Five years on from the start of the pandemic, the ABI’s latest report “From Crisis to Impact: What the Covid-19 Support Fund Delivered” has outlined the far-reaching impact of the £104 million raised by the insurance and long-term savings industry’s Covid-19 Support Fund (the Fund).
The Fund was set up in May 2020 by the ABI on behalf of the sector to help the charities and people most affected by the pandemic. It quickly raised £84 million and a further £20 million from the Department of Culture, Media and Sport, which has supported the essential work of 17 national charities over the past five years, as well as over 100 smaller charities.
As the pandemic hit, charities faced massive drops in income from having to close their shops and stop fundraising events, just as demand for their services skyrocketed. The Fund initially focused on the crisis response, with £20 million donated immediately to the National Emergencies Trust (the Trust). The Trust worked with Community Foundations who understood who was impacted locally and what help they needed. A huge focus was on food and essentials, including hot meal deliveries to vulnerable people. The Trust also tackled social isolation and offered mental health support, including through emergency counselling.
A further £2.5 million was donated to Business in the Community’s National Business Response Network, which connected the resources of businesses with local charities, community groups and schools. Through BITC the Fund supplied IT devices to children struggling to join virtual lessons, supported victim support organisations to help people affected by domestic abuse, and provided accommodation for homeless people.
Over the course of the summer of 2020, the Fund entered the next phase, making 15 large donations all targeted at people and communities most impacted by the pandemic and its consequences. These donations supported people with dementia, unpaid carers, disabled people, people affected by domestic abuse and mental health conditions, as well as vulnerable and disadvantaged people and those others disproportionately affected by the pandemic in need of retraining.
The Fund touched the lives of millions and many services it funded endure today. For example, Action for Children used the Fund’s donation to develop a unique new digital advice service, “Sidekick”, aimed at young carers. The Alzheimer’s Society created ‘Companion Calls’, a groundbreaking volunteer service for people affected by dementia which continues today.
With the pandemic and the cost-of-living crisis impacting the financial resilience of individuals and families across the UK, the Fund’s donation to the FT’s Financial Literacy & Inclusion Campaign (FLIC) has helped create engaging and trusted adult learning resources to support financial literacy for low income workers, carers, service personnel and NHS workers, reaching millions on social media.
Yvonne Braun, ABI Executive Lead, Covid-19 Support Fund and Director of Policy, Long-Term Savings and Health and Protection, said:
The pandemic galvanised the entire industry to work together to create the Covid-19 Support Fund. This sector-wide response grew into one of the UK’s largest private-sector pandemic relief initiatives, and provided a vital lifeline for charities facing huge drops in income and skyrocketing demand.
From delivering hot meals to vulnerable people and providing IT devices to children struggling to join on-line lessons, to launching innovative volunteer services and new digital support, the Fund supported hundreds of projects across the UK whose benefits continue to be felt today. It is an inspiring example of the power of our industry when it pulls together to drive change
Yvonne Braun
ABI Executive Lead, Covid-19 Support Fund and Director of Policy, Long-Term Savings and Health and Protection
This was a great example of the insurance sector coming together to support those in need. It is right to set out how the numerous charities and support organisations as well as individuals affected by the pandemic were helped by the Covid 19 Fund.
Graeme Trudgill
Chief Executive, British Insurance Brokers’ Association
The IUA and its member companies were keen to support the insurance industry’s funding of charitable initiatives as the Covid-19 pandemic hit. It is good to see that these efforts have had a long-term impact and are continuing to provide care and assistance for those in need.
Christopher Jones
Chief Executive of the International Underwriting Association