Fairfax makes massive contribution to hurricane relief efforts

Fairfax makes massive contribution to hurricane relief efforts | Insurance Business Canada

Catastrophe & Flood

Fairfax makes massive contribution to hurricane relief efforts

Hope is that a significant corporate donation will make an impact

Catastrophe & Flood

By
Rod Bolivar

Fairfax Financial Holdings Limited is extending support to recovery efforts in the Southeastern United States, which has faced significant destruction from hurricanes Helene and Milton, by donating $1 million (USD) to the American Red Cross.

Prem Watsa, chairman and chief executive officer of Fairfax, acknowledged the impact of the hurricanes that caused substantial damages to homes and communities.

“So many people in Florida, Georgia, the Carolinas and Tennessee are enduring severe damage to their homes and communities, and will have to begin rebuilding their lives after this devastation. Fairfax wants to stand among all those individuals and companies who are extending themselves to provide support to the residents of the affected communities across the Southeastern United States,” said Watsa.

Fairfax Financial, a holding company primarily engaged in property and casualty insurance, reinsurance, and investment management through its subsidiaries, has a long-standing commitment to community support. Since 1991, the company has donated a total of $315 million to various charitable projects. In 2023, Fairfax allocated 8% of its corporate responsibility funds to disaster recovery relief efforts.

The hurricanes have inflicted staggering economic losses. According to a report from Jacksonville Today, preliminary estimates place the economic loss from Hurricane Milton at between $160 billion and $180 billion. Meanwhile, Hurricane Helene’s total damage is estimated to range from $225 billion to $250 billion.