- Insurance Newslink Global Trends-Editor's Weekly Overview
- S&P Global says rated European insurers have successfully weathered the biggest market shock to their Solvency II ratios
- Insurance Europe issues statement on EC roundtable on COVID-19 relief measures
- SCOR strengthens its sustainable actions towards a low-carbon economy
- S&P Global affirms Munich Re rating
- Munich Re Specialty Insurance(MRSI) to modernize technology infrastructure via Duck Creek OnDemand platform
- MiIlers Mutual selects Majesco’s Digital1st Insurance Platform expired
- Pie Insurance closes on $127m new financing to enable growth and acquisitions expired
- Geneva Association Ernst Meyer Prize 2020 recognises academic studies on insurance customer behaviour expired
- NFU Mutual launches programme of staff support as research shows isolation is escalating expired
- Brit announces launch of its new Private Client offering expired
- PartnerRe announces changes in responsibilities in its executive leadership for Specialty Lines and will create the new role of CEO Global Cat expired
20th May 2020
UK insurance and long-term savings industry launches fund to support people worst affected by COVID-19 fund
The UK insurance and long-term savings industry has launched 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 £100m, with £82.5m 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.
Sir John Low, chief executive of the Charities Aid Foundation(CAF) comments "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 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, £20m 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.
General Lord Dannatt, chairman of the National Emergencies Trust(NET), added "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."
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, Just Group, NFU Mutual, PIB Group, Brokerbility, Canada Life, Chesnara, Sabre, Standard Life Aberdeen, Unum, Ardonagh, Esure.