<PAGE>   1
                                                                   Exhibit 24.01


                                POWER OF ATTORNEY
                           ANNUAL REPORT ON FORM 10-K
                        TRAVELERS PROPERTY CASUALTY CORP.


         KNOW ALL MEN BY THESE PRESENTS, that I, the undersigned, a director of
Travelers Property Casualty Corp., a Delaware corporation, do hereby constitute
and appoint Robert I. Lipp, Jay S. Fishman and James M. Michener, and each of
them severally, to be my true and lawful attorneys-in-fact and agents, each
acting alone with full power of substitution and re-substitution, to sign my
name to an Annual Report on Form 10-K of Travelers Property Casualty Corp. for
the fiscal year ended December 31, 1996, and all amendments thereto, and to
file, or cause to be filed, the same with all exhibits thereto (including this
power of attorney), and other documents in connection therewith with the
Securities and Exchange Commission, provided that such Annual Report on Form
10-K in final form, and any amendment or amendments thereto and such other
documents, be approved by said attorneys-in-fact, or by any one of them; and I
do hereby grant unto said attorneys-in-fact and agents full power and authority
to do and perform each and every act and thing requisite and necessary to be
done in or about the premises, as fully and to all intents and purposes as I
might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents, or their substitute or substitutes, may lawfully
do or cause to be done by virtue hereof.

         IN WITNESS WHEREOF, I have subscribed these presents as of March 26,
1997.




                                                     /s/  Kenneth J. Bialkin
                                                     -----------------------
                                                          Kenneth J. Bialkin
<PAGE>   2
                                POWER OF ATTORNEY
                           ANNUAL REPORT ON FORM 10-K
                        TRAVELERS PROPERTY CASUALTY CORP.


         KNOW ALL MEN BY THESE PRESENTS, that I, the undersigned, a director of
Travelers Property Casualty Corp., a Delaware corporation, do hereby constitute
and appoint Robert I. Lipp, Jay S. Fishman and James M. Michener, and each of
them severally, to be my true and lawful attorneys-in-fact and agents, each
acting alone with full power of substitution and re-substitution, to sign my
name to an Annual Report on Form 10-K of Travelers Property Casualty Corp. for
the fiscal year ended December 31, 1996, and all amendments thereto, and to
file, or cause to be filed, the same with all exhibits thereto (including this
power of attorney), and other documents in connection therewith with the
Securities and Exchange Commission, provided that such Annual Report on Form
10-K in final form, and any amendment or amendments thereto and such other
documents, be approved by said attorneys-in-fact, or by any one of them; and I
do hereby grant unto said attorneys-in-fact and agents full power and authority
to do and perform each and every act and thing requisite and necessary to be
done in or about the premises, as fully and to all intents and purposes as I
might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents, or their substitute or substitutes, may lawfully
do or cause to be done by virtue hereof.

         IN WITNESS WHEREOF, I have subscribed these presents as of March 26,
1997.






                                                     /s/  James Dimon
                                                     ---------------------------
                                                          James Dimon
<PAGE>   3
                                POWER OF ATTORNEY
                           ANNUAL REPORT ON FORM 10-K
                        TRAVELERS PROPERTY CASUALTY CORP.


         KNOW ALL MEN BY THESE PRESENTS, that I, the undersigned, a director of
Travelers Property Casualty Corp., a Delaware corporation, do hereby constitute
and appoint Robert I. Lipp, Jay S. Fishman and James M. Michener, and each of
them severally, to be my true and lawful attorneys-in-fact and agents, each
acting alone with full power of substitution and re-substitution, to sign my
name to an Annual Report on Form 10-K of Travelers Property Casualty Corp. for
the fiscal year ended December 31, 1996, and all amendments thereto, and to
file, or cause to be filed, the same with all exhibits thereto (including this
power of attorney), and other documents in connection therewith with the
Securities and Exchange Commission, provided that such Annual Report on Form
10-K in final form, and any amendment or amendments thereto and such other
documents, be approved by said attorneys-in-fact, or by any one of them; and I
do hereby grant unto said attorneys-in-fact and agents full power and authority
to do and perform each and every act and thing requisite and necessary to be
done in or about the premises, as fully and to all intents and purposes as I
might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents, or their substitute or substitutes, may lawfully
do or cause to be done by virtue hereof.

         IN WITNESS WHEREOF, I have subscribed these presents as of March 26,
1997.






                                                     /s/  Dudley C. Mecum
                                                     ---------------------------
                                                          Dudley C. Mecum
<PAGE>   4
                                POWER OF ATTORNEY
                           ANNUAL REPORT ON FORM 10-K
                        TRAVELERS PROPERTY CASUALTY CORP.


