Aviva Canada releases 2022 Sustainability and Climate-related Financial Disclosure reports

July 31, 2023 (Toronto, ON) - Today, Aviva Canada released its 2022 Sustainability Report and Climate-related Financial Disclosure (TCFD) Report. The reports highlight how the company is taking climate action and working towards building stronger, more diverse and inclusive communities across Canada, and includes Aviva’s response to the recommendations from the Task Force on Climate-related Financial Disclosures.

This is the second year Aviva Canada is voluntarily disclosing their climate risks and exposures, ahead of the mandatory requirements coming soon for financial institutions.1 The company is disclosing three Canadian metrics: (1) weighted average carbon intensity of credits and equities, (2) investment in sustainable assets2, and (3) actual weather-related losses vs. expected losses. The 2022 metrics have been assured by PricewaterhouseCoopers LLP to a “reasonable” level of assurance. PwC's assurance report and a link to Aviva's Reporting Criteria can be found on page 75 and page 4 of the TCFD report respectively.

Key highlights from the 2022 reports include:

  • Invested $449M in sustainable assets, surpassing the 2023 target of $350M
  • Achieved 100% renewable electricity for all offices, ahead of 2025 target
  • Wrote six new renewable energy accounts, totaling approximately $7M, and established a renewable energy working group across underwriting, client relationship management, and risk management
  • Launched Charged for Change program, investing $3M in EV charging infrastructure for underserved communities across Canada
  • Launched inaugural Climate Day where more than 1,100 employees came together to take action and volunteer, planting 1,463 trees

Jason Storah, CEO of Aviva Canada says:

“As a leading property and casualty insurer, our teams are on the ground helping customers  impacted by climate change every day. We are doing our part to support customers, partners and communities in the transition to a low-carbon future.

While we do not have all the answers, we are not letting that stop us from forging ahead, finding solutions and doing what’s right for our shared planet. We’ll continue to talk less and act more, collaborate with the public and private sectors to take bold action to protect Canadians and accelerate the move to a low-carbon future.”

 

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1 Canada moves toward mandatory climate disclosures: osfi-bsif.gc.ca/Eng/osfi-bsif/med/Pages/b15-nr.aspx.

2 The investment in sustainable assets metric has been renamed from “investment in green assets” in the previous year

Media Contact:

Kelsie Ludlow
Email: kelsie.ludlow@aviva.com
Tel: 437-331-7209

 

About Aviva Canada

Aviva Canada is one of the leading property and casualty insurance groups in the country, providing home, automobile, lifestyle, and business insurance to 2.4 million customers. A subsidiary of UK-based Aviva plc, Aviva Canada has more than 4,000 employees focused on creating a bright and sustainable future for our people, our customers, our communities, and our planet. In 2021, we announced our ambition to become a net zero carbon emissions company by 2040, the most demanding target of any major insurance company in the world.

For more information, visit aviva.ca or Aviva Canada’s blog, Twitter, Facebook and LinkedIn pages.