Hanover Insurance Group, commonly referred to as Hanover, is a prominent player in the insurance and pension funding services sector, excluding compulsory social security services. Headquartered in the United States, Hanover operates extensively across various regions, providing tailored solutions to meet diverse client needs. Founded in 1852, the company has achieved significant milestones, establishing itself as a trusted name in the industry.
Hanover's core offerings include property and casualty insurance, as well as specialised pension funding services. What sets Hanover apart is its commitment to innovation and customer-centric solutions, ensuring clients receive comprehensive coverage and support. With a strong market position, Hanover has garnered numerous accolades for its financial strength and service excellence, solidifying its reputation as a leader in the insurance landscape.
-7 vs industry average
Hanover’s score of 32 is lower than 44% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Industry Intensity
Insurance Services is among the least carbon-intensive industries
Industry performance
The Insurance Services industry has reduced its overall emissions by 25% since 2018
Emissions trajectory 2020 – 2024
Reported emissions
Scope 3 accounts for ••• of total emissions.
Hanover's reported carbon emissions
Hanover Insurance Group Inc., a US-based company operating in the insurance and pension funding services sector, has committed to achieving net zero emissions by 2050. This ambitious target encompasses both Scope 1 and Scope 2 emissions.
For the year 2021, Hanover reported total absolute emissions of approximately 7.75 million kg CO2e. This figure comprises:
- Scope 1 emissions: Approximately 1.70 million kg CO2e.
- Scope 2 emissions: Approximately 851,000 kg CO2e.
- Scope 3 emissions: Approximately 5.20 million kg CO2e.
While specific reduction targets beyond the net zero by 2050 goal are not detailed, the company's reporting indicates a commitment to addressing its carbon footprint across all scopes. Data prior to 2021 does not show disclosed emissions figures.
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Hanover’s Climate Goals (2030 & 2050)
2 goals2050
We aim to achieve net zero emissions by 2050
We aim to achieve net zero emissions by 2050.
2030
62% reduction in total GHG
Vs 2019 baseline. Validated by SBTi. Includes full supply chain.
2040
50% reduction in Scope 3 intensity
Across purchased goods and services and logistics.
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Scope 3 top emissions categories
No scope 3 category breakdown has been disclosed yet.
Climate initiatives
Science Based Targets Initiative
Carbon Disclosure Project
The Climate Pledge
UN Global Compact Climate Champions initiative
RE 100
Climate Action 100
Emissions comparison with industry peers
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Hanover
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