, QBE said that owing to economic and investment market volatility being driven by the coronavirus pandemic it had decided to withdraw its financial targets for 2020.

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