Travelers Publishes Its 2020 Sustainability Report
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
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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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