The insurance industry is a major contributor to charitable causes.
A 2020 report by McKinsey and Company found that charitable giving in the insurance industry has held steady around $560-$600 million annually from 2015-2019, with an emphasis on education, health and social services and community. The report notes the industry’s increased willingness to work together toward common philanthropic goals and the influence of millennials on the types of charitable engagements companies pursue within their communities. The report is based on responses from property and casualty companies and for the first time since 2011 life insurance and wealth management segments of the industry.
Since its inception in 1994, the Insurance Industry Charitable Foundation (IICF) has contributed more than $31 million in local community grants, and 300,000 volunteer hours to hundreds of community nonprofit organizations. The industry raised more than $630,000 in disaster relief funds to benefit those affected by the devastating hurricanes and wildfires in 2017.
Each year in October the Insurance Industry Charitable Foundation promotes a Week of Giving, during which insurance industry employees volunteer at community programs throughout the country. Information on corporate giving (including contributions by insurance foundations) is also available from the Foundation Center.