How Insurance Companies Are Helping During COVID-19

The development of the coronavirus has provoked terror and concern in many individuals. The quick spread of the virus has also shown the bravery, companionship and effort of care for people around the world.

In the U.S., Democrats and Republicans have united together in an unusual agreement to help the American people maneuver through the financial stress due to COVID-19. Various states are proposing innovative bills to support business owners from coronavirus-related incidences.

Companies are contributing to aid individuals and communities, as well. Recently, auto insurers have started distributing refunds to auto insurance policyholders to acknowledge the drastic decrease in driving due to communities being forced to go into quarantine. 

Various insurance businesses are taking a stand in advocating for people working in the medical field because they are risking their lives daily to protect individuals around the world.

Chubb announced that it is donating $10 million to pandemic relief. The Chubb Charitable Foundation will help assist different health care organizations with emergency medical supplies for hospital facilities. They are also supporting local food banks to help individuals who have become unemployed due to COVID-19. 

Another insurance company that is trying to make a difference is Travelers. They have promised to donate “$5 million to support coronavirus relief efforts in North America, the United Kingdom and Ireland.” The majority of the donations will be given to charities, and the rest will compensate for the earnings and health benefits for qualified third-party contract employees. Travelers also revealed that if their employees as a whole contribute up to $500,000 they will match that amount in donations.

Source: Property Casualty 360

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