Following majority votes on greenhouse gas proposals at Berkshire and Chubb, 56% of Travelers Companies’ investors support greenhouse gas reduction proposal.

FOR IMMEDIATE RELEASE

MEDIA CONTACT: Stefanie Spear, sspear@asyousow.org, 216-387-1609

BERKELEY, CA—JUNE 1, 2022—Results released Tuesday by The Travelers Companies show that 55.8% of shareholders voted at the annual general meeting last week in support of a greenhouse gas reduction proposal filed by investor representative As You Sow.

The resolution asks Travelers to issue a report addressing if and how it intends to measure, disclose, and reduce the greenhouse gas emissions associated with its underwriting, insuring, and investment activities, in alignment with the Paris Agreement’s 1.5°C goal requiring net-zero emissions by 2050.

Travelers is one of the top three providers of coverage to the oil and gas industry, surpassing peers such as Chubb and Liberty Mutual in its support of high-carbon fossil fuel companies. Travelers’ bondholding in coal alone is around $842 million, once again surpassing its American peers.

“Without a clearly established climate strategy, Travelers will continue to drive climate risk to investors, insurers, and the global economy,” said Danielle Fugere, president of As You Sow.

This is the third and final vote in a series of shareholder proposals filed by As You Sow with top U.S. insurers that seek net-zero-aligned action by the insurance companies. Seventy-two percent of Chubb Limited’s investors and 47% of Berkshire Hathaway’s independent shareholders recently voted in favor of the proposals.

“The insurance industry is not immune from investors’ growing call for climate action,” Fugere said. “For Travelers to be considered Paris-aligned, it must begin measuring, disclosing, and reducing its financed and insured emissions, which make up the vast majority of its carbon footprint.”

Competitors AIG and The Hartford recently committed to reaching net-zero emissions from their underwriting and investment portfolios by 2050 or sooner, following shareholder proposals filed by the Presbyterian Church (USA) and As You Sow respectively. 

The global insurance industry is increasingly adopting net-zero commitments. Net-Zero Insurance Alliance members have made a commitment to reach net-zero emissions in their insurance and reinsurance underwriting portfolios by 2050. The Net-Zero Insurance Alliance currently has 25 members, seven of which are in the top 30 largest global insurers by market cap.  

“We look forward to working with Travelers, The Hartford, and Berkshire Hathaway to begin implementing the actions necessary to achieve 1.5°C-aligned emissions reductions,” Fugere concluded.

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As You Sow is the nation’s leading shareholder advocacy nonprofit, with a 30-year track record promoting environmental and social corporate responsibility and advancing values-aligning investing. Its issue areas include climate change, ocean plastics, pesticides, racial justice, workplace diversity, and executive compensation. Click here for As You Sow’s shareholder resolution tracker.