AM BestTV: Insurance Industry Charitable Foundation Insurers Donate $320 Million, Volunteer From Home During Pandemic

OLDWICK, N.J.--(BUSINESS WIRE)--This episode of ^AMBestTV highlights how the pandemic has not stopped insurers’ charitable giving, according to Bill Ross, chief executive officer, Insurance Industry Charitable Foundation (IICF), and Kelly Hartweg, executive director, IICF’s Midwest Division. Click on http://www.ambest.com/v.asp?v=insuranceindustrycharitablegiving520 to view the entire program.

The IICF is a nonprofit funded and directed by insurance industry professionals, with a mission of helping communities through grants, volunteer service and other charitable endeavors. Ross discussed the IICF’s efforts to help at-risk children during the COVID-19 pandemic.

“On April 1, IICF launched its first Children’s Relief Fund, with its goals to unite the industry, as well demonstrate the generosity of the industry,” said Ross. “Since that date, we have raised over $500,000 and gained more than a 100 individual and other types of supporters. Our program is focused on children at risk, focusing on food insecurity, educational disruption and family homelessness.

“We are also focusing and asking the industry to provide to us what they’re doing in support of COVID-19. I am pleased to say that over 90 companies have been identified or reported to us. Working with the Insurance Information Institute, they have estimated that over $220 million has been granted to COVID-19 and an additional $100 million has actually been contributed internationally.”

Hartweg said she believes there have been lessons learned regarding philanthropic efforts that will carry over once the pandemic subsides.

“One of the things that we have learned very quickly is that we can adapt to new situations,” said Hartweg. “We are seeing nonprofits innovating and looking at things in ways that they never have before. These are lessons we will carry forward.”

Recent ^AMBestTV coverage includes:

• Singapore Non-Life Sector Posts First Underwriting Loss in a Decade: Doniella Pliss, director, analytics and Trung Tran, financial analyst, both of AM Best Rating Services, said the COVID-19 pandemic and quarantine are expected to impact Singapore insurers’ growth in the near term: http://www.ambest.com/v.asp?v=singaporenonlife420.
• Questions Remain About Impact of IFRS 17: Anthony Silverman, associate director, AM Best Rating Services, discusses proposed amendments to the International Financial Reporting Standard 17, which will impact the accounting of large insurers outside of the United States and Japan: http://www.ambest.com/v.asp?v=ifrs17520.
• COVID-19 May Have Long-Term Implications on Trade Credit Risk: Mathilde Jakobsen, director, analytics and Sridhar Manyem, director, industry research and analytics, both of AM Best Rating Services, say the COVID-19 pandemic could result in trade credit insurance claims reaching levels last seen during the 2008 financial crisis: http://www.ambest.com/v.asp?v=tradecreditrisk420.

^AM BestTV covers exclusive AM Best and insurance industry information and reports, targeted topics and key developments in the insurance, reinsurance and related sectors daily. Sign up for alerts of episodes at www.ambest.com/multimedia/ambtvsignup.html. View ^AM BestTV episodes at www.ambest.tv.

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