The Hartford will invest $2.5 billion over the next five years in technologies, companies and funds advancing the transition to renewable energy and addressing climate change.
Additionally, it also became a signatory of the United Nations Global Compact, joining organisations worldwide to implement universal sustainability principles that advance societal goals.
The Hartford is one of the first property-casualty insurance companies to sign onto the UN Global Compact, the world’s largest corporate sustainability initiative.
As part of the new climate priorities, the company anticipates exiting all tar-sands investments by Dec. 31, 2021, two years before the commitment announced in The Hartford’s coal-and-tar-sands policy on Dec. 19. Additionally, The Hartford expects to exit coal investment holdings specified in the coal-and-tar-sands policy by the end of 2023, as previously announced.
These new priorities are the latest in a series of The Hartford‘s commitments to sustainability and environmental stewardship. The company first formalised a climate change statement in 2007 and has adapted the statement to align with the fifth Assessment of the Intergovernmental Panel on Climate Change (IPCC). The company published its first Task Force on Climate Related Financial Disclosure (TCFD) report in 2020 and its first Sustainability Accounting Standards Board (SASB) report in 2021. The Hartford also was recognised in the “Leadership” category by CDP, an organisation to which The Hartford has reported its climate change efforts and practices for 15 years.
Neptune Flood said it will help combat climate change within the company and is calling on its fellow InsurTechs to be the first entire industry to achieve carbon neutrality.
To reach their goal, Neptune Flood will work to offset the corporate and employee carbon footprints, including the planting of 720 trees in Neptune’s home state of Florida.
The company is also committing to community projects, such as its first donation of $50,000 to Tampa Bay Watch’s oyster habitat program. Oyster reefs help protect from erosion during storm events. Additionally, all Neptune team members will have paid time-off opportunities to volunteer with Tampa Bay Watch for important hands-on impact.
As well, Neptune will start offering resilience-building products and services. Neptune’s Jumpstart parametric team is actively working on additional climate-based insurance products to add to Neptune’s flagship flood insurance offering. These products will have a goal of improving climate-effected resiliency across the economic spectrum.
Source: Carrier Management
