The Covid-19 Support Fund aims to raise £100m and has already seen £82.5m pledged.
The fund will be supported by voluntary contributions from firms across the sector.
The fund is supported by members of the Association of British Insurers, The British Insurance Brokers’ Association, Lloyd’s and The London Market Group (LMG).
Of the donations pledged so far, £20m is going to The National Emergencies Trust to help it support community-based charities tackling the impact of the Coronavirus crisis.
Firms that have already committed donations include: Aviva, Zurich UK, RSA, AXA UK and XL, Allianz Insurance, Lloyd's, Hiscox, Direct Line Group, Admiral, Pension Insurance Corporation, Rothesay Life, American International Group UK Limited, Ageas Insurance, LV= General Insurance, Phoenix Group, Chubb, Ecclesiastical, Aon, Just Group, NFU Mutual, PIB Group, Brokerbility, Canada Life, Chesnara, Sabre, Standard Life Aberdeen, Unum, Ardonagh, Esure.
The fund is working in partnership with the Charities Aid Foundation and partners including the National Emergencies Trust.
The main aim is provide immediate relief to charities affected by Covid-19, as well as a longer-term programme of support for people, communities, and relevant issues.
Many charities have seen income fall sharply during the pandemic.
The first recipients of funding will be community-based charities under financial strain, charities supporting the most vulnerable and initiatives to promote wellbeing and mental health.
Sir John Low, chief executive of the Charities Aid Foundation (CAF), 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.”
Lord Dannatt, Chairman of the National Emergencies Trust, 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.”
The fund raising adds to initiatives from individual firms.
For more information see: https://www.covid19support.org.uk/