Insurance Industry Showcases Philanthropic, COVID Relief Initiatives

April 9, 2021

The insurance industry nonprofit Insurance Industry Charitable Foundation (IICF) gave insurance industry leaders an opportunity to talk about their philanthropic initiatives at a recent media event. Leaders from AIG, Amwins, AXA XL, EY, Lloyd’s and The Hartford discussed their efforts to make a difference in various communities over the past year.

During the event, IICF released the 2020 COVID-19 Crisis: IICF Children’s Relief Fund Impact Report, which detailed the industry’s giving to its 2020 Relief Funds in the U.S. and UK and how the funds supported those in need, including by providing more than 2.5 million meals to children.

IICF positioned the event as a way for the industry to help itself attract new talent while also helping others.

“Increasingly, our industry is using its philanthropic voice to initiate and support the development of new talent from communities not previously aware of the career possibilities we offer,” said Hank Watkins, regional director and president of Lloyd’s, Americas and chair, of the IICF International board of directors.

Hank Watkins

Watkins said through IICF initiatives such as the IICF IDEA Council and its Inclusion in Insurance Forum, the organization is “introducing the next generation of industry leaders to our many colleagues who’ve committed themselves to building career paths everyone can join us on.”

The COVID-19 Crisis: IICF Children’s Relief Fund Impact Report, released at the roundtable, shared statistics from the industrywide campaign, including that $1.3 million was raised to combat food insecurity, educational disruption and that more than 1,500 individual insurance professionals contributed personally to help those in need. IICF’s five divisions across the U.S. and in the UK worked together with 26 nonprofit partners, awarding more than 60 grants.

“In 2020, the COVID-19 pandemic exacerbated existing food insecurity and societal inequities across the U.S. and UK,” said Bill Ross, CEO of IICF. “With the Children’s Relief Fund, we were able to quickly offer essential support to children and families in need and we are very grateful to work with an industry that immediately stepped up to embrace our relief efforts.”

The 2020 IICF Philanthropic Showcase highlights the charitable programs, volunteerism and inclusion initiatives of IICF and its key companies.

Some of the showcased initiatives included:

Throughout 2020, AIG has donated more than $22 million in charitable contributions and matching grants. The AIG Foundation has directed $4.5 million toward organizations leading COVID-19 relief efforts: International Medical Corps, Feeding America, and the Coalition to Back Black Businesses. To support the Black community and racial equity, the AIG Foundation made $500,000 in grants allocated to the NAACP Legal Defense and Educational Fund, Inc. and the Equal Justice Initiative.

The Amwins initiative to improve diversity and opportunity in the industry includes its partnership with Tuskegee University, supporting the creation of curriculum focused on core risk management, data science and analytics. The company has committed $1 million to help further the development and awareness of risk management programs in Historically Black Colleges and Universities (HBCUs) and careers in wholesale, specialty and surplus lines insurance.

AXA XL’s Valuing Water initiative is helping its clients and communities build resilience to water-related risks. Actions include partnerships with nonprofits, academia and other actors in the water space, as well as leveraging AXA XL’s own risk expertise.

In 2020, EY’s Entrepreneurs Access Network supported Black and Latinx founders and built coalitions to bridge the digital divide distance-learning gap for underserved students. EY has committed to investing $3 million to the National Urban League, the NAACP Legal Defense and Education Fund, and a collection of local community organizations. EY has also contributed $4 million collectively to four Historically Black Colleges and Universities.

Last year, Lloyd’s committed £15 million to support the pandemic relief efforts of charities in the United Kingdom, United States and other countries. Lloyd’s also donated $500,000 to the COVID-19 Crisis: IICF Children’s Relief Fund. This was the largest single contribution received by IICF to date.

In addition to the $1 million The Hartford committed to COVID-19 relief efforts across the country, the company provided $1.5 million to support U.S. small businesses in partnership with Main Street America, a nonprofit organization dedicated to preservation-based economic development. Nearly 100 businesses nationwide received grants to help with acute business needs or to implement steps to address COVID-19-related challenges. More than 50% of recipients were diverse-owned.

Other IICF partner companies joining in the discussion included Aon, Chubb, CNA, Hub International, Munich Re, Swiss Re and Zurich.

IICF has served as a philanthropic foundation of the insurance industry for more than 25 years, contributing $42 million in community grants along with 300,000 volunteer hours by more than 110,000 industry professionals. IICF reinvests locally where funds are raised, serving hundreds of charities and nonprofit organizations, for maximum community impact.

Source: IICF

Topics COVID-19 Market

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