Our Business
Supporting the transition to a low carbon economy
We strive to help our customers tackle climate-related risks and opportunities. For example, as global specialists in renewable energy insurance, we're actively supporting the transition to a low carbon economy and promoting the increased adoption of alternative energies.
We are proud to provide insurance products that cover the entire lifecycle of renewable energy and energy transition projects, as well as to share our expertise with customers and the wider industry. Effective April 1, 2024, AXIS started underwriting through AXIS Energy Transition Syndicate 2050 (“S.2050”), which offers a single access point to specialist insurance solutions for cross-class risks over the lifecycle of projects and activities associated with replacing or displacing fossil fuels through lower-carbon alternatives and supporting energy resilience during the transition phase. In addition, we actively consider both climate-related risks and opportunities in our business across a range of areas.
Investing in the future
Our support for the climate transition goes beyond our own products. AXIS is also focused on providing capital in order to promote a sustainable future. While financial considerations are paramount, AXIS seeks to support building a more sustainable future by providing capital for eco-friendly programs. AXIS has committed $45 million to investments primarily focused on clean energy, infrastructure, and the energy transition. In addition, AXIS integrates ESG considerations, including environmental factors, into its investment due diligence process. In accordance with our ESG Investment Policy Statement, AXIS integrates ESG metrics, including compliance with AXIS' Fossil Fuel Policy, into its investment evaluation as part of AXIS' manager scorecard process.
Limiting fossil fuels
Recognizing that the thermal coal and oil sands industries are particularly carbon intense and contribute to climate change, we developed and implemented a Fossil Fuel Policy limiting our exposure to these industries. We're committed to phasing out thermal coal business from our insurance, facultative reinsurance and investment portfolios by 2030 in OECD countries and the EU, and by 2040 globally. We're also significantly limiting business related to oil sands and the Arctic National Wildlife Refuge. All risks and investments are evaluated against our Fossil Fuel policy. Read our policy below.
Our Operations
Greenhouse gas emissions
We’ve committed to a science-based aligned target of 50% absolute reduction of Scope 1 and 2 greenhouse gas (GHG) emissions across our global operations by 2030, using a 2019 baseline. By actively tracking our GHG emissions, we can use the data to ensure we’re on target and assess where we need to make changes to mitigate our carbon footprint.
Overall∗
| 2019 MT CO2e | 2020 MT CO2e | 2021 MT CO2e | 2022 MT CO2e | 2023 MT CO2e | |
|---|---|---|---|---|---|
| Scope 1 Emissions | 270 | 283 | 232 | 132 | 69 |
| Scope 2 Emissions | 4,043 | 2,383 | 2,109 | 2,033 | 1,851 |
| Scope 3 Emissions | 5,315 | 1,400 | 908 | 2,621 | 3,210 |
| Business Travel | 5,227 | 1,183 | 678 | 2,433 | 3,012 |
| Downstream Leased Assets | 88 | 217 | 231 | 188 | 197 |
| Total GHG Emissions | 9,627 | 4,066 | 3,249 | 4,786 | 5,130 |
| Emissions Intensity MT CO2e / Revenue (Millions) | 1.86 | 0.84 | 0.61 | 0.93 | 0.91 |
∗ As disclosed in the FY 2022 AXIS TCFD report, 2019-2021 Scope 1, 2 and 3 numbers were restated to remove Scope 1 emissions from fugitive refrigerants and Scope 3 emissions from employee commuting and waste due to immateriality as well as updated UK facility emissions. Click here for breakdown of previously stated numbers.
2023 Additional Metrics
| Asia-Pacific | European Union | North America (U.S., Canada, Bermuda) | United Kingdom | Total GHG Emissions | |
|---|---|---|---|---|---|
| Scope 1 Emissions | - | 10 | 40 | 18 | 69 |
| Scope 2 Emissions | 18 | 32 | 1,449 | 352 | 1,851 |
| Scope 3 Emissions | 27 | 182 | 2,293 | 708 | 3,210 |
| Business Travel | 27 | 182 | 2,159 | 644 | 3,012 |
| Downstream Leased Assets | n/a | n/a | 134 | 64 | 197 |
| Total Emissions | 45 | 224 | 3,783 | 1,079 | 5,130 |
| Total Energy Use∗ (MWh) | 47 | 296 | 4,683 | 1,234 | 6,259 |
| Total Electricity Use∗ (MWh) | 47 | 238 | 3,588 | 1,132 | 5,004 |
∗ In 2023, AXIS had zero renewable consumption, 100% of AXIS energy and electricity consumption was from non-renewable sources with 77% of consumed energy from the grid.
∗∗ “-“ indicates true zero; n/a indicates not applicable or not specified.
2022 Additional Metrics
| Asia-Pacific | European Union | North America (U.S., Canada, Bermuda) | United Kingdom | Total GHG Emissions | |
|---|---|---|---|---|---|
| Scope 1 Emissions | - | 40 | 69 | 23 | 132 |
| Scope 2 Emissions | 14 | 33 | 1,633 | 353 | 2,033 |
| Scope 3 Emissions | 57 | 160 | 1,926 | 478 | 2,621 |
| Business Travel | 57 | 160 | 1,801 | 415 | 2,433 |
| Downstream Leased Assets | n/a | n/a | 125 | 63 | 188 |
| Total 2022 GHG Emissions (MT CO2e) | 71 | 233 | 3,628 | 853 | 4,786 |
| Total Energy Use∗ (MWh) | 37 | 447 | 4,965 | 1,301 | 6,751 |
| Total Electricity Use∗ (MWh) | 37 | 228 | 3,940 | 1,176 | 5,381 |
∗ As disclosed in the FY 2022 AXIS TCFD report, 2019-2021 Scope 1, 2 and 3 numbers were restated to remove Scope 1 emissions from fugitive refrigerants and Scope 3 emissions from employee commuting and waste due to immateriality as well as updated UK facility emissions. Click here for breakdown of previously stated numbers.
