Climate Change Data

Environmental Metrics

ESG Focus Areas

• Climate Change
• Environmental Stewardship
• Philanthropy
• Employee Engagement
• Governance

Environmental Achievements

• Reduced absolute global GHG emissions by 21% from 2015 to 2018
• Achieved a B score on CDP's climate change program ranking in 2018
• Set a companywide goal to reduce global GHG emissions by 20% by 2025 and 40% by 2035 (baseline 2016)

Social Achievements

• Launched the Chubb Environmental Network (CEN) in 2019 to promote environmental sustainability within offices
• Supported various environmental philanthropies and volunteer activities globally through the Chubb Charitable Foundation and employee initiatives (e.g., apple gleaning, eco-tech training, Enviroschool support)
• Diverted 60% of waste from landfill in Philadelphia office due to composting program

Governance Achievements

• Amended Chubb Limited Board of Directors' Nominating and Governance charter to incorporate oversight of ESG activities, including climate change
• Adopted a new policy concerning coal-related underwriting and investment in 2019 (phasing out coverage for existing coal-plant risks exceeding 30% revenue threshold by 2022 and no new investments in companies generating more than 30% of revenues from thermal coal mining or energy production from coal)

Climate Goals & Targets

Environmental Challenges

• Increasing frequency and severity of natural catastrophes due to climate change
• Managing climate change risks across global operations and portfolio
• Addressing the limitations of catastrophe models in predicting future events

Mitigation Strategies

• Continuously adjusting underwriting processes to address climate change impacts
• Integrating climate change risks into overall risk management process
• Using catastrophe models to quantify and monitor natural catastrophe exposures
• Investing in upgrading and refining risk management tools
• Implementing risk mitigation services for clients (e.g., retrofits, hurricane shutters)
• Actively hedging catastrophe risk in reinsurance and capital markets
• Diversifying investment portfolio

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Purchasing sustainable copy paper

Climate-Related Risks & Opportunities

Physical Risks

• Increased frequency and severity of natural catastrophes

Transition Risks

• Regulatory changes
• Market shifts

Opportunities

• Development of new insurance products and services related to climate change and sustainability

Reporting Standards

Frameworks Used: CDP, ISO 14064-3

Certifications: LEED

Third-party Assurance: Third-party verified to ISO 14064-3 standards

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Green Property Insurance
• Global Weather Insurance
• Environmental Liability Insurance
• Clean Tech Sustainability Suite

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Employee engagement
• Environmental risk management
• Corporate citizenship
• Financial crime prevention
• Human rights
• Rule of law

Environmental Achievements

• Reduced Scope 1 and Scope 2 GHG emissions by 49% off a 2016 baseline
• Achieved carbon neutrality in its own global operations (Scope 1 and Scope 2 emissions) by year-end 2022
• Increased Environmental Risk related gross written premium by 12% over prior year premium

Social Achievements

• 95% of active CEG SE employees completed the annual Chubb Code of Conduct attestation
• Ran 35 “Wellbeing” workshops focusing on both mental and physical health
• Donated €257,992 to charitable causes, supporting 140 different charities

Governance Achievements

• 98% completion rate for financial crime training
• Implemented a robust Financial Crime Framework
• Maintained a CDP Ranking of “B”

Climate Goals & Targets

Environmental Challenges

• Inadequate employee engagement
• Inadequate consideration for employees’ physical and mental wellbeing
• Workplace inequality and discrimination
• Inadequate action to prevent financial crime and corruption
• Inadequate consideration for preventing human rights breaches
• Inadequate environmental policies

Mitigation Strategies

• Structured communication programs, employee surveys, town halls, and a European Works Council
• Wellbeing workshops, financial education programs, and resources on physical and mental health
• DE&I strategy, employee networks, and targeted programs for underrepresented employees
• Financial crime training, risk-based procedures and controls, and regular management information reports
• Policies, procedures, and training materials to address modern slavery and human trafficking
• Official policy on reducing GHG emissions, real estate optimization, energy efficiency projects, and waste reduction

Supply Chain Management

Responsible Procurement

• Procurement agreements require third-party suppliers to comply with applicable laws and regulations

Climate-Related Risks & Opportunities

Opportunities

• Expanding capabilities and expertise in supporting customers contributing to the transition to a net-zero economy

Reporting Standards

Frameworks Used: TCFD, GRI, UN Global Compact

Certifications: ISO 14064-3

Third-party Assurance: PricewaterhouseCoopers

Sustainable Products & Innovation

• Offshore Wind Farm offering
• Clean Tech industry insurance program

Environmental Metrics

ESG Focus Areas

• Climate Change
• Workforce Diversity
• Ethical Business Practices

Environmental Achievements

• Achieved 40% reduction in Scope 1 and Scope 2 emissions by 2025 (ahead of schedule)
• Launched Chubb Climate+, achieving 32% global growth in 2023
• Developed and implemented climate underwriting criteria for upstream oil and gas, focusing on methane emissions

Social Achievements

• Year-over-year progress on gender and racial diversity at the leadership level in 2023
• No racial or gender pay gap in the U.S. employee population in 2023
• Launched Chubb Climate+ Resilience, a climate-focused risk engineering service

Governance Achievements

• 100% of outside directors completed attestation and acknowledgment of Chubb’s Code of Conduct in 2023
• 98% of employees completed Code of Conduct training in 2023
• Active Board engagement in oversight of sustainability-related risks and opportunities

Climate Goals & Targets

Environmental Challenges

• Managing climate-related risks and opportunities across the global insurance portfolio
• Attracting and retaining top talent in a diverse and competitive market
• Maintaining the highest ethical standards across all operations and supply chains

Mitigation Strategies

• Integrated sustainability risks into the Enterprise Risk Management (ERM) framework
• Implemented various policies, programs, and practices to support talent management objectives
• Established a robust Code of Conduct and compliance program with ethics helpline and investigation processes

Supply Chain Management

Responsible Procurement

• Third Party Provider Code of Conduct requiring compliance with laws related to labor and human rights, anti-bribery, anti-corruption, data confidentiality, and environmental issues

Climate-Related Risks & Opportunities

Physical Risks

• Weather-related natural catastrophes

Transition Risks

• Regulatory changes, market shifts in the energy industry

Opportunities

• Growth in renewable energy and clean technology insurance

Reporting Standards

Frameworks Used: TCFD, CDP, UN Global Compact, ISSB (under evaluation), SEC climate disclosure rule (under evaluation)

Third-party Assurance: Limited assurance procedures performed by an external third party on certain GHG emissions metrics

Sustainable Products & Innovation

• Chubb Climate+ insurance products for renewable energy and clean technology