When disaster strikes the insurance industry is a financial first responder. Millions of dollars are on the way to policyholders to cover claims related to the severe winter weather that pummeled the United States in February. But the industry is also staffed by individuals who care deeply about their communities and contribute above and beyond what their jobs require.
Below are just a few examples of donations companies and organizations have made to help their neighbors in need.
Several insurers including Liberty Mutual and Northwestern Mutual are part of the American Red Cross Disaster Responder Program. The Red Cross works with government and community partners to coordinate food and water distribution to where it is most needed.
The Hanover Insurance Group, Inc. raised $1.5 million for United Way and hundreds of other nonprofit organizations across the country through an employee giving campaign. The contribution represents the largest donation the company’s charitable foundation and its employees have ever made through the annual giving program.
The Insurance Industry Charitable Foundation’s (IICF) Southeast division has raised more than $560,000 to support 21 nonprofit beneficiaries who are facing challenging times due to the COVID-19 pandemic and the recent winter storms. The IICF is also raising funds to help feed children and families that are facing hunger because of the pandemic.
New York Life donated $100,000 to Feeding Texas in response to the winter storm to support immediate food shortage needs in the most vulnerable communities in the state. The New York Life Foundation will match donations made by employees and agents up to an additional $100,000 to both Feeding Texas and the New York Life Emergency Assistance Fund, which provides financial assistance to employees and agents impacted by catastrophic events.
Texas Mutual Insurance Company donated $100,000 to six organizations on the frontlines providing Texans with basic needs like food, water and shelter. The Coalition for the Homeless in Houston was one of the recipients.
The USAA Foundation, Inc. has announced a $350,000 commitment to help Texas residents recover from February’s storm.
While the insurance industry acknowledges the importance of Diversity, Equity, and Inclusion (DEI), has it become part of the core values and culture? The short answer: there has been progress, but more action is needed. Triple-I met with Dr. Leroy Nunery II, author of The Journey of African-American Insurance Professionals and Triple-I non-resident scholar, to discuss how the industry has advanced in DEI since his 2018 study.
Nunery describes Diversity, Equity, and Inclusion as interoperable, noting that each is often defined separately but can’t stand alone. “Diversity is the practice of considering differences from whatever the norm is at a company. Equity is about access to opportunities that people might not have. Inclusion is bringing people together at the same table and the concern that they have for each other,” he explains.
According to S&P Global research, the number of Black professionals in the insurance industry increased to 12.4 percent of the workforce from 9 percent in the last 10 years, with the number of Asians and people in the Other category increasing to 6.2 percent and 2.7 percent, respectively. While the numbers are rising, the pace of change is lagging.
One of the primary challenges to DEI within insurance is the barrier to entry. Nunery explains, “Insurance is largely nepotistic and driven by family connection. It’s challenging to succeed without that group connection or network.” He believes that people of color can shift these numbers and take advantage of that momentum. “We can be exclusive at times. We say, ‘We’re all in,’ but we do everything we can so only a small group can get in. We need to do a better job of transferring knowledge,” he says.
Companies are realizing that commitment to DEI is more than hiring more people of color. There are markets to develop, business alliances to form, and investments in training and advocacy. Nunery is working with a client on a six-month job shadowing program that partners people of color with senior executives – granting C-suite exposure and access to meetings that were previously out of reach. “It’s important to coach up talent to perform at a greater level,” Nunery says of these programs. “It’s a tightrope to walk, but I tell people not to worry about failure. Worry about how successful you’re going to be.”
Camaraderie and mentorship can only go so far. A September 2020 survey by Business Insurance showed that 63 percent of respondents believe that the CEO bears the greatest responsibility in making DEI work. Nunery agrees and adds that the CEO not only needs to say that DEI is important but also puts it into action.
“When you ask companies to prove DEI, they come up short,” Nunery says. “Managers are not evaluated for it. There are no key performance indicators. Boards ask about it but don’t make it mandatory. To make DEI successful, let’s be more honest with our exchanges.”
Trevor Project: Trevor Chat/TrevorText volunteers are trained to answer chat messages or texts online from young people who are struggling with issues such as coming out, LGBTQ identity, depression, and suicide.
Read more about IICF volunteerism during COVID-19 here.
The IICF also provides volunteering opportunities throughout the year. It has hosted the Week of Giving since 1998, generating over 300,000 hours of volunteer service, and contributing $40 million in community grants since its founding in 1994.
