Insurance companies are ramping up their responses to the coronavirus, and some are even going the extra mile by putting their money into tackling the pandemic.
The latest on the list is Travelers, with the insurer announcing what it described as its “largest ever charitable response” to a crisis – it is pledging US$5 million to aid relief efforts for families and communities across the UK, Ireland and North America.
Its pledge is broken down into three sections. First, it will donate US$3.5 million to leading charities that are helping with the provision of essential services and unmet needs including food and shelter for the vulnerable and emergency assistance for hourly workers. Up to US$1 million will go towards the wages and health benefits of eligible third-party contract employees that provide services to the company’s offices, such as those in dining and building maintenance; while it has also introduced a US$500,000 employee matching program on a two for one basis. This will support contributions to designated organizations.
“Our customers and communities are facing an unprecedented challenge,” said Alan Schnitzer, chairman and chief executive officer of Travelers. “Helping in a crisis is what we do, and the commitments we’re making today to take care of the communities in which we live and work are an extension of the fundamental role we play.”