Travelers Publishes Its 2020 Sustainability Report
June 16 2021 - 9:00AM
Business Wire
The Travelers Companies, Inc. (NYSE: TRV) today published its
annual Sustainability Report, which outlines the company’s
multifaceted strategy for creating shareholder value over time and
highlights its 2020 environmental, social and governance (ESG)
initiatives.
“We take a holistic approach to sustained value creation,
understanding that our long-term success depends not only on our
business strategy and competitive advantages but also on keeping
our promise to be there for our customers, communities and
employees,” said Yafit Cohn, Chief Sustainability Officer at
Travelers. “This year’s report showcases the ways that we delivered
on that promise and raised the bar in terms of taking care of all
our stakeholders during a globally challenging time.”
The report provides an in-depth review of the 16 topics that
Travelers 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 &
Values, Governance Practices, Human Capital Management, Innovation,
Investment Management, Public Policy and Safety & Health.
Highlights from the company’s 2020 report include:
Climate Strategy
- The company grew gross written premiums in its Global Renewable
Energy Practice by nearly 40% year over year and expanded its
international footprint for onshore and offshore wind and solar
operations throughout Asia, Canada, Europe, Mexico and the United
Kingdom with its unique coverages written through Travelers Lloyd’s
Syndicate 5000.
Community
- The company contributed nearly $23 million to important causes,
including improving academic and career success, developing
thriving neighborhoods, creating culturally enriched communities,
helping areas hardest hit by the pandemic and advancing racial
equity across the United States.
Customer Experience
- Travelers resolved more than 90% of property claims arising out
of catastrophe events within 30 days of receiving the claim notice.
This result was achieved despite a record number of catastrophe
events and a more than 50% increase in catastrophe claim volume as
compared to the prior year.
- The company adjusted its claim inspection processes to rely
more heavily on state-of-the-art digital and virtual capabilities,
handling 40% more auto appraisals and wind/hail claims and 70% more
water claims virtually as compared to pre-pandemic levels. The
increased use of these capabilities resulted in a better and safer
experience for customers and Claim professionals, and a more
efficient outcome for the company.
Diversity & Inclusion
- In each of the last 10 years, the company has increased the
percentage of people of color in its U.S. workforce and has
increased the percentage of women and people of color in U.S.
management-level positions.
Eco-Efficient Operations
- The company reduced its Scope 1 and Scope 2 emissions by nearly
55%, based on a 2011 base year. In addition, in 2021, Travelers
announced its commitment to become carbon neutral across its owned
operations by 2030.
Human Capital Management
- Through its new and innovative retirement savings benefit, The
Travelers Paying It Forward Savings Program, the company matched $3
million in student loan payments with 401(k) contributions. More
than 1,300 employees are enrolled in this program.
- The company’s average global voluntary turnover rate for the
past three years was approximately 7%.
Investment Management
- As one of the largest investors in municipal bonds, the company
provides funding to more than 900 municipal issuers, with the
proceeds of its investments used to improve the quality of life in
communities across all 50 states and Puerto Rico. For example, the
company invests in municipal bonds that support water and sewer
projects ($5.8 billion), which are helping mitigate pollution,
provide safe drinking water, promote conservation and, in many
cases, respond to changing climate conditions. Travelers also owns
fixed income securities classified as “green bonds” ($1.4
billion).
The company’s sustainability reporting was guided by the input
of key stakeholders and multiple sustainability disclosure
frameworks. Travelers is a leader among domestic property casualty
insurance companies in publishing reports responsive to the
Sustainability Accounting Standards Board (SASB) standards for the
insurance industry and the recommendations of the Task Force on
Climate-related Financial Disclosures (TCFD).
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
approximately 30,000 employees and generated revenues of
approximately $32 billion in 2020. For more information, visit
Travelers.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20210616005536/en/
Media: Courtney Garro, 860.277.8719
cgarro@travelers.com
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