U.S. insurers and their foundations by June 2020 had donated about $280 million in response to COVID-19, the Insurance Information Institute (Triple-I) estimates based on information collected by the Insurance Industry Charitable Foundation (IICF)
International insurers and their foundations donated an additional $150 million.
U.S. auto insurers have returned more than $14 billion to their customers nationwide in response to reduced driving during the pandemic, according to a Triple-I estimate.
Individual companies are working to alleviate the crisis by donating to global relief efforts and easing the financial burden on their customers. We reported on some of these activities in April.
Below is list of what just a sample of Triple-I’s member companies have contributed to ease a wide array of community needs.
The Allstate Foundation contributed $5 million to help domestic violence victims, youth in need and first responders.
American Family Insurance, along with the American Family Insurance Dreams Foundation, announced more than $4 million in support for COVID-19 pandemic relief and other non-profit efforts. Additional support from the Steve Stricker American Family Insurance Foundation is expected to push the total support to more than $6.8 million.
Chubb is focusing its global pandemic relief efforts on organizations that provide emergency medical supplies to healthcare facilities, to food banks helping the vulnerable and hungry, and for scientific research to treat and prevent this disease. The company announced $12.5 million in grants toward these efforts.
Liberty Mutual’s philanthropy program has committed $15 million in crisis grants to community partners helping respond to the coronavirus; given donations to over 800 nonprofits they partner with in their employee volunteering program; supported employees’ donations with company gifts; and created an employee phone outreach program to call those in the community who are socially isolated.
MetLife Foundation announced that it is committing $25 million to the global response to COVID-19 in support of communities impacted by the pandemic. The grant funding from MetLife Foundation will span all regions where MetLife operates and address both short- and longer-term relief efforts.
MAPFRE is allocating 54 million euros to support customers and suppliers. This is in addition to 5 million euros recently donated to accelerate COVID-19 research in Spain.
Nationwide Foundation is making $5 million in contributions to local and national charities to support medical and economic response efforts.
In addition to delivering $4.2 billion in savings to its customers, State Farm is donating millions to pandemic relief efforts.
The Hanover is donating $500,000 to local community nonprofits to provide pandemic-related assistance, including, $350,000 to local United Way, Boys & Girls Club and Chamber of Commerce organizations in Massachusetts and Michigan where the company employs large concentrations of employees
The Hartford committed $1 million in donations focused on responding to urgent human needs, the health care crisis and the city of Hartford through organizations that have been critical in addressing the humanitarian issues caused by this crisis.
Travelers pledged $5 million to assist families and communities across North America, the United Kingdom and the Republic of Ireland. The money goes to charities that provide essential services, pays wages and health benefits for eligible third-party contract employees, and contributes toward an employee donation matching program.
USAA has committed an additional $30 million to benefit 24 organizations assisting military families during these challenging economic times. The donation is part of USAA’s long-standing mission to support military and veterans’ families and recognizes the specific impact the health crisis has had on the military community.
Westfield Insurance will contribute nearly a million dollars toward nonprofit partners whose work became infinitely more challenging with this pandemic. The company is working with the Akron Canton Foodbank, Cleveland Foodbank, United Way of Cleveland, Feeding Medina County and Feeding America. Additionally, the Westfield Insurance Foundation is matching dollar for dollar up to $50 for every employee who gives to a local foodbank or United Way.
Tell us how your company is contributing to the pandemic relief efforts in the comments below.
Industrywide, philanthropic giving in response to the COVID-19 crisis continues to increase. Using information collected by Insurance Industry Charitable Foundation (IICF), the Insurance Information Institute upgraded its earlier estimate to $280 million donated through early June by U.S. insurers and their charitable foundations in response to the pandemic. In addition, international insurers and their foundations have donated more than $150 million.
On June 15 the IICF announced a $500,000 contribution from Lloyd’s to its Children’s Relief Fund. This donation will help deliver tens of thousands of meals to vulnerable children struggling with food insecurity and help to address educational disruption, family homelessness and other risks exacerbated by the pandemic. This gift from Lloyd’s brings the IICF’s Children’s Relief pandemic campaign total to $1.1 million raised to date.
