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Axis Capital Holdings Ltd. said Tuesday it will donate $1 million and partner with nonprofit organizations to provide pandemic relief globally, as well as in communities in which Axis operates, the insurer and reinsurer said in a statement.
Half of the funds will be allocated to organizations focused on global COVID-19 relief such as International Medical Corps, a global nonprofit humanitarian aid organization that provides emergency medical relief and training to people affected by conflict, disaster and disease.
Half of the funds will go to addressing pressing local needs in the communities where Axis operates, a presence that extends across the United States, Europe, Singapore, Canada, the Middle East and Bermuda, where it is headquartered, the statement said.
Also Tuesday, Swiss Re Group pledged to donate 5 million Swiss francs ($5.21 million) to support the needs of people and communities affected by the COVID-19 pandemic around the world.
The funds will be distributed through its nonprofit grant foundation, the Swiss Re Foundation, to organizations tackling the crisis, particularly in developing countries, Swiss Re said in a statement.
The Foundation will contribute 1 million Swiss francs each to the International Committee of the Red Cross, and Doctors Without Borders, which is assisting local health institutions around the globe in providing patient support and training for medical staff. The remaining 3 million Swiss francs will be allocated to other Swiss Re Foundation partners for relief efforts in response to the pandemic.
The moves are the latest in a series by insurers and others to marshal resources against the pandemic outbreak.
Chubb on Monday announced three grants as part of its previously announced commitment to contribute $10 million to pandemic relief efforts globally.
Funded through the Chubb Charitable Foundation, Chubb has made a $1.7 million donation to International Medical Corps to provide surge support to strengthen hospital capacity during the outbreak.
The Global FoodBanking Network is receiving a $1.5 million contribution to provide urgently needed support to food banks around the world, and Chubb will also make a $1 million contribution to Project Hope, made in partnership with Healthcare Ready and supported by the Business Roundtable.
On April 5, Chubb announced it would commit $10 million to pandemic relief efforts globally, working with a range of partner organizations in the United States and other countries, with funding made through the Chubb Charitable Foundation.
On April 7, Fundación Mapfre, a Webster, Massachusetts-based global nonprofit foundation created by Spanish insurer Mapfre SA, said it would donate $2.3 million to support urgent medical and community needs across Massachusetts, as the coronavirus continues to spread. It’s part of a global $38 million aid package by the foundation for medical providers and communities around the world.
In Massachusetts, the foundation will work with Boston Medical Center, UMass Memorial Health Care, Worcester; City of Boston; Massachusetts General Hospital, Boston; and Harrington HealthCare at Webster, Mapfre said in its statement.
QBE North America on March 26 said it will help support health care workers in the fight against the COVID-19 pandemic by donating 95,000 3M standard ear loop face masks to hospitals across the country.
The masks were part of QBE North America’s emergency preparedness supply and will be donated to a number of hospitals and medical facilities facing shortages in communities countrywide including Brigham and Women's Hospital in Boston, Hartford HealthCare for use at Hartford Hospital, and New York Presbyterian in New York City, QBE said.
On March 31, The Travelers Cos. Inc. announced a $5 million commitment to assist families and communities impacted by the COVID-19 pandemic in North America, the United Kingdom and the Republic of Ireland, the company said in a statement.
Travelers plans to donate $3.5 million to leading charities that provide essential services to address urgent, unmet needs, including emergency assistance for hourly workers, food and shelter for vulnerable populations, stability to small businesses and resources to mitigate disruptions in education, the statement said.
Travelers has repurposed its kitchen facilities in Hartford, Connecticut, to assist nonprofits in the preparation and delivery of meals, the company said.
In addition, up to $1 million will go to pay the wages and health benefits for eligible third-party contract employees who provide services at the company’s offices, including dining and building maintenance.
The company also has designed a special matching program for its employees who wish to contribute to causes related to COVID-19, committing up to $500,000 to match – on a 2-for-1 basis – employee contributions to designated organizations, including Americares, Dublin Simon Community, Food Banks Canada, Team Rubicon and United Way, Travelers said.
More insurance and risk management news on the coronavirus crisis here.
Swiss Re Ltd. has an event cancellation exposure of $250 million to the Tokyo Summer Olympic Games and faces other potential liabilities in the wake of the coronavirus outbreak.