A Firm Foundation: How Insurance Supports the Economy

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.

Insurers have responded quickly to the COVID-19 pandemic. Using information collected by the Insurance Industry Charitable Foundation (IICF), the Insurance Information Institute (Triple-I) estimates that by June 2020 U.S. insurers and their foundations had donated about $280 million in the fight against COVID-19. In addition, international insurers and their foundations donated more than $150 million.

Each year in October the IICF 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.