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.
With many in-person projects cancelled this year due to the COVID-19 pandemic, the IICF lists many ways to safely make an impact in the communities where we live and work.
Some of the suggested activities include:
AARP Create the Good: Search AARP’s virtual volunteer database here for an opportunity in your community.
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.
UPchieve: Be a virtual Academic Coach to at-risk students.
Virtual Tutoring –Provide tutoring services and support for high school students in statistics and government courses through virtual Microsoft TEAMS and Zoom platforms.
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 over $10 billion to their
customers nationwide, according to an Insurance Information Institute estimate, in response to reduced driving during the
pandemic.
We’ve listed many of the companies that are offering refunds here and here. These lists are not
exhaustive, 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 regulatory approval.
On May 5, Allstate
Corp. CEO Tom Wilson said the
insurer would probably grant another rebate to auto insurance customers. The second round of rebates would vary
according to region. On April 6, the insurer announced that it would return
more than $600 million in premiums to its policyholders because the nation’s
drivers were traveling 40 percent to 55 percent fewer miles following
stay-at-home orders. Wilson noted that American drivers are now traveling more
miles than in mid-April, but the total is still 30 percent to 40 percent lower
than before the pandemic. Wilson said the next refund would be more precise and
that Allstate is now distributing the initial payback, which represents 15
percent of monthly premiums in April and May.
Horace Mann, a provider of affordable insurance for educators,
is giving customers a credit of 15 percent of two months of auto premiums, as
well as a grace period through June on auto, property, supplemental and life
insurance payments; enhancing coverages, including extending personal auto
coverage to those delivering food, medicine, and other essential goods; and
including Identity Fraud Advocacy Services with its Educator Advantage Program
for all home, condo, and renters customers to protect against the increased
risk due to increased online activity.
Other customer support programs
Erie
Insurance is
adding gift card and gift certificate reimbursement coverage to the company’s
ErieSecure Home® policies, in response to the recent changes affecting
businesses across the United States. The additional feature, included at no
additional cost, would reimburse customers for remaining balances on eligible
gift cards that no longer can be used at independently owned and operated local
businesses due to business closures.
Supporting communities
Foremost Insurance and Bristol West Insurance, members of
the Farmers Insurance Group of Companies, announced they have
contributed $500,000 to the Trusted
Choice COVID-19 Relief Fund established by the Independent Insurance
Agents & Brokers of America, Inc. (IIABA – Big “I”). The Fund
provides economic aid to independent insurance agencies, brokerages, and their
owners and employees affected by the COVID-19 pandemic.
Horace Mann donated $100,000 to DonorsChoose “Keep Kids
Learning” fund, an initiative to help teachers equip the most vulnerable
students with educational materials at home. The company provides free online
teaching resources, to help teachers adapt to remote learning, and it supports
a number of foundations in its home state of Illinois.
Reach out to us in the Comments section and let us know what
your company is doing to help ease the impact of COVID-19.
IICF’s crisis relief campaign enables donors to focus resources on children at risk of food insecurity, educational disruption, family homelessness and other issues exacerbated by COVID-19. With the support of insurance companies, associations and individual industry professionals, funds raised will benefit 14 nonprofit partners operating throughout IICF’s four U.S.-based divisions.
Overall, U.S. insurers and their charitable foundations have donated approximately $220 million in response to the COVID-19 crisis. And well in excess of $100 million has been contributed internationally, according to Insurance Information Institute (Triple-I) estimates based on information collected by IICF.
Insurance industry contributions have gone beyond
financial donations, as tracked by IICF. These efforts include:
More than 400,000 masks donated
to frontline healthcare workers
An industrywide commitment to
deliver more than 1 million meals to families in need
Hosting blood drives
Purchasing and donating to healthcare
workers gift cards from small businesses
Offering no-cost life insurance
policies to frontline healthcare workers
Providing additional time off to
volunteer in the community
Increased matching of employee
donations to local charities
In addition, insurance companies have made commitments
not to furlough workers due to the pandemic. And U.S. auto insurers will return
more than $10.5 billion to their customers nationwide as part of their COVID-19
response, Triple-I estimates.
To donate to the IICF Children’s Relief Fund, please
visit the
IICF website and designate the region of the
country you’d like to support.
