An environmental group said major insurers are among an extended list of firms detailing their actions to cut greenhouse gases that create global warming and how those efforts impact shareholder value.
The Carbon Disclosure Project (CDP) said hundreds of corporations around the world are answering its questionnaire on the topic and their responses are contained in a CDP report (www.cdprojectnet).
CDP is a coalition of global investors interested in examining the risks and opportunities facing the world's largest publicly traded companies due to climate change.
One insurer, St. Paul, Minn.-based Travelers, a participant in the report, outlined actions "intended to mitigate the negative impacts of climate change, encourage environmentally responsible behavior and conserve natural resources."
"As a major property casualty insurer, we focus on the evolving insurance requirements caused by changing climate conditions to address consumers' needs," said Robert Flynn, Travelers vice president of strategic policy in a statement. "We regularly seek to identify and pursue opportunities for innovation to protect our customers' physical assets and financial future."
In its fourth year participating in the report, Travelers said it highlighted its actions to address the implications of climate change on its business in three major areas: risk management, insurance products and services, and corporate operations.
Among some of its actions:
o It has established a climate change committee that works to identify emerging risks that may require new underwriting strategies or the development of new types of coverage that are responsive to a changing climate.
o It has promoted energy efficient offices and joined other groups to better understand the ramifications of the climate change.
o It initiated a series of business continuity planning workshops for commercial policyholders in catastrophe-prone regions.
o The insurer provides support to the Institute of Business and Home Safety to promote property damage mitigation strategies.
o It is sponsoring the National Hurricane Survival Initiative to promote hurricane preparedness through various media and a dedicated Web site at www.hurricanesafety.org.
Travelers' complete response to the CDP is online at www.travelers.com in the corporate responsibility section.
Among other large insurers who have joined in the CDP project are Allstate, American International Group, AXA Group France, Hartford Financial Group, Munich Re, Progressive, Swiss Re, and Zurich Financial.
Berkshire Hathaway did not respond and Chubb Corporation's questionnaire is forthcoming, CDP said.
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