The average giving levels of foundations in the Property & Casualty (P&C) insurance industry have gone up about 15% overall between 2011 and 2014, according to a new survey released Feb. 25 by the Insurance Industry Charitable Foundation (IICF). IICF partnered with McKinsey & Company and the Insurance Information Institute (I.I.I.) to assess charitable giving across the P&C industry from the largest carriers to the smallest agencies nationwide.
As giving levels increased from 2011 to 2014, the P&C industry's perception that giving is at an appropriate level that meets public expectations also increased. In the latest survey, only 17% of respondents said they believed the industry giving level was below public expectations, which is down from 42% in 2011.
"The major areas of giving in 2014—health and social services, community needs, and education—remain the same as in 2011," said Ido Segev, a consultant with Mckinsey. "The survey also found that education funding decreased by about 50% while health and social services increased by about 50% and community funding increased by about 70% over the same period.
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
