State Farm & Climate Risk: TCFD Report
How we’re addressing climate risks for our policyholders and our business
The State Farm® mission is to help people manage the risks of everyday life, recover from the unexpected, and realize their dreams. A changing climate introduces more risk and uncertainty into the lives of our policyholders, particularly regarding the frequency, severity, and location of catastrophic weather events. State Farm believes our primary role is to be there for our customers as they face these risks by maintaining the financial strength necessary to help them recover. In an effort to provide transparency around how we address climate risks for our policyholders and our business itself, State Farm is announcing our first TCFD report.
The Task Force on Climate-Related Financial Disclosures (TCFD) is an external framework providing guidance to companies on the information needed for investors and other stakeholders to assess risks related to climate change. Our 2021 TCFD report offers more information about how we govern, evaluate, and address climate risk on behalf of our policyholders. It also helps us identify areas where we can continue to improve or that require further study. State Farm is steadfast in our commitment to understanding and assessing the risks associated with climate change and the impact to our policyholders.
This TCFD disclosure supplements our annual ESG Report. While much of the work in the organization related to the risks associated with climate change falls within the Environmental pillar of our ESG strategy, the three components of ESG are all interrelated and we are continuing to mature our coordination of ESG strategy and initiatives throughout the entire organization.
For 100 years, the mission of State Farm has been and continues to be to help people manage the risks of everyday life, recover from the unexpected, and realize their dreams. State Farm and its affiliates are the largest providers of auto and home insurance in the United States. Its more than 19,400 agents and approximately 53,400 employees serve over 87 million policies and accounts – which includes auto, fire, life, health, commercial policies and financial services accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 42 on the 2022 Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com.