Insurance & long-term savings industry launch £100m Covid support fund
Melanie May | 20 May 2020 | News
The UK insurance and long-term savings industry is aiming to raise £100 million for a new fund to help some of the people hardest hit by the Covid-19 crisis.
£82.6 million has already been pledged in voluntary contributions from firms within the sector for the Covid-19 Support Fund, with £20 million of this to go to The National Emergencies Trust.
The National Emergencies Trust is one of the Fund’s network of partners, and it is also working in partnership with the Charities Aid Foundation.
The Covid-19 Support Fund is supported by members of the Association of British Insurers (ABI), British Insurance Brokers’ Association (BIBA), Lloyd’s, and The London Market Group (LMG). Firms that have already committed donations include Aviva, Zurich UK, Direct Line Group, Admiral, NFU Mutual, and PIB Group.
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The key aim is to provide immediate relief to charities affected by Covid-fund19, 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
- Charities supporting the most vulnerable – in particular, families and children living in poverty and older people in isolation
- Initiatives to promote wellbeing and mental health across society
Rather than applying directly for funds, umbrella organisations will distribute the money to charities.
Yvonne Braun, Director of Policy, Long-Term Savings and Protection, Association of British Insurers, 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.”
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General Lord Dannatt, Chairman of the National Emergencies Trust (NET) 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.”
About Melanie May
Melanie May is a journalist and copywriter specialising in writing both for and about the charity and marketing services sectors since 2001. She can be reached via thepurplepim.com.