As one step to support the transition to the low-carbon economy, AXIS has adopted a thermal coal and oil sands-focused underwriting and investment policy, effective January 1, 2020:
AXIS will not provide new insurance or facultative reinsurance for the construction of:
- New thermal coal plants or mines or their dedicated infrastructure; or
- Oil sands extraction or pipeline projects and their dedicated infrastructure.
AXIS will also not provide new insurance or facultative reinsurance to companies that:
- Generate 30% or more of their revenues from thermal coal mining;
- Generate 30% or more of their power from thermal coal; or
- Hold more than 20% of their reserves in oil sands.
Renewals will be considered on a case-by-case basis until January 1, 2023.
Exceptions to this policy may be considered on a limited basis (x) until January 1, 2025 in countries where sufficient access to alternative energy sources is not available or (y) as part of our support to the transition to a low-carbon economy, on a
case-by-case basis for contracts related solely to renewable or “green” energy risks.
AXIS will not make new investments in companies that generate 30% or more of their revenues from thermal coal mining, that generate 30% or more of their power from thermal coal, or that hold more than 20% of their reserves in oil sands.
AXIS has adopted an amendment to this policy as of January 1, 2021: AXIS will not underwrite new insurance or facultative reinsurance contracts, or provide investment support, for projects covering the exploration, production, or transportation of oil and gas in the Arctic National Wildlife Refuge.