“As the industry’s leading charitable giving platform and convenor of brokers, insurers and service providers, the IICF’s value proposition rings more clearly now than ever,” said Hank Watkins, Regional Director and President, Americas at Lloyd’s, and former Chair of the IICF Northeast Division Board of Directors. “Lloyd’s is proud to join hands with our industry colleagues in supporting the IICF’s mission and efforts to meet the needs of those in our communities left vulnerable by the pandemic crisis.”
IICF reports seeing widespread and united industry support for its crisis relief campaign, including nearly 600 individual contributors. IICF anticipates providing one million meals throughout this campaign to children and their families in need.
To learn more about the IICF Children’s Relief Fund or donate, please visit here.
U.S. auto insurers will return more than $10 billion to their
customers nationwide, according to an estimate released on April 11 by
the Insurance Information Institute (Triple-I).
We’ve listed many of the companies that are offering refunds in
a previous post. This week, several
other auto insurers have announced refunds or credits. This is not an exhaustive list, so be sure to check
with your insurer to see if they are offering refunds or credits. All premium and rate adjustments are subject to
Chubb‘s auto insurance clients will receive a credit reflecting a 35%
premium reduction for the months of April and May, with additional discounts
for subsequent months, as the situation warrants, upon renewal. Across Chubb’s
portfolio, the average credit is expected to be $110 per vehicle.
Financial announced that every client with a personal auto insurance policy
as of April 1, 2020 will receive a 15% refund for two months of auto premium in
anticipation of a decrease in driving activity in April and May.
CSAA Insurance Group is giving a 20 percent refund
for two months of auto premiums, March and April 2020.
has announced that lowering personal and commercial auto rates would be the
best option for providing additional relief to customers. The company estimates
the total rate reduction impact to be approximately $200 million throughout the
12 states and District of Columbia where ERIE operates.
is offering personal auto premium credits on more than 80,000 personal auto
policies for an estimated total of $6 million. Ohio Mutual is voluntarily
providing a 25% personal auto premium credit that applies to an 11-week period
(March 16 – May 31, 2020) for all policies in-force on May 31. Credits will be
automatically applied to customers’ first invoice after June 1. Those with a
balance less than the credit will receive a refund by check.
The Hanover Insurance
Group announced it has
created The Hanover CARES Refund, through which the company will return 15% of
April and May auto premiums to its eligible personal lines customers, providing
financial relief during the coronavirus pandemic.
MAPFRE Insurance announced its Staying Home Refund program,
which will return 15 percent of April and May premium to its voluntary personal
auto policyholders in Massachusetts, totaling over $30 million. On average,
most policyholders will receive a credit of approximately $40.00. A similar
credit will be provided to the company’s personal auto policyholders in its
other states of operation for the same time period.
announced a 15 percent policy credit to their eligible personal auto insurance
customers for three months.
Chubb has announced a support program designed to
help ease the financial burden of the COVID-19 pandemic on its small business
clients in the United States and provide direct support to healthcare workers
and other front-line responders.
Chubb’s U.S. small business clients
whose policies renew between April 1 and August 1, 2020 will receive an
automatic 25% reduction in the sales and payroll exposures used to calculate
their premium as well as a 15% reduction in premiums for their commercial auto
insurance. In addition, Chubb will purchase $1 million in gift cards from small
business clients around the country, which will be donated to healthcare
workers and other first responders on the front lines of the pandemic in their
Fundación MAPFRE, a global nonprofit foundation created by
MAPFRE, announced it will donate $2.3 million to support urgent medical and
community needs across Massachusetts, as the coronavirus continues to spread.
The funding is part of a global $38 million aid package by the foundation for
medical providers and communities around the world.
Hanover announced customer relief
measures and a commitment to contribute $500,000 to nonprofits in local
communities to address needs arising from the public health crisis.
Farm has donated $1 million
and partnered with Salesforce to provide one million masks and other protective
equipment to healthcare workers in areas of urgent need identified by FEMA
(Federal Emergency Management Agency). Since the start of COVID-19, State Farm
has provided about $5 million in neighborhood relief across the country.
Swiss Re Group pledged to donate CHF 5 million to support
the needs of people and communities affected by the COVID-19 pandemic around
the world. Through its non-profit grant foundation, the Swiss Re Foundation,
the funds will be distributed to organizations tackling the crisis,
particularly in developing countries.
