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, 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
AXIS has committed $45 million to investments primarily focused on energy transition and infrastructure. In addition, AXIS integrates relevant considerations, including sustainability factors, into its investment due diligence process.
Limiting fossil fuels
Recognizing that the thermal coal and oil sands industries are particularly carbon intense and contribute to climate risk, 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 Emissions (MT CO2e)
| empty col | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Scope 1 | 225 | 283 | 232 | 132 | 97 | 86 | 83 |
| Scope 2 Market-Based | 3,652 | 2,148 | 1,884 | 1,856 | 1,690 | 1,417 | 1,438 |
| Scope 2 Location-Based | 3,432 | 1,906 | 1,523 | 1,864 | 1,551 | 1,240 | 1,248 |
| Scope 3 | 5,315 | 1,618 | 908 | 2,574 | 3,182 | 2,850 | 3,245 |
| Business Travel | 5,227 | 1,400 | 678 | 2,450 | 3,014 | 2,695 | 3,050 |
| Downstream Leased Assets | 88 | 218 | 231 | 124 | 168 | 155 | 195 |
| Total Emissions (inc. Scope 2 Market-Based) | 9,193 | 4,049 | 3,025 | 4,562 | 4,969 | 4,353 | 4,766 |
| Emissions Intensity MT CO2e/Revenue (Millions) | 1.79 | 0.84 | 0.57 | 0.89 | 0.88 | 0.73 | 0.73 |
∗ AXIS is committed to continually improving the accuracy and consistency of its greenhouse gas (GHG) emissions data. As such, select Scope 1, Scope 2, and Scope 3 emissions for the 2019 (base year) and 2020–2023 reporting years have been restated during the FY25 reporting process to reflect updates to our GHG accounting methodology and underlying data. These updates primarily reflect alignment with GHG Protocol guidance for Scope 2 Market-Based and Location-Based emissions and the removal of immaterial sources. Updates were applied, where relevant, across prior reporting years to improve consistency and comparability with our current approach and resulted in a reduction in reported emissions. Scope 3 emissions from employee commuting and waste are no longer reported due to immateriality.
2025 Additional Metrics (MT CO2e)
| empty col | Asia-Pacific | Europe | North America | United Kingdom | Total Emissions |
|---|---|---|---|---|---|
| Scope 1 | - | 4 | 57 | 22 | 83 |
| Scope 2 Market-Based | 1 | 16 | 1,102 | 319 | 1,438 |
| Scope 2 Location-Based | 1 | 12 | 1,101 | 134 | 1,248 |
| Scope 3 | 13 | 207 | 2,377 | 648 | 3,245 |
| Business Travel | 13 | 207 | 2,221 | 609 | 3,050 |
| Downstream Leased Assets | n/a | n/a | 156 | 39 | 195 |
| Total Emissions (inc. Scope 2 Market-Based) | 14 | 227 | 3,536 | 989 | 4,766 |
| Total Energy Use (MWh) | 4 | 172 | 3,182 | 874 | 4,232 |
| Total Electricity Use (MWh) | 4 | 146 | 2,785 | 508 | 3,443 |
∗ We obtained third party limited assurance under ISAE 3000 (Revised) over the preparation of our total Scope 1 emissions and our total Scope 2 Location-Based and Market-Based emissions for the year ending December 31, 2025 in accordance with the GHG Protocol guidance.
∗∗ In 2025, AXIS had zero renewable consumption, 100% of AXIS leased office space energy and electricity consumption was from non-renewable sources with 81% of consumed energy from the grid.
∗∗∗ “-“ indicates true zero; “n/a” indicates not applicable or not specified.
