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.