A Firm Foundation: How Insurance Supports the Economy

The insurance industry is a major contributor to charitable causes. The property/casualty insurance industry increased charitable giving by an average of 15 percent per year since 2011 for a total of $575 million in 2015, according to a study by the Insurance Industry Charitable Foundation (IICF) and McKinsey and Co. Since its inception in 1994, the 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.