The PIFC member companies pride themselves on actively participating in California communities. Each company engages in different ways. Below are just a few examples of how PIFC member companies give back. At the bottom, you’ll see a section about how PIFC and its staff participate as well.
The Personal Insurance Federation of California (PIFC) follows the examples set by its member companies of charitable giving and community involvement. PIFC regularly contributes to the St. John’s Shelter for Women and Child.
Annually PIFC also employs a number of students from the Cristo Rey High School in Sacramento. Cristo Rey students are intelligent and well motivated but of limited financial means. Through our corporate work study program, students learn professional work skills and generate income to offset the cost of their education.
CALIFORNIA ORGANIZED INVESTMENT NETWORK (COIN)
Starting in 1996, life, health, disability and property-casualty insurers worked cooperatively with the California State Legislature and the California Department of Insurance (CDI) to create the California Organized Investment Network (COIN). This program was the first of its kind in the nation and enables insurers, the CDI, and community development organizations to work collaboratively and foster investments in California’s underserved communities. COIN provides leadership and access to these investments which meet specific criteria and benefit low and moderate income communities.
The progress made by COIN and the insurance industry has been demonstrated through data reporting beginning in 2007.These data calls document the insurance industry’s commitment and dedication to making community development investments in California. The 2007 data call showed that insurers had made 5964 separate investments totaling $19 billion in qualified California Community Development Investments since COIN was created in 1996.
Legislation approved in 2010, AB 41, extended the reporting requirements through 2015. Therefore, additional reporting in 2014 will further detail insurers’ community development investments in California. The bill also requires insurers to biannually file an investment policy statement with the Department. Through COIN, insurers will continue to show their commitment to and investment in California’s low and moderate income communities.
IMPACT COMMUNITY CAPITAL LLC
IMPACT Community Capital LLC was founded in 1998 by leading insurers to structure and manage insurance company investments in California’s low-income communities. The first venture of its kind in the United States, IMPACT has attracted investments from insurers who represent about a quarter of the premium dollars written in California. Key investors include Allstate, Farmers, Nationwide, Pacific Life, Safeco, (Liberty Mutual Group), State Farm, Teachers Insurance and Annuity Association, and 21st Century (Farmers Insurance Group).
IMPACT has partnered with leading nonprofit community development lenders to create loan funds with set underwriting criteria and standardized documentation to achieve multimillion dollar scale. IMPACT has also facilitated equity investments into funds for affordable workforce/infill ownership housing, commercial real estate in low-to-moderate income census tracts, and growing small businesses. By leveraging tax credits to reach market rate returns, IMPACT has been able to make loans to community childcare facilities and healthcare facilities serving low-income communities, as well as commercial centers that provide employment and economic development opportunities.
As a result of this focus on scalable community investments, IMPACT’s insurance company investors have committed almost $1.6 billion specifically for investments benefiting low and moderate-income communities across the nation.
STATE FARM INSURANCE
The Local Initiatives Support Corporation (LISC) was founded to help transform Bay Area communities—helping lower-income families and neighborhoods by providing private
investment capital, grants, and technical support for on-the ground projects and programs. LISC helps communities create good places to live, work, play, and raise families.
State Farm is excited to continue its long relationship with Bay Area LISC and is a proud supporter of a relatively new and exciting initiative of Bay Area LISC—Neighbors Excelling Together (NExT). NExT engages local residents and stakeholders to build solutions for their communities. The NExT initiative puts into action State Farm’s own priorities to support financial literacy, community development and education support.
On March 12, 2011, Sacramento area Farmers agents descended on Prairie Elementary school to help dig and assemble a garden for the students who attend the school. Principal Fawzia Keval wanted to get a garden built on campus for the students to tend. She had neither the funds nor manpower to pull it off.
Hearing the plight of her inner city school, Patty Hobson from Farmers Strategic Marketing notified Farmers’ California State Office in Sacramento which quickly assembled a team of state office employees, agents and district managers to construct a garden for the school.
Progressive encourages its employees to give back to the communities in which they live and work through monetary giving, volunteerism and specific disaster response efforts. Many of Progressive’s employees contribute through The Progressive Foundation, through which the employer matches employee donations to eligible 501(c)(3) charitable organizations they choose. Progressive’s philosophy is simple. They give where their employees give.
In 2010 Progressive supported 2,593 organizations in 2009 with more than $6 million of combined contributions from employee donations and a corresponding 100% company match. In 2009 Progressive gave over one-hundred thousand dollars of combined contributions to organizations based in California.
In 2010, Liberty Mutual Insurance Group launched the first annual Liberty Mutual Invitational Tournament Series, which helped raise $5.1 million for local charitable organizations. Approximately 10,000 golfers participated in support of their favorite charities including Habitat for Humanity and the National Kidney Foundation as well as smaller charities and local hospitals.
This year, the series will host tournaments throughout California from Bakersfield to Los Angeles and San Diego to Hayward and San Francisco. Nationally, a total of 76 tournaments will be hosted. The 2011 California events will benefit California based charities including Bikes for Bakersfield, City of Hope, Project Concern, Blind Babies Foundation, Lions Club, San Ysidro Health Center, Chinese Hospital and Beyond the Bell.
California youths from dozens of communities will be brainstorming, building and launching their own safe driving campaigns thanks to a $120,000 grant from The Allstate Foundation.
Allstate has joined the Fresno Police Department and the California Friday Night Live Partnership of Tulare County to unveil Youth-to-Youth: Driving the Change. Friday Night Live has chapters in 54 California counties. The program will provide local grants to help Friday Night Live youth leaders host 30 traffic safety events across California. Those youth leaders will be encouraging their friends and classmates to eliminate distractions while driving.
Employees of Mercury Insurance Group, headquartered in Los Angeles, support a host of charities in their local communities. In Orange County, Mercury employees held a competition to see which group could bring in the most canned goods to support Families Forward, which helps families in crisis.
Employees from Mercury’s Folsom office walked, jogged, and ran 3.1 miles in the annual Susan B. Komen Race for the Cure, raising money to fight breast cancer. The race attracted over 22,000 participants and raised almost $600,000.
In Los Angeles, Mercury employees participated in the annual Revlon Cancer Run/Walk for Women event, raising over $23,000.
SOURCE: 2011 Economic Impact Report