Charitable Giving and Insurance

The insurance industry is a major contributor to charitable causes. In 2010 the industry, including insurance carriers and related firms, made $924 million in charitable contributions, according to an analysis of corporation tax returns by the Internal Revenue Service.The property/casualty insurance segment of the industry contributed over $500 million to charitable causes in 2010, with the bulk of the support going to education, health and social services, and community and economic development, according to a 2011 report by McKinsey & Company.

Each year in October the Insurance Industry Charitable Foundation (IICF) promotes a Week of Giving, during which insurance industry employees volunteer at community programs throughout the country. The IICF was established in 1994 and is completely directed and funded by the insurance industry. Since its inception, the IICF has contributed more than $18 million in grants to charities and 155,000 volunteer hours to hundreds of community nonprofit organizations.

For information on the insurance industry’s contribution to community development see Impact, I.I.I’s online resource highlighting the insurance industry’s contributions to community development. Information on corporate giving (including contributions by insurance foundations) is also available from the Foundation Center. courtesy of image:Source: McKinsey IICF survey, Center for Encouraging Corporate Philanthropy, Giving by Numbers 2010, McKinsey analysis