- Increased model uncertainty around severe weather events resulting from potentially higher catastrophe loss activity.
- Potential investment losses from climate-related impacts (physical loss to assets and transition risk related to technology and energy production advances).
- Insurance market transition risk (increased climate change-related regulations and evolving consumer preferences).
- Regulatory risk (insurance regulations limiting flexibility in reducing exposure to vulnerable lines of business).
- Climate change impact on frequency and severity of weather events.
Selective Insurance Group, Inc.
Greenhouse gas emissions & sustainability report data
In its 2022 reporting, Selective Insurance Group, Inc. disclosed greenhouse gas emissions of 5.1K mtons CO2e/year (2021). By scope: Scope 1: 1.8K mtons CO2e/year (2021); Scope 2: 3.3K mtons CO2e/year (2021). Figures are as stated in the company's own report and may use different boundaries, units or methods (for example market-based vs location-based Scope 2), so compare with care.
GHG Emissions
5.1K mtons CO2e/year (2021)
2022
Energy Use
Approximately 5 million kWh/year (projected)
2022
📊 Emissions by Scope (2022)
| Scope | What it covers | Reported value |
|---|---|---|
| Scope 1 | Direct emissions from sources the company owns or controls (fuel combustion, company vehicles, process and fugitive emissions). | 1.8K mtons CO2e/year (2021) |
| Scope 2 | Indirect emissions from purchased electricity, steam, heat and cooling. | 3.3K mtons CO2e/year (2021) |
New to scopes? Read Scope 1, 2 and 3 emissions explained and market-based vs location-based Scope 2.
✅ Reported Environmental Achievements
- Built a 2.9-megawatt DC ground-mount solar photovoltaic facility at headquarters, generating approximately four million kWh of electricity annually.
- In the process of building a second solar facility to increase annual kWh capacity by approximately one million kWh.
- Implemented several initiatives at headquarters to lower environmental impact, including enhanced waste management and recycling, repurposing commingled recyclables, elimination of Styrofoam products, recycling and more efficient energy use of electronic equipment, and reducing water usage.
🎯 Climate & Sustainability Targets
🔜 Short-term
- Continue to reduce carbon emissions relative to the 2019 baseline year.
- Upgrades to headquarters building management system to reduce natural gas consumption.
- Transitioning fleet from gas to hybrid vehicles over the next three to five years.
- Conversion of all headquarters light bulbs to LED.
📅 Medium-term
- Actively evaluating modifications to existing coverages and increasing product suite to match new areas of insurance coverage demand.
- Providing insurance capacity to renewable energy production facilities and related construction projects.
🌱 ESG Focus Areas
Climate Change