Company also publishes significantly enhanced Task Force on Climate-related Financial Disclosures Report
HARTFORD, Conn.--(BUSINESS WIRE)-- 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:
TCFD Report
Travelers also meaningfully expanded its TCFD Report to include, among other things:
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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Media: Courtney Garro, 860-277-8719 cgarro@travelers.com
Source: The Travelers Companies, Inc.