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AIG donates $22mn to charitable initiatives in 2020

Insurance Industry Charitable foundation with other logos.jpg

AIG donated $22mn to charity in 2020, as insurers and brokers gave considerable sums to charity amid the Covid-19 pandemic.

Grants included a $2mn gift to Feeding America, a food poverty charity, and a further $2mn gift to the International Medical Corp to provide emergency Covid-19 assistance.

The $22mn figure was disclosed in a press conference given by the Insurance Industry Charitable Foundation (IICF), a network of insurance donors.

Other AIG donations included a commitment to support black entrepreneurs through the Coalition to Back Black Businesses.

Pledges by other insurance businesses included a commitment by wholesale giant Amwins to donate $1mn to Tuskegee University, a historically black college or university (HBCU), to set up a risk management data and analytics course. Over time, Amwins will work with the university to create a risk management school at the HBCU.

The move is one of a plethora of initiatives by insurers and brokers to improve diversity and inclusion in the insurance industry.

Audit and consultancy firm EY, also a member of the IICF, is donating $4mn to HBCUs Hampton University, Howard University, Morehouse College and Spelman College.

Meanwhile The Hartford told event participants it had donated $1.5mn to small businesses impacted by the Covid-19 pandemic.

Axa XL’s charitable giving efforts in 2020 focused on addressing water insecurity through a collaboration with UK-based charity WaterAid, the carrier’s global sustainability director Suzanne Scatliffe said.

Lloyd’s gave the IICF a donation of $500,000 to assist with Covid-19 relief effort in communities in the US.

Lloyd’s America president Hank Watkins said the marketplace donated $12mn, spread across 197 charities, in 2020.

The IICF has raised over $42mn for causes from insurance businesses in the US and the UK since it was founded 27 years ago.

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