∗∗ In 2022, AXIS had zero renewable consumption. 100% of AXIS energy and electricity consumption was from non-renewable sources with 80% of consumed energy from the grid.
∗∗∗ "-" indicates true zero; n/a indicated not applicable or not specified.
2021 Additional Metrics
| Asia-Pacific | European Union | North America (U.S., Canada, Bermuda) | United Kingdom | Unspecified | Total GHG Emissions | |
|---|---|---|---|---|---|---|
| Scope 1 Emissions | - | 47 | 153 | 32 | - | 232 |
| Scope 2 Emissions | 15 | 60 | 1,723 | 311 | - | 2,109 |
| Scope 3 Emissions | 7 | 36 | 647 | 150 | 69 | 908 |
| Business Travel | 7 | 36 | 505 | 61 | 69 | 678 |
| Downstream Leased Assets | n/a | n/a | 142 | 89 | n/a | 231 |
| Total 2021 GHG Emissions (MT CO2e) | 22 | 143 | 2,523 | 493 | 69 | 3,249 |
∗ As disclosed in the FY 2022 AXIS TCFD report, 2019-2021 Scope 1, 2 and 3 numbers were restated to remove Scope 1 emissions from fugitive refrigerants and Scope 3 emissions from employee commuting and waste due to immateriality as well as updated UK facility emissions. Click here for breakdown of previously stated numbers.
∗∗∗ "-" indicates true zero; n/a indicated not applicable or not specified.
2020 Additional Metrics
| Asia-Pacific | European Union | Middle East | North America (U.S., Canada, Bermuda) | United Kingdom | Unspecified | Total GHG Emissions | |
|---|---|---|---|---|---|---|---|
| Scope 1 Emissions | - | 42 | - | 219 | 22 | - | 283 |
| Scope 2 Emissions | 15 | 57 | 1 | 2,049 | 262 | - | 2,383 |
| Scope 3 Emissions | 20 | 75 | - | 743 | 227 | 118 | 1,183 |
| Business Travel | 20 | 75 | - | 879 | 308 | 118 | 1,400 |
| Downstream Leased Assets | n/a | n/a | n/a | 137 | 81 | n/a | 217 |
| Total 2020 GHG Emissions (MT CO2e) | 35 | 174 | 1 | 3,147 | 592 | 118 | 4,066 |
∗ As disclosed in the FY 2022 AXIS TCFD report, 2019-2021 Scope 1, 2 and 3 numbers were restated to remove Scope 1 emissions from fugitive refrigerants and Scope 3 emissions from employee commuting and waste due to immateriality as well as updated UK facility emissions. Click here for breakdown of previously stated numbers.
∗∗ "-" indicates true zero; n/a indicated not applicable or not specified.
2019 Additional Metrics
| Asia-Pacific | European Union | Middle East | North America (U.S., Canada, Bermuda) | United Kingdom | Unspecified | Total GHG Emissions | |
|---|---|---|---|---|---|---|---|
| Scope 1 Emissions | - | 51 | - | 174 | 45 | - | 270 |
| Scope 2 Emissions | 23 | 110 | 1 | 3,289 | 620 | - | 4,043 |
| Scope 3 Emissions | 180 | 799 | - | 2,980 | 1,081 | 275 | 5,315 |
| Business Travel | 180 | 799 | - | 2,980 | 994 | 275 | 5,227 |
| Downstream Leased Assets | n/a | n/a | n/a | n/a | 88 | n/a | 88 |
| Total 2019 GHG Emissions (MT CO2e) | 203 | 959 | 1 | 6,443 | 1,746 | 275 | 9,627 |
∗ As disclosed in the FY 2022 AXIS TCFD report, 2019-2021 Scope 1, 2 and 3 numbers were restated to remove Scope 1 emissions from fugitive refrigerants and Scope 3 emissions from employee commuting and waste due to immateriality as well as updated UK facility emissions. Click here for breakdown of previously stated numbers.
∗∗ "-" indicates true zero; n/a indicated not applicable or not specified.
Our Voice
Industry initiatives
We are committed to using our voice to advocate on climate issues and are proud and active participants in relevant initiatives.
Member of the IDF, a partnership between the United Nations, the World Bank and members of the insurance industry.
Member of the Geneva Association, the international think tank of the insurance industry.
Partnership with the University of Illinois Gies College of Business to support students interested in the (re)insurance industry and faculty members who address a variety of topics, including climate.
Climate research reports
AXIS has a longstanding commitment to promote research and education in areas relevant to the insurance industry and provide a platform to address areas like climate risk.
Announcements & Updates
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AXIS receives Inside P&C Honors award for ESG Initiative of the Year for our Greenhouse Gas Reduction Goals
AXIS Signs Armed Forces Covenant in the UK
AXIS has become a signatory to the Armed Forces Covenant, which aims to ensure members of the UK armed forces community have access to products, services and employment opportunities equal to any other citizen in the UK
