Italy is currently the country worst hit by the outbreak of the coronavirus after China, and local life companies are stepping up to help the Italian health and civil services, as well as their employee networks.
Generali will create an Extraordinary International Fund of up to €100m (£90.3m, $111m), €30m of which will be made immediately accessible for the health emergency in Italy.
The fund will primarily assist its home market but will also be available in the other countries Generali operates in.
The aim is to offer “immediate assistance in this quickly evolving crisis and, in the medium term, to support economic recovery efforts in the countries affected”, the firm said.
Employees of the life company will be able to donate to the fund as well.
Assicurazioni Generali chairman Gabriele Galateri di Genola and Generali Group chief excutive Philippe Donnet said: “With this extraordinary fund, we commit a concrete pool of resources immediately to respond the covid-19 emergency.
“We all have to work together to fight this battle. We are a part of both Italian and European history; and, in line with our heritage, we have and we will do everything we can to benefit the well-being of all.”
In support of the workforce
In a similar move, Allianz has set aside €75m to support its network of agents.
Giacomo Campora, chief executive of Allianz Italy, said in a statement translated by International Adviser: “In these difficult days, Allianz is strengthening ties with its agents and their clients.
“With €75m at their disposal, agencies will be able to work with greater peace of mind and better serve their clients, while at the same time, allowing their staff to work in the best possible conditions and protect their health.”
Allianz Bank Financial Advisors (ABFA) has done the same by making €25m available to its financial consultants.
Paola Pietrafesa, chief executive of ABFA, said: “During this difficult time for our country and for financial markets, it’s important to be close to our clients and networks, with concrete and time-sensitive measures.
“Thanks to this €25m investment, our consultants will have immediate financial resources to have greater breathing room with their businesses and support our client base which, especially during this period, demands maximum care and attention.”