2024 Additional Metrics (MT CO2e)
| empty col | Asia-Pacific | Europe | North America | United Kingdom | Total Emissions |
|---|---|---|---|---|---|
| Scope 1 | - | 9 | 59 | 18 | 86 |
| Scope 2 Market-Based | 8 | 19 | 1,075 | 315 | 1,417 |
| Scope 2 Location-Based | 8 | 20 | 1,045 | 167 | 1,240 |
| Scope 3 | 5 | 147 | 2,081 | 617 | 2,850 |
| Business Travel | 5 | 147 | 1,963 | 580 | 2,695 |
| Downstream Leased Assets | n/a | n/a | 118 | 37 | 155 |
| Total Emissions (inc. Scope 2 Market-Based) | 13 | 175 | 3,215 | 950 | 4,353 |
| Total Energy Use (MWh) | 21 | 233 | 3,213 | 905 | 4,371 |
| Total Electricity Use (MWh) | 21 | 185 | 3,090 | 508 | 3,804 |
∗ We obtained third party limited assurance under ISAE 3000 (Revised) over the preparation of our total Scope 1 emissions and our total Scope 2 Location-Based and Market-Based emissions for the year ending December 31, 2024 in accordance with the GHG Protocol guidance.
∗∗ In 2024, AXIS had zero renewable consumption, 100% of AXIS leased office space energy and electricity consumption was from non-renewable sources with 87% of consumed energy from the grid.
∗∗∗ “-“ indicates true zero; “n/a” indicates not applicable or not specified.
2023 Additional Metrics (MT CO2e)
| empty col | Asia-Pacific | Europe | North America | United Kingdom | Total Emissions |
|---|---|---|---|---|---|
| Scope 1 | - | 11 | 68 | 19 | 97 |
| Scope 2 Market-Based | 18 | 30 | 1,268 | 374 | 1,690 |
| Scope 2 Location-Based | 18 | 28 | 1,307 | 198 | 1,551 |
| Scope 3 | 27 | 182 | 2,260 | 713 | 3,182 |
| Business Travel | 27 | 182 | 2,159 | 646 | 3,014 |
| Downstream Leased Assets | n/a | n/a | 101 | 68 | 168 |
| Total Emissions (inc. Scope 2 Market-Based) | 44 | 223 | 3,596 | 1,106 | 4,969 |
| Total Energy Use (MWh) | 47 | 296 | 3,363 | 1,061 | 4,766 |
| Total Electricity Use (MWh) | 47 | 238 | 3,177 | 597 | 4,059 |
∗ AXIS is committed to continually improving the accuracy and consistency of its greenhouse gas (GHG) emissions data. As such, select Scope 1, Scope 2, and Scope 3 emissions for the 2019 (base year) and 2020–2023 reporting years have been restated during the FY25 reporting process to reflect updates to our GHG accounting methodology and underlying data. These updates primarily reflect alignment with GHG Protocol guidance for Scope 2 Market-Based and Location-Based emissions and the removal of immaterial sources. Updates were applied, where relevant, across prior reporting years to improve consistency and comparability with our current approach and resulted in a reduction in reported emissions. Scope 3 emissions from employee commuting and waste are no longer reported due to immateriality.
∗∗ In 2023, AXIS had zero renewable consumption, 100% of AXIS leased office space energy and electricity consumption was from non-renewable sources with 85% of consumed energy from the grid.
∗∗∗ “-“ indicates true zero; “n/a” indicates not applicable or not specified.
