A new fund to support some of the people hardest hit by the coronavirus crisis has been launched by the UK’s insurance and long-term savings industry.
The Covid-19 Support Fund aims to raise £100 million, with £82.5 million already having been pledged.
It is being supported by members of the Association of British Insurers (ABI), the British Insurance Brokers’ Association (Biba), Lloyd’s, and the London Market Group (LMG).
Firms are being encouraged to make voluntary contributions to the fund, which aims to help community-based charities and those helping the most vulnerable people.
There will be a focus on helping families and children living in the greatest poverty, older people living in isolation and support for initiatives which promote wellbeing and mental health across society.
The fund has been set up in partnership with the Charities Aid Foundation, and a network of partners, including the National Emergencies Trust.
Today the UK insurance and long-term savings industry launches a new fund to help support some of the people hardest hit by the Covid-19 crisis @C19SupportFund#Covid19SupportFund Find out more ➡️https://t.co/BkXI2nmGicpic.twitter.com/YDVToyPxWY
— Allianz Insurance (@allianzuknews) May 18, 2020
Sir John Low, chief executive of the Charities Aid Foundation said: “We know it will make a huge difference to many people in need of support at this time.”
Of the donations pledged so far, £20 million is going to the National Emergencies Trust to help it continue work to support community-based charities on the front line tackling the coronavirus crisis.
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 £30 million 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 pledged donations include 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, and Esure.