Insurance United Against Dementia (IUAD) has completed a four-day trek across the Pyrenees, raising almost £90,000 ($114,200) for the Alzheimer’s Society.
Employees from nine different brokers and insurers – including Howden, Aon, QBE and Hiscox – took on the challenge.
This is the third trek completed by IUAD members, with the last two having raised more than £300,000 in total for the campaign.
IUAD is a cross-(re)insurance industry collaboration focused on raising awareness and vital funds for dementia in the market.
Since 2017, it has raised £9mn. It has set itself a target of raising £10mn by March 2025 for the Alzheimer’s Society charity.
Several key market players are involved in the initiative, including Zurich, Howden, QBE, Aon, Lockton, WTW, Aon, Crawford & Co and Lloyd’s of London.
Chris Wallace, executive director for the UK at QBE and InsureTrek lead, said: "InsureTrek 2024 is not just about getting people to take on a physical challenge – it's about rallying together as an industry to support a cause close to our hearts.
“Everyone will know someone who is affected by dementia, with one in three of us developing the disease in our lifetime, which is why the insurance industry is keen to play their part.”
Paul Jack, Lockton and IUAD board member, added: “Our role in tackling the UKs biggest killer isn’t done. The goal we set as a group during 2017 was to raise £10mn. Having almost reached this in seven years is a testament to everyone who has led and supported the campaign.
“Our focus now turns to how we can galvanise on this moment in dementia research and continue to build on the IUAD campaign to help raise further funds and awareness that could lead to future breakthroughs.”
IUAD is hosting its flagship event, Insurance Day for Dementia, in November. Last year, firms raised £209,000 with the event.
The funds raised so far have been allocated towards vital research, education and frontline services, including £2mn invested into work at the UK Dementia Research Institute Biomarker Factory, to improve the detection and diagnosis of the diseases that cause dementia.
Dementia costs the UK economy more than £42bn per year, with this figure set to rise to £90bn by 2040.
Research from the Alzheimer’s Society found that 982,000 people in the UK have a form of dementia, with this set to increase to 1.4 million by 2040.
To donate to IUAD and InsurTrek 2024, click here