Insurance and long-term savings industry launches fund to support people worst affected by Covid-19
The UK insurance and long-term savings industry today launches a new fund to help support some of the people hardest hit by the Covid-19 crisis. The Covid-19 Support Fund aims to raise £100 million, with £82.6 million already having been pledged.
The Fund will comprise voluntary contributions from firms right across the sector. It is in partnership with the Charities Aid Foundation, and a network of partners, including the National Emergencies Trust.
The key aim is to provide immediate relief to charities affected by Covid-19, as well as a longer-term programme of support for people, communities, and issues where there is the greatest need, including:
- Community based charities that are under unprecedented strain
- Charities supporting the most vulnerable – in particular, families and children living in poverty and older people in isolation
- Initiatives to promote wellbeing and mental health across society
The fund is supported by members of the ABI (Association of British Insurers), The British Insurance Brokers’ Association (BIBA), Lloyd’s, and The London Market Group (LMG).
Of the donations pledged so far, £20 million is going to The National Emergencies Trust to help them continue their vital work supporting community-based charities on the frontline tackling the Coronavirus crisis.
Firms that have already committed donations are:
Aviva, Zurich UK, RSA, AXA UK and AXA XL, Allianz Insurance, Lloyd's, Hiscox, Direct Line Group, Admiral, Pension Insurance Corporation, Rothesay Life, American International Group UK Limited, Ageas Insurance, LV= General Insurance, Phoenix Group, Chubb, Ecclesiastical, Aon, Esure, Just Group, NFU Mutual, PIB Group, Brokerbility, Canada Life, Chesnara, Sabre, Standard Life Aberdeen, Unum, and Ardonagh
The initiative complements the range of initiatives from individual firms, some of which can be seen here.
Frequently asked questions
Why should firms donate to this fund?
This is an unprecedented crisis and by acting together, our sector can show its collective support and help the country get through this. The Fund enables any company in the insurance and long-term savings sector who wants to help to get their support to people quickly while minimising complex and costly administration and maximising the benefit of the donation.
Can charities or other organisations apply for it?
- The Fund uses currently uses umbrella charity organisations to distribute funding in order to get the help to people quickly at a time or urgent need.
Who is donating to this fund?
- The fund is drawing from across the insurance and long-term savings sector and Insurance sector. Donations can be either public or private.
How can I donate to the fund?
- Firms and individual from the insurance sector can donate to the Fund, to find out more, please contact us.
Insurance and Long-term savings sector comments:
Yvonne Braun, Director of Policy, Long-Term Savings and Protection, Association of British Insurers, said:
“Many charities have lost summer fundraising and shop income and now face huge shortfalls at a time when many people need their support more than ever given the impact of Covid-19. This is why the insurance and long-term savings industry is determined to help them to continue with their vital work. We have teamed up with The Charities Aid Foundation, as their expertise will ensure that this help gets to those who most need it as quickly as possible.”
John Neal, Lloyd’s CEO, said:
‘During this time, Lloyd’s has been looking at numerous ways in which we can support our local and global communities, and in particular those charities and people who are at the front line of our shared fight to protect lives and beat this virus. As part of Lloyd’s £15m of charitable donations, we’re pleased to support this Fund with £5m and thank the ABI for driving forward this initiative to assist the tireless dedication of those who are providing essential support and care at one of the most challenging times in living memory.’
Steve White, Chief Executive, BIBA, said:
“The whole world is currently facing the sort of challenge seen only once in a generation. The insurance sector, in usual circumstances, is a force for good helping to rebuild lives and businesses and now, more than ever, it is vital for us to work together to provide what help we can. This initiative is a way to make this happen
Clare Lebecq, Chief Executive, London Market Group, said:
“We are aware that many firms in the market are already helping their chosen charities during these unprecedented times, but we believe there is also real value in pooling our collective resources in order to assist charities so that they can continue to provide their vital support to individuals and communities in the UK both now and in the future.”
ABI – Malcolm Tarling, Malcolm.firstname.lastname@example.org 020 7216 7410/07776 147667
Sir John Low, Chief Executive of the Charities Aid Foundation (CAF)
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.”
General Lord Dannatt, Chairman of the National Emergencies Trust (NET)
Since the launch of our coronavirus appeal, generous pledges have meant we have been able to distribute more than £30m and make more than 4,000 grants to charities across the UK. 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."