Since the World Health Organisation declared Covid-19 as a pandemic, the state of our economic normality has been challenged. The drastic measures taken by affected nations demonstrates the seriousness of the outbreak, not only for individuals but also for society, businesses and the economy. As the impact of the virus continues to become clear, so does the realisation that some degree of economic recession is on the horizon.
As things currently stand the duration of the pandemic and the severity of any subsequent economic recession both remain uncertain. Against this backdrop many of us will be concerned about the effect these factors could have on the financial stability and outlook of financial institutions such as insurance companies. Now may be the ideal opportunity to seek reassurance in these uncertain times by making a conscious effort to check the credit rating of the insurance company trusted to protect your business.
Credit ratings are awarded by independent credit rating agencies such as Standard & Poor’s, Moody’s, Fitch Ratings or A.M. Best. The level of rating awarded is an independent assessment of the financial strength of an insurer and its ability to pay claims to its policyholders. An ‘A’ rating is highly coveted amongst insurance companies and recognises exceptional financial strength.
Here at SEIB our good name has been built on providing reassurance to funeral directors that should the worst happen then expert help will be at hand to protect their assets, income and reputation. This is why under our specialist insurance schemes for funeral directors and associated trades, we will only ever work with insurers who have been awarded an ‘A’ rating.
A different approach
SEIB is proud to be part of the Ecclesiastical Insurance Group, who are in the UK’s top 5 for corporate charitable giving. A significant proportion of our profits are channelled towards funding good causes, either through independent grants from our charitable owner or our own donations to the communities we serve.
During this unprecedented time, we will give over £1.5million across the Group to support charities and communities. In addition, the Group are funding projects aimed at supporting communities through the pandemic and charities facing financial difficulties because of it. We hope our giving will help today and, crucially, we are determined to help in the future as charities build their work back up.
Here is a summary of what the Group are giving:
- £1m through the Group’s annual corporate giving programme – Movement for Good awards – which will kick off with 500 £1,000 donations to be distributed quickly to charities and communities most in need fighting on the front line.
- £250 personal grants for Group employees to distribute now, with the promise of volunteering in the future. We’ll also continue to 100% match all fundraising and payroll giving which could amount to over £200,000.
- £50,000 as a donation to The National Emergency Trust and a pledge to double all employee donations to the cause.
- £125,000 as a donation to the Association of British Insurers COVID-19 Support Fund, which is working in partnership with the Charities Aid Foundation to help charities most hit by the COVID-19 emergency.
- £250,000 is being donated by our ultimate owner the Allchurches Trust to four national charities helping to tackle food poverty.
Giving to those in need and showing recognition to those who do good, are embedded in the culture of SEIB. Since our beginnings over 50 years ago we have endeavoured to provide a meaningful contribution to the communities we serve. Recent examples of this are our commitment to the SEIB Giving Campaign (now in its third year) and thank you campaign to acknowledge the dedication shown by funeral directors during the pandemic.
Here at SEIB we have been arranging tailored insurance for funeral directors and associated trades for over 40 years, giving us expert insight into the risks faced by such a unique industry. To find out more about protecting your business and reputation with SEIB, please call us on 0345 450 0648 to talk to one of our experienced staff members.