Ahead of mandatory climate disclosure requirements in 2024, Aviva Canada has issued its inaugural annual sustainability report, which looks back at the insurer’s environmental and sustainability metrics for 2021.
The report includes Aviva’s response to the recommendations from the Task Force on Climate-Related Financial Disclosures (TCFD) and the annual Public Accountability Statement. It discloses three metrics: weighted average carbon intensity of credit and equities; investment in green assets; and actual weather-related losses vs. expected losses. A release noted that the 2021 metrics have been assured by PricewaterhouseCoopers LLP to a "reasonable" level assurance.
Highlights of the sustainability report include:
- Aviva Canada achieved a 0% reduction in weighted average carbon intensity in 2021 over the previous year
- The insurer invested over $100 million in green assets, exceeding the 2021 target
- It launched EcoClaims – a pilot claims management program – in the wake of the November 21 BC flooding; the initiative saw the insurer help in the sorting of waste from claims to recycle materials whenever possible and hold a donation stream to send recycled materials to charities or animal shelters that could use them, among other things
- Aviva Canada also invested over $2 million in WWF-Canada's Nature and Climate Grant Program to fight biodiversity loss and climate change
- It became the first major financial services company in Canada to achieve gender equality (50/50 male-female split) for VP and above
"Aviva Canada's sustainability ambition is rooted in our purpose, to be with you today for a better tomorrow,” commented Aviva Canada CEO Jason Storah. “We understand that we have a leading role to play in helping Canadians transition to a low carbon economy and we're bringing our customers, our people, and our communities on that journey with us. Since announcing our net-zero 2040 plan, we've made good progress acting on the climate crisis, building stronger, more resilient communities, and embedding sustainability in every aspect of our business.”
In March, Storah previously told Insurance Business that Aviva Canada has “the most ambitious climate targets of any insurer in Canada,” sharing that the company aims to reach net zero carbon emissions from its own operations and supply chain by 2030, and full net zero emissions across the entire business by 2040.
“I'm proud of what we've achieved in the past year, but am impatient for the wider business community, the insurance industry, and all levels of governments to act with greater transparency and urgency,” Storah continued. “Climate change is an existential threat to the insurance industry. It's time for more effective collaboration. Climate action must be a collective effort. Only by acting in tandem will we be able to accelerate Canada's transition to a low-carbon future."