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 £82.5 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 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 greatest 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 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, Just Group, NFU Mutual, PIB Group, Brokerbility, Canada Life, Chesnara, Sabre, Standard Life Aberdeen, Unum, Ardonagh, Esure.
The initiative complements the range of initiatives from individual firms, further details of which can be seen here: https://www.abi.org.uk/products-and-issues/topics-and-issues/coronavirus-hub/abi-member-activity/
Sir John Low, Chief Executive of the Charities Aid Foundation (CAF), said:
“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.”
Lord Dannatt, Chairman of the National Emergencies Trust, said:
“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.”
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 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 currently uses umbrella charity organisations to distribute funding to get the help to people quickly at a time of urgent need.
Who is donating to this fund?
The Fund is drawing from across the insurance and long-term savings sector. Donations can be either public or private.
How can my organisation donate to the fund?
For more information: https://www.covid19support.org.uk/