The UK insurance and long-term savings industry have launched a new fund to help support some of the people hardest hit by the COVID-19 pandemic.
A statement posted on the website of the Association of British Insurers (ABI) said, “The COVID-19 Support Fund aims to raise £100m ($123m) , with £82.5m already having been pledged.”
The fund is supported by ABI members, the British Insurance Brokers’ Association, Lloyd’s, and the London Market Group.
The fund will comprise voluntary contributions from firms right across the sector. It is in partnership with the Charities Aid Foundation (CAF), and a network of partners, including the National Emergencies Trust (NET).
The aim is to provide immediate relief to charities affected by COVID-19, as well as a longer-term programme of support for people, communities, and issues where there is the greatest need, including:
Community-based charities that are under unprecedented strain
Charities supporting the most vulnerable – in particular, families and children living in greatest poverty and older people in isolation
Initiatives to promote wellbeing and mental health across society
CAF chief executive Sir John Low said, “Getting these vital funds quickly and safely into the hands of the many charities at the heart of our communities is central to CAF’s mission and we are proud to be able to work alongside those in the insurance and long-term savings industries to make this happen. We know it will make a huge difference to many people in need of support at this time.”
NET chairman General Lord Dannatt said, “Since the launch of our coronavirus appeal, generous pledges have meant we have been able to distribute more than £30m and make more than 4,000 grants to charities across the UK. We are hugely appreciative of the support from the Insurance and long-term savings community and will work to ensure the funds raised are quickly distributed to those who are most in need.”