The Westfield Insurance Foundationis
helping communities in Northeast Ohio and across the country by donating nearly
$1.5 million dollars to nonprofit partners focused on family stability and
disaster recovery. These dollars will help stabilize communities and help those
who need economic support.
Auto insurers are giving refunds to their customers as
people are driving less due to coronavirus shut-downs. No action is required by
customers to receive credit in most cases, but Sean Kevelighan, Triple-I CEO,
urged customer to reach out to their insurers. “We always recommend the
customer contact the insurer and explain their individual situations. Insurers
are always happy to look at individual situations and work with the customer,”
he said in a Weather
Here are the refunds some of the major auto insurers
Allstate customers will get “Shelter-In Place
Paybacks,” adding up to $600 million over the next two months. “This
is fair because less driving means fewer accidents,” Tom Wilson, the company’s chair,
president and chief executive officer said in a statement.
American Family will return approximately $200 million to its auto insurance customers.
Farmers auto customers will receive a 25 percent reduction in their April premiums. “We are committed to helping customers during this unprecedented time,” said Jeff Dailey, the company’s CEO. “As we continue receiving updated information in the coming weeks, we’ll assess additional ways to take care of our customers.”
Hanover Insurance Group will return 15% of April and May auto premiums to its eligible
personal lines customers. The company also announced additional customer relief
measures and a commitment to contribute $500,000 to nonprofits in local
communities to address needs arising from the public health crisis.
Hartford announced its COVID-19 Personal Auto Payback Plan, which will
provide customers with a 15 percent refund on their April and May personal auto
insurance premiums. Over the next two months, the company will distribute
approximately $50 million to its customers.
Liberty Mutual will return approximately $250 million to
customers. Personal auto insurance customers will receive a 15 percent refund
on two months of their auto premium.
Auto & Home customers will
receive a 15% credit for April and May based on their monthly premiums. The
company is also extending coverage under all personal auto insurance programs
at no additional charge while customers are making deliveries in response to
the crisis, effective March 20, 2020, through May 1, 2020. Additionally,
MetLife Auto & Home is offering identity protection coverage to its
State Farm announced an up to a $2 billion dividend that will
go to its auto insurance customers. Customers do not need to take any action to
receive this dividend, which will appear as a credit on their auto policy. On
average, State Farm Mutual auto customers can expect to receive a credit of
about 25 percent of premium for the time period March 20 through May 31; exact
percentages will vary by state.
Travelers Companies is giving U.S. personal auto insurance customers a 15 percent
credit on their April and May premiums. Travelers will continue to assess the
program as more information comes to light about the impact of the COVID-19
crisis on the driving environment and auto claims.
USAA is set to return $520 million to its members for
driving less during the COVID-19 shelter-in-place orders. The company said in a
statement that the payment is a result of data showing members driving less
during the “Stay Home, Work Safe” orders across the country.
IICF’s Children’s Relief Fund
The Insurance Industry Charitable Foundation (IICF)
has launched a national industry-wide fundraising campaign to benefit
vulnerable children. Funds raised through the COVID-19 Crisis: IICF
Children’s Relief Fund will help support children at risk of food
insecurity, educational disruption, family homelessness and other circumstances
exacerbated by the crisis. To make a donation and support children in need,
please contribute here.
The Allstate Foundation
Allstate Foundation together with Allstate employees and agency
force members, will donate resources across the nation to support communities
during the COVID-19 crisis.
The Foundation is contributing $5 million to accelerate relief and
recovery for domestic violence victims, youth in need, first responders and
communities at large.
“It’s incredibly inspiring to see people finding ways to take care
of each other,” said Elizabeth Brady, Allstate chief marketing, customer and
communications officer and trustee of The Allstate Foundation. “For 68 years,
The Allstate Foundation has delivered on Allstate’s promise to serve as the
Good Hands – especially in a moment of need.”
The Nationwide Foundation
Foundation is making $5 million in contributions to local and national
charities to support medical and economic response efforts.
“As communities experience impacts related to the pandemic,
many non-profit organizations stand on the front lines, providing basic
necessities, wellness services and support to those in need,” said Nationwide
CEO and Nationwide Foundation Chairman Kirt Walker. “Finances, staffs, programs and resources are
being stretched as these non-profits not only serve their communities but feel
the impact themselves. During these challenging times, we each have a
responsibility, when we can, to lift those around us.”
