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“We welcome AXIS Capital's new commitments on coal as a major win for the climate. By ruling out coal developers and setting out 1.5 degrees Celsius-aligned dates for phase out of the sector entirely, AXIS Capital has raised the bar for insurers in the U.S. and globally,” said Elana Sulakshana, of the Rainforest Action Network. (Credit: Rasta777/Shutterstock.com) “We welcome AXIS Capital’s new commitments on coal as a major win for the climate. By ruling out coal developers and setting out 1.5 degrees Celsius-aligned dates for phaseout of the sector entirely, AXIS Capital has raised the bar for insurers in the U.S. and globally,” said Elana Sulakshana of the Rainforest Action Network. (Credit: Rasta777/Shutterstock.com)

AXIS Capital Holdings Ltd. has made several updates to its fossil fuel underwriting and investment policies relating to thermal coal, oil sands and the Arctic National Wildlife Refuge as it works to further support the transition to a low-carbon economy, the specialty insurance and reinsurance company reported. The updated provisions go into effect Jan. 1, 2022.

These new commitments include a goal of completely phasing out thermal coal business from its insurance, facultative reinsurance and investment portfolios by 2030 in Organization for Economic Cooperation and Development countries and the European Union and by 2040 globally.

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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