SECTOR FOCUS: NONPROFITS
Bouncing back IBA spoke to experts in the nonprofit insurance sector to find out how it’s recovering from the COVID-19 pandemic NONPROFITS CAN be fragile organizations. Many have meager budgets to begin with, and after suffering fundraising losses in the midst of the COVID-19 pandemic, US nonprofits are in a state of flux – some have had to cut back on programs, while others have experienced unexpected booms. Eric Smith, managing director of Convelo
Insurance Group, sums up 2020 in the nonprofit space in one word: turbulent. An influx of COVID-19-related claims made things extra difficult for nonprofits, many of which also found themselves on the front lines of the pandemic. “There was significant pressure on the leadership teams of these nonprofit orga-
nizations to not only serve, but to do so in compliance with CDC requirements and with safety first to protect their staff and volunteers,” Smith says. However, he adds, nonprofits have been resilient. “Most of our insureds are not only recovering back to their pre-pandemic state, but are in fact expanding,” he says.
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