The UK insurance and long-term savings industries has launched a £100m ($122m) fund to help charities dealing with the current and long-term fallout of Covid-19.

The Covid-19 Support Fund currently has £82.5m in contributions from across the industry, and was launched in accordance with the Charities Aid Foundation and a network of partners, including the National Emergencies Trust.

According to the Association of British Insurers (ABI), the money will be donated to the following causes:

Community-based charities that are under unprecedented strain

Charities supporting the most vulnerable – in particular, families and children living in the greatest poverty, and older people in isolation

Initiatives to promote wellbeing and mental health across society

The fund is supported by members of the ABI, The British Insurance Brokers’ Association (BIBA), Lloyd’s of London and The London Market Group (LMG).

The donations have been announced as the industry faces unprecedented pressure over claims for business interruption claims, and among the donors is Hiscox, which is under threat of legal action.