Tough times bring out the best in many people, and the
ongoing COVID-19 pandemic is no exception.
Citizens around the world are donating to crisis response
organizations, sewing masks and gowns for
medical workers, delivering groceries to homebound neighbors and boarding
Corporations also are rising to the occasion. MetLife (a
Triple-I member company) is providing parking lots at its St. Louis office
location for the local hospital, Mercy
South to use for coronavirus drive-through testing.
MetLife Foundation has committed to donating $1 million to food banks
across the U.S. to help them deal with increased demand for their services as a
result of coronavirus.
Food banks face the challenge of getting shelf-stable food
into people’s homes as quickly as possible, especially now that vulnerable
populations, such as the elderly, have been advised to practice social
distancing. In addition, food banks face greater need from families with
children who no longer have access to meals at schools.
MetLife Foundation will donate funds to food banks in
communities where MetLife, Inc. has a significant presence, such as the greater
New York City area, Cary, N.C., Tampa, Fla., and Warwick, R.I.
“We want to help those impacted by coronavirus,” said Mike
Zarcone, head of Corporate Affairs for MetLife and Chairman of MetLife
Foundation. “That includes the communities where we work and live. We know that
children out of school and seniors face food insecurity as a result of
COVID-19, and we are committed to help.”
Prudential also is helping. Over the weekend, the Newark,
N.J.-based insurer donated
more than 150,000 protective face masks and respirators to the state.
The masks and respirators, expected to provide a two-week respite
for hospitals, were in storage at the company’s Newark headquarters. They had
been stockpiled after the 9/11 terror attacks as part of the company’s
emergency preparedness efforts.
If your company is helping those affected by the pandemic, email me at email@example.com and tell me about it.
Did you know that volunteering your time and expertise can make you happier and healthier? It’s been shown that unpaid work for the good of others enables people to make new friends, learn new skills and experience reduced stress levels.
And it’s not just individuals who benefit. Companies that create a culture of volunteering have better employee morale, workplace atmosphere and brand perception. A Deloitte study found that a large majority (89 percent) of employees think that companies that sponsor volunteer activities offer a better work environment. Volunteer activities were also reported to be more effective at boosting staff morale than company-sponsored happy hours, and more than three-quarters of workers said that volunteering is essential to employee well-being.
The insurance industry is no slouch when it comes to volunteering. The Insurance Industry Charitable Foundation (IICF) has contributed more than 300,000 volunteer hours to hundreds of community nonprofit organizations since its inception in 1994. The industry gives back to communities in significant and varied ways including pro bono and skills-sharing support to nonprofit organizations, disaster response, relief and recovery, employee-driven outreach in local communities and many other creative corporate social responsibility initiatives.
The industry is also hoping to recruit and retain workers by emphasizing the culture of volunteering. On April 10, the IICF released a white paper documenting the findings of its Millennial Ideas Summit. The summit convened in late 2018 with more than 50 young leaders and emerging talent from across the insurance industry to discuss key topics and challenges facing the industry. These included talent and recruitment of millennials; technology, innovation and change; and social responsibility, particularly the industry’s philanthropic response following natural disasters.
The paper, What Millennials Want, how are we engaging the millennial workforce, concluded that communicating to the younger workforce that insurance is a business of service and one that helps people in their times of need is critically important to millennials, who want opportunities to give back and make a difference through experiences and grassroots ways that help their communities.
April is National Volunteer Month. What is your company doing to promote volunteerism? Let us know in the comments section.
Volunteers from the American Institute of Marine Underwriters (AIMU) are about to have a lot of fun while helping clean up New York City waters.
On August 30th, AIMU will have its annual Volunteer Day at the New York Harbor School on Governors Island. The team will help the Billion Oyster Project, an initiative to add – you guessed it – a billion oysters to the New York Harbor by 2035.
Today, oysters are functionally extinct in the harbor due to over-harvesting, dredging, and pollution, but once oyster reefs covered over 220,000 acres of the Hudson River estuary. They provided valuable ecosystem services to the region by filtering water and providing a habitat for other marine species. A single oyster can filter about 30 to 50 gallons of water every day. And New York City was virtually built from oyster shells. In the 1700s many building projects depended on the mollusks’ shells for lime, and oyster carts were as ubiquitous as hot dog carts are today.
It’s fitting that AIMU is helping to keep the marine environment clean and healthy for future generations.