The report, From Crisis to Impact: What the Covid-19 Support Fund Delivered, marks five years since the fund was created and highlights how the insurance and long-term savings industry mobilised to provide one of the UK’s largest private-sector pandemic relief efforts.
Established in May 2020 by the ABI on behalf of the sector, the Covid-19 Support Fund raised £84 million from within the industry, topped up by £20 million from the Department for Culture, Media and Sport. The funding supported 17 major national charities and more than 100 smaller organisations over the past five years.
The initial phase of the Fund focused on emergency response, with £20 million donated to the National Emergencies Trust (NET). NET worked through Community Foundations across the UK to quickly deliver food, essentials, mental health support and social care to vulnerable people.
Additional support included a £2.5 million donation to Business in the Community’s National Business Response Network.
By the summer of 2020, the Fund transitioned into its next phase, providing large-scale grants to charities supporting groups disproportionately impacted by the pandemic. These included people with dementia, unpaid carers, disabled individuals, and those in need of retraining after job losses.
The Fund’s legacy continues through several long-term initiatives, including a digital advice service for young carers and a volunteer-led support service for people with dementia.
Yvonne Braun, ABI Executive Lead for the 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 online 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.”
Graeme Trudgill, Chief Executive of the British Insurance Brokers’ Association, added: “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.”
Christopher Jones, Chief Executive of the International Underwriting Association, commented: “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.”
