One may not think of insurance when pondering which industries are most charitable. I know I didn’t when I first started my career in this sector. But I soon learned the truth.
In fact, I’m constantly amazed at how much this industry gives back — and how little recognition it receives for it. Take these stats, for instance: Data from FoundationCenter.org lists Metlife and Prudential in the top 50 of most charitable U.S. companies in 2014. Bankers Life raised $500,000 for the Alzheimer’s Association last year. And the Insurance Industry Charitable Foundation (IICF) has contributed more than $23.5 million in local community grants and more than 200,000 volunteer hours since its inception in 1994.
That’s just one side of the philanthropic spectrum.
The P&C side of the insurance industry has even stronger charitable chops. A 2015 McKinsey report states that P&C insurers contributed a whopping $575 million to charity in 2014 alone, which is up 15 percent from 2011.
I am, of course, writing on this topic with a purpose in mind. October 8 marks the IICF’s annual Week of Giving, when more than 8,500 insurance professionals from 85 companies across the United States will participate in more than 250 service projects within their local communities.
Held across 70 cities (most likely yours), these volunteer events will bring insurance professionals together in literacy centers, food pantries, homeless shelters and the like to provide assistance to at-risk women, children, senior citizens, those with disabilities and veterans.