The UK insurance and long-term savings industry has launched a new fund to help support some of the people hardest hit by the coronavirus crisis
Insurance and other financial firms are being invited to make donations to charity.
The UK insurance and long-term savings industry has launched a new fund to help support some of the people hardest hit by the coronavirus 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; harities supporting the most vulnerable – in particular, families and children living in greatest poverty and older people in isolation; and 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 it continue its vital work supporting community-based charities on the frontline tackling the coronavirus crisis.
Firms that have already committed donations include Aviva, Zurich UK and Lloyd’s.
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.”
The fund is using umbrella agencies to ensure donations are distributed quickly and made available urgently to communities.