“For more than 25 years IICF has marshaled the philanthropic will and resources of the insurance industry in support of communities. By uniting philanthropically through the industrywide IICF Children’s Relief Fund, we’re able to help children across the country be safer and healthier. “
Bill Ross, CEO, IICF
Donations can also be made directly to IICF here
to support the organization on a national level with its mission to help
communities in need.
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
regulatory approval.
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.
COUNTRY
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.
ERIE
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.
Ohio Mutual
Insurance Group
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.
Westfield
announced a 15 percent policy credit to their eligible personal auto insurance
customers for three months.
Supporting communities
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
communities.
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.
State
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
Channel interview.
Here are the refunds some of the major auto insurers
are offering:
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.”
The
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.
The
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.
MetLife
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
customers.
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.
The
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
The
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
The Nationwide
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.”
We’ve been following the initiatives launched by insurance companies to alleviate the impact of the coronavirus crisis (see Insurers Respond to COVID-19). Here are several more examples of insurers’ commitment to helping their agents, employees, customers, and the broader community weather the pandemic.
The
Hanover has
taken several steps to help ease the burden for customers, including:
Considering a covered premise as
“occupied” while mandatory closures are in effect
Extending rental car days if a
policyholder’s vehicle is in the shop and cannot be repaired or returned
Paying additional living expenses to
homeowners who are forced from their homes following a covered loss
Offering flexibility on bill payment
options for those experiencing financial hardship
A 60-day hold on cancellations and
non-renewals for non-payment
Permitting business use of hired,
non-owned autos for delivery purposes at no additional charge and extending
personal auto coverage to individuals delivering food, medicine, and other
essential goods at no additional charge
The company
is also investing in relief efforts,
including $500,000 to local non-profits to
provide pandemic-related assistance to people and organizations across the
country; donating critical medical supplies and masks to health professionals;
and collaborating with corporate teambuilding company Cheeriodicals to deliver
“cheer-up” gift packages to local hospitals to show appreciation for health care providers.
Liberty Mutual has created a $4
million fund offering low-threshold, immediate grants of up to $10,000 for 450
community partners – with priority given to groups providing healthcare or
serving the homeless, elderly, and other populations deemed at highest-risk.
Liberty Mutual employees continue to be able
to make online charitable donations that are supported further by company
gifts.
The company has also enabled employees to work
remotely and reports no impact to normal customer
service operations.
The MetLife Foundationannounced on March 31 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.
“Supporting and protecting
people is at the core of who we are and what MetLife stands for – in our
business and in the Foundation’s giving,” said MetLife President and CEO Michel
Khalaf.
Initial grants will
support communities and people with urgent needs for food, healthcare,
childcare, and direct financial support.
As part of this
commitment, MetLife Foundation and other MetLife entities have already pledged
$4 million to relief efforts in Asia, EMEA, Latin America, and the United
States, including $1 million to U.S. food banks to help them deal with
increased demand for their services as a result of coronavirus.
State
Farm is donating
millions of
dollars to
relief efforts, including Feeding America, American Red Cross, and the Illinois
COVID-19 Response Fund. Additionally, the company has also donated hundreds of
masks and other supplies to local hospitals and teamed up with the Atlanta
Hawks to help provide meals to vulnerable populations and healthcare workers in
Atlanta.
State Farm has also transitioned most
employess to work from home arrangements and has set-up a matching-gift program
in which employees donations to qualified nonprofits can be matched by the
State Farm Foundation.
State Farm customers who are experiencing
financial hardships are encouraged to call their agents to discuss assistance
options.
Westfield Insuranceis providing billing
options for financial hardships and suspending all policyholder cancellations
until May 31, 2020, or as directed by each state. Extended payment plan may be offered to those
policyholders. As of March 20, 2020, late fees also will be waived through May
31, 2020, or as directed by each state.
Westfield will contribute nearly a million
dollars toward nonprofit partners, including the Akron Canton Foodbank,
Cleveland Foodbank, United Way of Cleveland, Feeding Medina County, and Feeding
America.
Westfield’s foundation is matching employee
donations to their local foodbank or United Way dollar for dollar up to $50. The
company is also working with agency partners across the country to distribute
Legacy of Caring grant dollars for them to donate to nonprofits in their
community who are challenged because of COVID-19.
