• New York Life announces a $500,000 contribution for Hurricane Ian relief and rebuilding efforts

• The company is also pledging to match up to $100,000 in workforce contributions

New York Life Insurance Company has pledged $500,000 toward relief and rebuilding efforts in the aftermath of Hurricane Ian.

In a Wednesday news release, New York Life said it was committing half a million dollars to support long-term recovery needs in the communities impacted by the Category 4 storm. The mutual life insurance company noted that $150,000 will go to Feeding Florida, another $100,000 going to the American Red Cross, and up to $100,000 for New York Life’s disaster matching gifts program for workforce donations to both nonprofit organizations as well as the company’s Emergency Assistance Fund.

“As people in affected communities begin to rebuild in the wake of Hurricane Ian, New York Life is committed to providing relief to those impacted the most,” said Heather Nesle, senior vice president, Corporate Responsibility, New York Life.

Hurricane Ian made landfall on Sept. 28, pummeling Florida’s Gulf Coast before cutting across toward the east coast. The storm left a path of destruction across the Sunshine State, producing catastrophic flooding and storm surge.

In Florida, over 120 people have died due to Hurricane Ian, according to local officials.

Hurricane Ian is forecast to be the most significant natural disaster for the insurance sector in decades, with industry losses from the storm having the potential to reach as high as $75 billion, which would make it the costliest natural disaster ever in nominal terms. In real terms, only 2005’s Hurricane Katrina, which generated insured losses of $65bn —$99bn in 2022 money — has inflicted greater losses.

New York Life added that customers are eligible for crisis relief, with the company providing emergency loans against the cash value of a current policy to help in recovery and rebuilding.

In 2021, New York Life and its Foundation provided over $32 million in charitable contributions including nearly $4 million in response to the COVID pandemic and other disasters to support communities across the country.