Travelers, founded in 1864, is an American insurance company headquartered in New York, NY. Travelers focuses on providing property casualty insurance services for auto, home and business. It employs 30,000 staff and operates in the United States, Canada, the United Kingdom and Ireland. The company generated revenues of approximately $35 billion in 2021.
Travelers has an engagement policy where it describes its approach on sustainability themes and impact topics with investees and publishes an engagement report describing how the engagement policy is applied in practice.
Travelers has a publicly available policy statement committing it to respect human rights and has a grievance mechanism accessible to all workers, external individuals and communities to raise human rights complaints or concerns. In a public policy statement, the financial institution discloses its approach to lobbying and political engagement.
Travelers has an opportunity to link the remuneration of its executive or management teams to sustainability performance criteria. The financial institution could make a public commitment to gender equality and women’s empowerment. It has an opportunity to disclose the proportion of women in senior leadership roles as well as how it addresses any gender pay gaps. Additionally, it has an opportunity to reach at least 40% of female representation on the board of directors. There is no evidence that the financial institution’s engagement policy includes clear frameworks with success criteria and escalation points and it could also publish case studies describing where it has engaged successfully with investees on sustainability themes and impact topics.
There is no evidence that Travelers discloses a target to reach net-zero financed emissions by 2050. The financial institution has an opportunity to disclose the key sectors and companies it has identified as priorities to engage with on climate change, specifically on the alignment with the Paris Agreement. Additionally, there is no evidence that the financial institution is committed to minimising the negative impacts it has on nature and biodiversity. No evidence was found regarding the financial institution’s approach to fossil fuels that spans across the fossil fuel value chain, such as the amount or share of finance it directs towards fuels, or its stance on financing companies with new fossil fuel projects.
Travelers has an opportunity to describe the process for identifying its human rights risks and impacts through its relevant financing activities. The financial institution could also disclose the proportion of its total direct operations workforce for each employee category by age group, gender or another indicator of diversity. To provide transparency on financial inclusivity, the financial institution has an opportunity to disclose the amount of finance directed towards, for example, women-owned businesses, small- and medium-sized enterprises (SMEs) or low-income developing countries.