As a regulatory/government solution, trade
groups representing insurers have voiced support for the
proposed COVID-19 Business and Employee Continuity and Recovery Fund. It would
be financed by the federal government and provide essential funds to impacted
employers and employees.
Tell us how your company is contributing to the
pandemic relief efforts: communications@iii.org.
Insurance companies are working to alleviate the impact of
the COVID-19 crisis by supporting their employees and distribution partners,
donating money to global relief efforts and easing the financial burden on
their customers.
Triple-I has published a fact sheet, Insurers Offer
Forward-Looking Solutions for COVID-19 Recovery, which
outlines how the industry is easing its customers’ financial burdens, working
with government to create a COVID-19 Recovery Fund, and making sure it has the
resources to pay future claims from events such as hurricanes, tornadoes, and
wildfires.
Here are a few examples of what individual companies are
doing:
Allstate
will automatically cover customers who
use their personal vehicles to deliver food, medicine and other goods for a
commercial purpose. Standard personal auto policies typically exclude such
coverage. This change will allow customers to serve those who depend on their
services and support.
Allstate also announced a special
payment plan to provide customers financial relief. The plan gives auto and homeowners
policyholders the choice to delay two consecutive premium payments with no
penalty. In addition, Allstate is pausing policy cancellations due to
nonpayment during the declared COVID-19 state of emergency. This includes
Allstate Business Insurance policies.
Ninety percent of Allstate’s global
workforce is working remotely. Allstate will continue to pay employees (full or
part time) who can’t work remotely and have shelter-in-place orders during
their normal work hours. Well-being services like telemedicine, prescription
home delivery, and emotional and financial support lines are available to
Allstate’s U.S. employees.
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.
“The pandemic
has left many struggling to meet basic needs while at the same time adapting to
a new and unsettling normal,” said Maggie Pascaly, American Family community
investment manager. “We want to help meet short-term needs of individuals,
families and communities, while also addressing longer-term effects.”
The company’s employees and agency owners can support local organizations of
their choice by using a 2:1 foundation match offered during a six-week time
period beginning March 31. The foundation will match donations totaling up to
$250,000, for a maximum additional investment of $500,000. Organizations that
provide pandemic relief will be suggested for consideration.
Chubbannounced that it is committing $10 million to
pandemic relief efforts globally. The support will go to people and
programs providing emergency frontline services and for assistance to the most
financially vulnerable members of the community who have been impacted the
hardest by the pandemic.
The company also announced that it will not conduct any layoffs of its employees while in the midst of the COVID-19 pandemic health crisis, and has added employee benefits such as additional sick days.
“We are
committed to supporting people, business and communities most impacted by this
global crisis,” said Evan G. Greenberg, chairman and chief executive officer.
“Our $10 million commitment will add to the urgent efforts required to meet the
immediate health and nutrition needs of those most affected. Concerning
our no-layoff pledge, we want our 33,000 employees around the globe to be
assured that their jobs are secure at this difficult time.”
Travelers has initiated a distribution support plan to
accelerate more than $100 million in commission payments to eligible
distribution partners.
“As so many are
facing a significant financial burden due to the COVID-19 pandemic, we want to
show our agent and broker partners, many of whom are small business owners, our
support at this challenging time,” said Alan Schnitzer, chairman and chief executive
officer of Travelers. “Independent agents and brokers not only provide
invaluable counsel and care to our customers but also play a critical role in
the U.S. economy, and we are committed to standing by them.”
Bob Rusbuldt, president
and chief executive officer of the Independent Insurance Agents & Brokers
of America, said: “Travelers has always been the premier supporter of
independent agents and brokers, and the Travelers Distribution Support Plan
takes that support to a whole new level. We want to thank Travelers for their
continued industry leadership.”
The commissions
being accelerated were accrued in the ordinary course of business during the
quarter ended March 31, 2020, and accordingly, this program will not have a
significant impact on the company’s results.
MAPFRE, an
insurance company based in Spain, 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.
More than 90 percent of
MAPFRE’s 34,000 employees worldwide are working remotely to reduce the
risk of contagion and to guarantee service to customers, who in Spain are being
offered a free advisory service to learn how they can take advantage of the
support that is on offer.
Tell
us how your company is contributing to the pandemic relief efforts: communications@iii.org.
