Filed Under:Agent Broker, Agency Management

IQ: P&C Industry Donates $500 million in 2010

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.

Featured Video

Most Recent Videos

Video Library ››

Top Story

Insurance industry education is more than just letters after your name

Continued education isn't just nice to have. For many insurance professionals it's a requirement for their jobs or licenses. Here are some national organizations to help you get those designations.

Top Story

Liberty Mutual to acquire Ironshore Inc. in $3B deal

Liberty Mutual Insurance announced Monday morning it will acquire global specialty lines company Ironshore Inc. from Fosun International Ltd. for approximately $3 billion.

More Resources

Comments

eNewsletter Sign Up

Agent & Broker Insider eNewsletter

Proven success tips and essential information to help agents and brokers grow their practice – FREE. Sign Up Now!

Mobile Phone

Advertisement. Closing in 15 seconds.