Axis maps exit from thermal coal insurance and investments by 2040

Axis Capital Holdings Ltd. said Wednesday it will stop insuring, reinsuring and investing in thermal coal business by 2030 in some countries, including the United States, and by 2040 globally.

The Bermuda-based insurer and reinsurer also said it will invest $20 million in an emerging markets-focused climate finance fund managed by BlackRock Inc.

Thermal coal business will be phased out from the company’s insurance, facultative reinsurance and investment portfolios with all such activities ending no later than 2030 in Organization for Economic Cooperation and Development countries and the European Union, Axis said in a statement.

The policy includes thermal coal developers, but Axis will continue to support renewable energy projects and companies that are transitioning business models away from thermal coal and oil sands.

[Claire Wilkinson]

21 October 2021

IEEFA