Travelers
At Travelers’ annual general meeting on May 24, we are urging investors to vote for shareholder resolutions calling on the insurance company to phase out underwriting of new fossil fuel projects, to align its underwriting and investments portfolio 1.5ºC, and to conduct a racial equity audit that incorporates considerations of Free, Prior, and Informed Consent, filed by Green Century Funds, As You Sow and Trillium, respectively.
Green Century Funds filed a resolution calling on insurance giant Travelers to phase out underwriting of new fossil fuel projects. This resolution will also be on the proxy ballot at The Hartford this year.
Without insurance, most fossil fuel projects such as new coal plants, oil pipelines, or methane gas terminals cannot be built or operated. Travelers is one of the largest oil and gas insurers in the world
Green Century’s resolution calls on the board of directors to “adopt and disclose a policy for the timebound phase out of Travelers’ underwriting risks associated with new fossil fuel exploration and development projects, aligned with the IPCC’s recommendation to limit global temperature rise to 1.5°C.”
“Investors are demanding that insurance companies stop supporting the rampant expansion of fossil fuels that is driving the climate crisis. They are part of a growing shareholder movement calling on companies to align their business with a 1.5°C pathway. As the ‘Insurance capital of the world’ insurers in Connecticut should be industry leaders and move towards a more sustainable future” said Tom Swan, executive director of Connecticut Citizen Action Group.
Last year, Travelers faced an unprecedented challenge from investors with two climate resolutions on the ballot, one of which passed at the company’s annual general meeting. That resolution has been filed again by the shareholder advocacy firm As You Sow and requests a plan for reductions of insured emissions in line with a net-zero pathway.
In order to remain within safe climate limits, mitigate climate risks – including reputational risk, litigation risk, and physical risk from insured losses – investors should vote for Green Century Funds’ resolution calling on Travelers to phase out underwriting of new fossil fuel projects.