Published Date : Nov 13, 2017
Medibank Private, a private health insurer, has been on its mark to curb investments in industries that are carbon-intensive in the wake of the detrimental effects of climate change on human health. Elizabeth Alexander, the chairperson for Medibank, had said Monday that there were rising expectations of corporations that go beyond meeting economic, ethical, and legal responsibilities. The company’s international investment portfolio has already eliminated tobacco stocks.
When Alexander gave a speech during the company’s annual general meet in Melbourne, she had said that Medibank has initiated a process to decrease its exposure to carbon-intensive assets. This has been in line with the company’s commitment to the wellbeing and health of its customers, said Alexander.
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Alexander had continued to explain that Medibank understands the health of the community is impacted by the health of the environment. The company, as explained, acknowledges the impacts on human health and the science of climate change. Out of the company’s total investment assets, high-carbon investments make up to less than a 0.5%. The company has been exploring approaches similar to transitioning to low-carbon investments within its domestic equity portfolio. Currently, it has planned to follow the same approach in its international investment portfolio within a period of one year.
However, Medibank would be maintaining the same health insurance outlook for FY18 as stated in August, said Craig Drummond, the chief executive. The company has expected to stabilize its share in the market by 2019 end.