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UK insurance industry unveils COVID-19 Support Fund

UK insurance industry unveils COVID-19 Support Fund | Insurance Business

UK insurance industry unveils COVID-19 Support Fund

In collaboration with the Charities Aid Foundation (CAF) and a network of partners such as the National Emergencies Trust (NET), the UK insurance and long-term savings industry has launched the COVID-19 Support Fund to raise £100 million for charities impacted by the coronavirus crisis.

Of the target amount, £82.5 million has already been pledged by Aviva, Zurich UK, RSA, AXA UK and AXA XL, Allianz Insurance, Lloyd’s of London, Hiscox, Direct Line Group, Admiral, Pension Insurance Corporation, Rothesay Life, AIG UK, Ageas Insurance, LV= General Insurance, Phoenix Group, Chubb, Ecclesiastical, Aon, Just Group, NFU Mutual, PIB Group, Brokerbility, Canada Life, Chesnara, Sabre, Standard Life Aberdeen, Unum, Ardonagh, and esure.

The key goal of the fund is to provide immediate relief, as well as a longer-term programme of support for the likes of community-based charities under unprecedented strain, charities supporting the most vulnerable, and initiatives designed to promote well-being and mental health. NET, for instance, will receive £20 million of the donations committed so far.

“Since the launch of our coronavirus appeal, generous pledges have meant we have been able to distribute more than £30 million and make more than 4,000 grants to charities across the UK,” noted NET chair General Lord Dannatt.

“We are hugely appreciative of the support from the insurance and long-term savings community and will work to ensure the funds raised are quickly distributed to those who are most in need.”

Meanwhile CAF chief executive Sir John Low stated: “Getting these vital funds quickly and safely into the hands of the many charities at the heart of our communities is central to CAF’s mission, and we are proud to be able to work alongside those in the insurance and long-term savings industries to make this happen. We know it will make a huge difference to many people in need of support at this time.”

The COVID-19 Support Fund is supported by members of the Association of British Insurers, the British Insurance Brokers’ Association, Lloyd’s, and the London Market Group.