The UK insurance industry has launched a new fund to help support those affected by the ongoing coronavirus crisis.
The Covid-19 Support Fund will accept voluntary contributions from firms right across the sector, and aims to raise £100m, with £82.5m having already been pledged so far.
Its key aim is to provide “immediate relief” to charities affected by the pandemic, as well as provide a longer-term programme to support people, communities, and issues.
The support fund is in partnership with the Charities Aid Foundation, and a network of partners, including the National Emergencies Trust.
The fund is also supported by members of the ABI (Association of British Insurers), The British Insurance Brokers’ Association (BIBA), Lloyd’s, and The London Market Group (LMG).
Firms that have already committed donations include Aviva, Zurich UK, RSA, AXA UK and AXA XL, Allianz Insurance, Lloyd’s, Hiscox, Direct Line Group, Admiral, LV= General Insurance and Ageas Insurance, among others.
Of the donations pledged so far, £20m is going to The National Emergencies Trust to help them continue their support of community-based charities on the frontline of the pandemic.
Sir John Low, CEO 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.”
General Lord Dannatt, chairman of the National Emergencies Trust (NET), 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.”