Lloyd's and top UK insurers commit to £100m COVID-19 support fund

A new COVID-19 support fund comprising contributions from top UK insurers, including the Lloyd's of London, Aviva, Zurich UK, RSA, AXA UK and XL, Allianz Insurance, Hiscox, Direct Line Group and Aon, among others, has been established to support people and communities hardest hit by the ongoing crisis.

The coronavirus support fund aims to raise a total of £100 million, of which £82.5 million has already been pledged.

The fund is supported by members of the Association of British Insurers (ABI), The British Insurance Brokers’ Association (BIBA), Lloyd’s, and The London Market Group (LMG).

Companies that have committed donations also include Admiral, Pension Insurance Corporation, Rothesay Life, American International Group UK, Ageas Insurance, LV= General Insurance, Phoenix Group, Chubb, Ecclesiastical, Just Group, NFU Mutual, PIB Group, Brokerbility, Canada Life, Chesnara, Sabre, Standard Life Aberdeen, Unum, Ardonagh, and Esure.

The fund is launched in partnership with the Charities Aid Foundation, and a network of partners, including the National Emergencies Trust.

It aims to 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.

Of the donations pledged so far, £20 million is dedicated to The National Emergencies Trust to help them support community-based charities on the frontline tackling the Coronavirus crisis.

John Neal, Lloyd’s CEO, said: “During this time, Lloyd’s has been looking at numerous ways in which we can support our local and global communities, and in particular those charities and people who are at the front line of our shared fight to protect lives and beat this virus. As part of Lloyd’s £15m of charitable donations, we’re pleased to support this Fund with £5m and thank the ABI for driving forward this initiative to assist the tireless dedication of those who are providing essential support and care at one of the most challenging times in living memory."

Yvonne Braun, director of policy, long-term savings and protection at ABI said: “Many charities have lost summer fundraising and shop income and now face huge shortfalls at a time when many people need their support more than ever given the impact of COVID-19. This is why the insurance and long-term savings industry is determined to help them to continue with their vital work. We have teamed up with The Charities Aid Foundation, as their expertise will ensure that this help gets to those who most need it as quickly as possible.”

Steve White, chief executive, BIBA, said: “The whole world is currently facing the sort of challenge seen only once in a generation. The insurance sector, in usual circumstances, is a force for good helping to rebuild lives and businesses and now, more than ever, it is vital for us to work together to provide what help we can. This initiative is a way to make this happen."

Clare Lebecq, chief executive of London Market Group, said: “We are aware that many firms in the market are already helping their chosen charities during these unprecedented times, but we believe there is also real value in pooling our collective resources in order to assist charities so that they can continue to provide their vital support to individuals and communities in the UK both now and in the future.”

According to Sir John Low, CEO of the Charities Aid Foundation (CAF): “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, commented: “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.”