Insurance industry raises $15 million in hurricane donations so far

Insurance industry raises $15 million in hurricane donations so far | Insurance Business

Insurance industry raises $15 million in hurricane donations so far
In a time of national need, following two massive hurricanes that pulverized Texas and Florida, the insurance industry has stepped up to provide assistance.

The assistance provided by the industry is not just through claims services and payouts – but rather through charitable donations.

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The insurance industry has already donated millions of dollars in relief. The figure is believed to already exceed $15 million, industry-wide.

That includes more than $410,000 raised for Hurricane Harvey relief through an Insurance Industry Charitable Foundation (IICF) donation fund, which includes more than $150,000 in contributions from 1,000 individual insurance professionals.

The IICF is a nonprofit organization that unites the insurance industry in helping communities and enriching lives through grants, volunteer service, and leadership.

At least $7.4 million in relief donations has been committed by IICF board companies and supporters, with the figure still growing. And, including donations from non-IICF member companies, industry support has totaled more than $15 million.

Bill Ross, CEO of the Insurance Industry Charitable Foundation, said the industry’s support for Americans in need had been overwhelming.

“Helping people during their times of need is the basic foundation of insurance and when we see our friends and supporters step forward personally, and contribute so generously to the IICF disaster relief funds, it makes a strong statement about the people in this industry,” he said.

“We’ve seen an unprecedented level of personal giving to the IICF disaster relief funds, from individual insurance professionals, which is a testimony to the trust and confidence donors have placed in us. Their generosity has overwhelmed me.”

Ross said the money collected would be directed to where it was needed most.

“IICF is directing 100% of disaster relief contributions to helping people whose lives have been so severely affected by these hurricanes,” he explained. “As good stewards of the relief funds, the IICF team is working very closely with local nonprofits to ensure contributions are directed where there is the greatest need.”

John Vasturia, president of specialty markets at Munich Reinsurance America, and IICF board of governors chair, added: “The result of this disaster relief fundraising shows us the power of uniting together as an industry, through IICF, to help others and support our local communities. The insurance industry has an extensive and diverse network, and at a time like this we see its true capabilities and value to help.”

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