AXA's new division, AXA XL, adopts the Group's sustainability and climate strategy

AXA announced that it will involve also AXA XL, its new division created after the XL acquisition, in the Group's sustainability and climate strategy, in an effort that might cost up to EUR 100 million in GWP, as well as EUR 660 million in divestment related to AXA's investment exclusions policy.

A new important step in the fight against climate change in the financial sector was reached on 26 November. At the UNEP FI Global Round Table preceding the launch of the 4th Climate Finance Day held in Paris, the CEO of AXA, Thomas BUBERL, announced the decision to extend the AXA Group's climate policies to the new AXA XL division, which notably means applying underwriting and investment restrictions to a significant business book.

As a result, AXA XL will no longer underwrite the construction and operations of coal plants, coal mines, oil sands extraction and pipelines as well as arctic drilling. Beyond climate policies, tobacco and "controversial weapons" business will also be restricted. This will represent over EUR 100 million of gross written premiums. Moreover, the new division will apply AXA's investment exclusions policy, constituting of 660 million euros in divestment.

A call to collective action

On the same occasion, AXA also announced its support for the UN Principles for Sustainable Insurance's launch of the "PSI Climate Ambition Coalition", to be effective in 2019. Members of this coalition, when launched, would not only commit to actions on decarbonization and climate resilience in their insurance and investment activities, but also raise their climate ambition, in line with the Paris Agreement.

"To tackle climate change, we must use every lever possible. This means implementing an ambitious strategy everywhere we can. This is why I am very proud to onboard AXA XL into adopting our sustainability strategy. Above all, our conviction has always been that the fight against climate change requires collective action, therefore AXA is happy to support the future UN PSI Climate Ambition Coalition," Thomas BUBERL, Chief Executive Officer of AXA said.

With all these announcements, AXA strengthens its commitment to fight climate change that started in 2015 before the COP21 Paris Agreement. This event committed governments to contain global warming under 2

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

The 15th International Risk Management Conference to take on 11-12 April 2019 at The Ritz-Carlton hotel in Almaty, Kazakhstan

The 15th International Risk Management Conference taking place on 11 and 12 April 2019 at The Ritz-Carlton hotel in Almaty, Kazakhstan. Since 2005, this Conference has become a traditional event not only for the insurance sector of the CIS countries, but has also acquired the international status. XPRIMM Publications is a traditional media partner of the event.

2019-02-07

Inclusive Insurance - a creative solution to narrow the protection gap in the emerging markets of the Southeastern Europe

Insurance should be accessible to all social classes, regardless of their wealth & income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. Inclusive insurance's goal is making insurance available to all, with responsible insurance offers, thus making up for a solution to narrow the insurance coverage gap in the region.

2019-02-14

Latest trends and challenges in the property and motor insurance lines under scrutiny, in Vienna

Property and motor insurance lines are providing for about 75% of the non-life insurance business in the CEE region, but are responsible for over 77% of the claims expenses. As such, although other classes of risks are emerging, for the time being and most probably for a rather long period ahead, property and motor insurance lines will continue to be at the heart of CEE's insurance market architecture.

2019-02-14

FIAR 2019: Register before 28 February and save EUR 400 of the attendance fee

To the satisfaction of its traditional guests, FIAR returns in 2019 to its historical hometown, Sinaia. The forthcoming edition will benefit from the comfort and professional facilities of a new venue, the Conference Center of the International Hotel ****, located in the heart of the beautiful mountain resort. Registration is opened at a significantly discounted early bird rate until 28 February.

2019-01-10

ON THE MOVE

Peter CLARKE named VP & COO of FAIRFAX

FAIRFAX Financial Holdings Limited announced that Peter CLARKE has been appointed Vice President (VP) and Chief Operating Officer (COO) of FAIRFAX, reporting to FAIRFAX President, Paul RIVETT.

12.02.2019

ERGO Group appoints a Polish manager

Adam ROMAN, board member of Ergo Hestia (Poland), will hold the position of Head of Global P&C of the ERGO group, effective 1 March. His tasks will include supervision over property insurance of the group in the areas of underwriting, actuarial and pricing, as well as reinsurance.

07.02.2019

TOP EVENT

Inclusive Insurance - a creative solution to narrow the protection gap in the emerging markets of the Southeastern Europe

Insurance should be accessible to all social classes, regardless of their wealth & income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. Inclusive insurance's goal is making insurance available to all, with responsible insurance offers, thus making up for a solution to narrow the insurance coverage gap in the region.

14.02.2019

Latest trends and challenges in the property and motor insurance lines under scrutiny, in Vienna

Property and motor insurance lines are providing for about 75% of the non-life insurance business in the CEE region, but are responsible for over 77% of the claims expenses. As such, although other classes of risks are emerging, for the time being and most probably for a rather long period ahead, property and motor insurance lines will continue to be at the heart of CEE's insurance market architecture.

14.02.2019

FIAR 2019: Register before 28 February and save EUR 400 of the attendance fee

To the satisfaction of its traditional guests, FIAR returns in 2019 to its historical hometown, Sinaia. The forthcoming edition will benefit from the comfort and professional facilities of a new venue, the Conference Center of the International Hotel ****, located in the heart of the beautiful mountain resort. Registration is opened at a significantly discounted early bird rate until 28 February.

10.01.2019

See all