We worked with icare Foundation to measure the social and economic impact of 34 investments that support injury prevention, recovery and quality of life. This was the first time icare has been able to robustly and unequivocally demonstrate the social impact and value produced by its investments. The findings will drive future investment priorities to create the greatest social impact and best leverage funds for the benefit of NSW.
icare Foundation was established by Insurance and Care NSW in 2016 with the mission to protect, insure and care for the people, businesses and assets of NSW. The Foundation provides the integrated and strategic focus for icare’s social investment activities, supports innovation and maximises positive social outcomes for icare customers. At July 2019, 34 investments had been funded by the icare Foundation with over $23.31 million spent across FY 2017-2019.
The report analysed the economic and social impact of each investment from the available data and linked outcomes to financial values to calculate benefit-cost ratios. The benefit-cost ratios represented a quantification of the benefits created by each investment to the participants, employers and broader society for each dollar invested.
This is the first time icare has been able to robustly and unequivocally demonstrate the social impact and value of its investments.