Travelers Publishes Its 2022 Sustainability Report
28 Junho 2023 - 10:00AM
Business Wire
Company also publishes significantly enhanced
Task Force on Climate-related Financial Disclosures Report
The Travelers Companies, Inc. (NYSE: TRV) today published its
2022 Sustainability Report, which discusses the inextricable link
between the company’s mission of creating shareholder value and its
purpose of taking care of the people it is privileged to serve –
its customers, communities and employees. The report features a
number of corporate initiatives, as well as the company’s latest
reports consistent with the recommendations of the Task Force on
Climate-related Financial Disclosures (TCFD) and the Sustainability
Accounting Standards Board (SASB) Insurance Industry Standard.
“We take a holistic approach to sustained value creation by
managing the risks and capitalizing on the opportunities associated
with a broad array of economic, operational, environmental, social
and governance factors relevant to our company and industry,” said
Yafit Cohn, Chief Sustainability Officer at Travelers. “Our report
showcases this thoughtful approach, which we believe helps us
create inclusive prosperity.”
The report provides an in-depth review of the 16 topics the
company has identified as its key drivers of sustained value:
Business Strategy & Competitive Advantages, Capital & Risk
Management, Climate Strategy, Community, Customer Experience, Data
Privacy & Cybersecurity, Disaster Preparedness & Response,
Diversity & Inclusion, Eco-Efficient Operations, Ethics &
Responsible Business Practices, Governance Practices, Human Capital
Management, Innovation, Investment Management, Public Policy and
Safety & Health.
Notably, Travelers’ 2022 Sustainability Report includes a new
section titled “Responsible Business Practices,” which details the
company’s robust governance and controls designed to ensure that
its pricing is actuarially sound and that its underwriting and
pricing practices comply with all applicable laws. Among other
things, this section includes the company’s Responsible Artificial
Intelligence (AI) Framework, which sets forth the foundational
principles guiding Travelers’ development and use of AI, advanced
analytics and modeling.
Additional highlights from this year’s report include:
- The company has reduced its Scope 1 (direct) and Scope 2
(indirect) emissions by 55% since 2011, reinforcing its commitment
to become carbon neutral across its owned operations by 2030.
- The company responded to 64 catastrophe events and more than
100,000 catastrophe notices of loss during 2022, and approximately
90% of property claims arising out of those events were resolved
within 30 days.
- Travelers is one of the largest investors in municipal bonds,
providing funding to approximately 950 different municipal issuers
across the United States. These bonds support water and sewer
projects ($5 billion), K-12 education ($10 billion) and higher
education ($4.2 billion). The company also owns $2.8 billion in
fixed income securities classified as “green,” “sustainability” and
“sustainability-linked” bonds by Bloomberg L.P.
- Over the past decade, Travelers and the Travelers Foundation
have provided more than $230 million in gifts to local
communities.
- Of the corporate carriers evaluated for customer experience by
Marsh McLennan, the largest insurance broker in the world,
Travelers received the highest Net Promoter Score for overall
experience.
- More than 12,000 employees – close to 40% of the company’s
total population – belong to at least one of the company’s eight
Diversity Networks, which are voluntary groups led by employees
dedicated to fostering a diverse and inclusive work
environment.
TCFD Report
Travelers also meaningfully expanded its TCFD Report to include,
among other things:
- Enhanced disclosure with respect to the composition of the
company’s investment portfolio, including a quantification of the
greenhouse gas (GHG) emissions for the portion of the portfolio
where some data is available, as well as a discussion of the
company’s multipronged approach to addressing financial risks posed
by GHG emissions on its investment portfolio.
- Enhanced disclosure with respect to the composition of the
company’s business mix, particularly as it relates to the energy
industry.
- An alternative view to understanding the GHG emissions related
to the company’s underwriting portfolio by disclosing the company’s
premiums over time with respect to the four most carbon-intensive
sectors as classified by Standard & Poor’s, which have
consistently represented a very low percentage of the company’s
underwriting portfolio and have meaningfully declined over
time.
In addition, Travelers’ latest TCFD Report discusses the
company’s ongoing efforts to pursue business related to renewable
energy as trends toward clean energy sources continue to
accelerate. The company’s Global Renewable Energy Practice, which
is designed to facilitate innovation and the growth of renewable
energy businesses, has grown at a compound annual rate of 27% over
the past four years, with revenue up more than 107% since 2019.
Cohn added: “With our 2022 TCFD Report, we’re pleased to provide
shareholders with additional information, building on already
comprehensive disclosures regarding how we manage climate risk on
both sides of our balance sheet while supporting the transition to
a lower-carbon economy.”
To learn more about Travelers’ sustainability efforts, visit
sustainability.travelers.com.
About Travelers The Travelers Companies, Inc. (NYSE: TRV)
is a leading provider of property casualty insurance for auto, home
and business. A component of the Dow Jones Industrial Average,
Travelers has more than 30,000 employees and generated revenues of
approximately $37 billion in 2022. For more information, visit
Travelers.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230628140126/en/
Media: Courtney Garro, 860-277-8719
cgarro@travelers.com
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