         KNOW ALL MEN BY THESE PRESENTS, that I, the undersigned, a director of
Travelers Property Casualty Corp., a Delaware corporation, do hereby constitute
and appoint Robert I. Lipp, Jay S. Fishman and James M. Michener, and each of
them severally, to be my true and lawful attorneys-in-fact and agents, each
acting alone with full power of substitution and re-substitution, to sign my
name to an Annual Report on Form 10-K of Travelers Property Casualty Corp. for
the fiscal year ended December 31, 1996, and all amendments thereto, and to
file, or cause to be filed, the same with all exhibits thereto (including this
power of attorney), and other documents in connection therewith with the
Securities and Exchange Commission, provided that such Annual Report on Form
10-K in final form, and any amendment or amendments thereto and such other
documents, be approved by said attorneys-in-fact, or by any one of them; and I
do hereby grant unto said attorneys-in-fact and agents full power and authority
to do and perform each and every act and thing requisite and necessary to be
done in or about the premises, as fully and to all intents and purposes as I
might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents, or their substitute or substitutes, may lawfully
do or cause to be done by virtue hereof.

         IN WITNESS WHEREOF, I have subscribed these presents as of March 26,
1997.






                                                     /s/  Roberto G. Mendoza
                                                     ---------------------------
                                                          Roberto G. Mendoza
<PAGE>   5
                                POWER OF ATTORNEY
                           ANNUAL REPORT ON FORM 10-K
                        TRAVELERS PROPERTY CASUALTY CORP.


         KNOW ALL MEN BY THESE PRESENTS, that I, the undersigned, a director of
Travelers Property Casualty Corp., a Delaware corporation, do hereby constitute
and appoint Robert I. Lipp, Jay S. Fishman and James M. Michener, and each of
them severally, to be my true and lawful attorneys-in-fact and agents, each
acting alone with full power of substitution and re-substitution, to sign my
name to an Annual Report on Form 10-K of Travelers Property Casualty Corp. for
the fiscal year ended December 31, 1996, and all amendments thereto, and to
file, or cause to be filed, the same with all exhibits thereto (including this
power of attorney), and other documents in connection therewith with the
Securities and Exchange Commission, provided that such Annual Report on Form
10-K in final form, and any amendment or amendments thereto and such other
documents, be approved by said attorneys-in-fact, or by any one of them; and I
do hereby grant unto said attorneys-in-fact and agents full power and authority
to do and perform each and every act and thing requisite and necessary to be
done in or about the premises, as fully and to all intents and purposes as I
might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents, or their substitute or substitutes, may lawfully
do or cause to be done by virtue hereof.

         IN WITNESS WHEREOF, I have subscribed these presents as of March 26,
1997.






                                                     /s/  Frank J. Tasco
                                                     ---------------------------
                                                          Frank J. Tasco
<PAGE>   6
                                POWER OF ATTORNEY
                           ANNUAL REPORT ON FORM 10-K
                        TRAVELERS PROPERTY CASUALTY CORP.


         KNOW ALL MEN BY THESE PRESENTS, that I, the undersigned, a director of
Travelers Property Casualty Corp., a Delaware corporation, do hereby constitute
and appoint Robert I. Lipp, Jay S. Fishman and James M. Michener, and each of
them severally, to be my true and lawful attorneys-in-fact and agents, each
acting alone with full power of substitution and re-substitution, to sign my
name to an Annual Report on Form 10-K of Travelers Property Casualty Corp. for
the fiscal year ended December 31, 1996, and all amendments thereto, and to
file, or cause to be filed, the same with all exhibits thereto (including this
power of attorney), and other documents in connection therewith with the
Securities and Exchange Commission, provided that such Annual Report on Form
10-K in final form, and any amendment or amendments thereto and such other
documents, be approved by said attorneys-in-fact, or by any one of them; and I
do hereby grant unto said attorneys-in-fact and agents full power and authority
to do and perform each and every act and thing requisite and necessary to be
done in or about the premises, as fully and to all intents and purposes as I
might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents, or their substitute or substitutes, may lawfully
do or cause to be done by virtue hereof.

         IN WITNESS WHEREOF, I have subscribed these presents as of March 26,
1997.






                                                     /s/  Sanford I. Weill
                                                     ---------------------------
                                                          Sanford I. Weill
<PAGE>   7
                                POWER OF ATTORNEY
                           ANNUAL REPORT ON FORM 10-K
                        TRAVELERS PROPERTY CASUALTY CORP.


         KNOW ALL MEN BY THESE PRESENTS, that I, the undersigned, a director of
Travelers Property Casualty Corp., a Delaware corporation, do hereby constitute
and appoint Robert I. Lipp, Jay S. Fishman and James M. Michener, and each of
them severally, to be my true and lawful attorneys-in-fact and agents, each
acting alone with full power of substitution and re-substitution, to sign my
name to an Annual Report on Form 10-K of Travelers Property Casualty Corp. for
the fiscal year ended December 31, 1996, and all amendments thereto, and to
file, or cause to be filed, the same with all exhibits thereto (including this
power of attorney), and other documents in connection therewith with the
Securities and Exchange Commission, provided that such Annual Report on Form
10-K in final form, and any amendment or amendments thereto and such other
documents, be approved by said attorneys-in-fact, or by any one of them; and I
do hereby grant unto said attorneys-in-fact and agents full power and authority
to do and perform each and every act and thing requisite and necessary to be
done in or about the premises, as fully and to all intents and purposes as I
might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents, or their substitute or substitutes, may lawfully
do or cause to be done by virtue hereof.

         IN WITNESS WHEREOF, I have subscribed these presents as of March 26,
1997.






                                                     /s/  Arthur Zankel
                                                     ---------------------------
                                                          Arthur Zankel