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Axis Capital Holdings Insurer to Dump Coal Mining

Coal News - Published on Fri, 18 Oct 2019

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Axis Capital Holdings Ltd is the latest insurer to give up profit potential from coal and oil sands, a departure it says supports the transition to a low-carbon economy. Axis said that it will not provide new insurance or facultative reinsurance for construction and infrastructure for new thermal coal plants or mines, nor for oil sands extraction and pipeline projects. Specifically, Axis will not insure companies that generate 30% or more of their revenue from thermal coal mining or hold more than 20% of their reserves in oil sands. Renewals, however will be on a case-by-case basis.

Mr Albert Benchimol President and CEO of Axis said that “We believe insurers have an important role to play in mitigating climate risk and transitioning to a low-carbon economy. For oil sands production, oil is forced from sand at intense temperatures, using water and natural gas to separate out the extremely thick bitumen. Impure and too viscous to flow, it goes through an upgrading process before traveling via pipeline to an oil refinery.

Mr Benchimol said “This policy is in line with our broader strategies such as reducing investments in lines that do not align with our long-term approach; investing in growth areas, such as renewable energy insurance, where we are a top five global player and growing our corporate citizenship program, a core focus of which is creating a positive environmental impact.”

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Posted By : Rabi Wangkhem on Fri, 18 Oct 2019
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