Horace Mann recognizes climate risks as discussed in science-based literature is a concern. As an insurer, investor, employer and corporate citizen, we continually work to better understand and manage climate risks that directly affect the insurance industry, as well as our customers, insurance products and portfolio of investments. We understand the significance of the TCFD and CDP frameworks, and are currently evaluating our potential gaps and data needs as we prepare to comply with applicable laws and regulations. We already report some of the elements of TCFD, such as our ESG investment strategy and our Scope 1 and Scope 2 carbon emissions.
Our Board of Directors oversees our Enterprise Risk Management Committee’s risk assessments and risk mitigation strategies, including recommended actions to address climate change risks. These actions include:
We believe climate change risks must be understood, modeled and priced into our insurance products and services. They also have public policy implications, such as discouraging overbuilding in high-risk areas through flood insurance requirements and state regulatory approaches to insurance premium approvals; and modifying and enforcing building codes to better protect at-risk communities against the effects of natural catastrophes.