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.
Favorite charities were those involving education, health and social services and community and economic development, according the report, "Charitable Giving in the Property-Casualty Industry." Eighty percent of donations 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. However, only 12 percent 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 percent of total industry contributions," according to the report.