Insurance News

Charities received $500M from property/casualty insurance industry in 2010

Posted on: October 27, 2011

The property/casualty insurance industry gave more than $500 million to charity last year, according to survey released Wednesday by New York-based McKinsey & Co.

The report, “Charitable Giving in the Property-Casualty Industry,” found that education, health and social services, and community and economic development were the causes that received the bulk of the industry’s support.

The report found that of the $500 million in donations, 80% came as direct cash contributions from companies, while the rest represented employee donations of cash or volunteer hours.

The report also found that when property/casualty companies evaluated the benefits of charitable giving, most cited broad business goals including enhanced reputation, improved employee retention and improved customer relations.

But only 12% of property/casualty companies surveyed consider the ability to leverage corporate capabilities a key determinant in shaping giving strategy.

“Surprisingly, while most property/casualty companies believe that disaster relief and preparedness rank among the most important issues for the industry to address, in practice these causes receive less than 5% of total industry contributions,” according to the report.

Copyright © 2011. Crain Communications, Inc.

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