2022 Additional Metrics (MT CO2e)
| empty col | Asia-Pacific | Europe | North America | United Kingdom | Total Emissions |
|---|---|---|---|---|---|
| Scope 1 | - | 40 | 69 | 23 | 132 |
| Scope 2 Market-Based | 14 | 31 | 1,458 | 353 | 1,856 |
| Scope 2 Location-Based | 14 | 33 | 1,624 | 193 | 1,864 |
| Scope 3 | 58 | 168 | 1,863 | 485 | 2,574 |
| Business Travel | 58 | 168 | 1,802 | 422 | 2,450 |
| Downstream Leased Assets | n/a | n/a | 61 | 63 | 124 |
| Total Emissions (inc. Scope 2 Market-Based) | 72 | 240 | 3,390 | 861 | 4,562 |
| Total Energy Use (MWh) | 37 | 448 | 4,022 | 1,123 | 5,631 |
| Total Electricity Use (MWh) | 37 | 228 | 3,645 | 998 | 4,908 |
∗ AXIS is committed to continually improving the accuracy and consistency of its greenhouse gas (GHG) emissions data. As such, select Scope 1, Scope 2, and Scope 3 emissions for the 2019 (base year) and 2020–2023 reporting years have been restated during the FY25 reporting process to reflect updates to our GHG accounting methodology and underlying data. These updates primarily reflect alignment with GHG Protocol guidance for Scope 2 Market-Based and Location-Based emissions and the removal of immaterial sources. Updates were applied, where relevant, across prior reporting years to improve consistency and comparability with our current approach and resulted in a reduction in reported emissions. Scope 3 emissions from employee commuting and waste are no longer reported due to immateriality.
∗∗ In 2022, AXIS had zero renewable consumption, 100% of AXIS leased office space energy and electricity consumption was from non-renewable sources with 87% of consumed energy from the grid.
∗∗∗ “-“ indicates true zero; “n/a” indicates not applicable or not specified.
2021 Additional Metrics (MT CO2e)
| empty col | Asia-Pacific | Europe | North America | United Kingdom | Unspecified | Total Emissions |
|---|---|---|---|---|---|---|
| Scope 1 | - | 47 | 153 | 32 | n/a | 232 |
| Scope 2 Market-Based | 15 | 60 | 1,500 | 309 | n/a | 1,884 |
| Scope 2 Location-Based | 15 | 44 | 1,277 | 187 | n/a | 1,523 |
| 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 Emissions (inc. Scope 2 Market-Based) | 22 | 143 | 2,300 | 491 | 69 | 3,025 |
| Total Energy Use (MWh) | 37 | 506 | 4,331 | 1,058 | n/a | 5,932 |
| Total Electricity Use (MWh) | 37 | 275 | 3,587 | 881 | n/a | 4,780 |
∗ AXIS is committed to continually improving the accuracy and consistency of its greenhouse gas (GHG) emissions data. As such, select Scope 1, Scope 2, and Scope 3 emissions for the 2019 (base year) and 2020–2023 reporting years have been restated during the FY25 reporting process to reflect updates to our GHG accounting methodology and underlying data. These updates primarily reflect alignment with GHG Protocol guidance for Scope 2 Market-Based and Location-Based emissions and the removal of immaterial sources. Updates were applied, where relevant, across prior reporting years to improve consistency and comparability with our current approach and resulted in a reduction in reported emissions. Scope 3 emissions from employee commuting and waste are no longer reported due to immateriality.
∗∗ In 2021, AXIS had zero renewable consumption, 100% of AXIS leased office space energy and electricity consumption was from non-renewable sources with 81% of consumed energy from the grid.
∗∗∗ “-“ indicates true zero; “n/a” indicates not applicable or not specified.
2020 Additional Metrics (MT CO2e)
| empty col | Asia-Pacific | Europe | Middle East | North America | United Kingdom | Unspecified | Total Emissions |
|---|---|---|---|---|---|---|---|
| Scope 1 | - | 42 | - | 219 | 22 | n/a | 283 |
| Scope 2 Market-Based | 15 | 57 | 1 | 1,841 | 234 | n/a | 2,148 |
| Scope 2 Location-Based | 10 | 73 | 1 | 1,612 | 210 | n/a | 1,906 |
| Scope 3 Emissions | 20 | 75 | - | 1,016 | 389 | 118 | 1,618 |
| Business Travel | 20 | 75 | - | 879 | 308 | 118 | 1,400 |
| Downstream Leased Assets | n/a | n/a | n/a | 137 | 81 | n/a | 218 |
| Total Emissions (inc. Scope 2 Market-Based) | 35 | 174 | 1 | 3,076 | 645 | 118 | 4,049 |
| Total Energy Use (MWh) | 37 | 496 | 2 | 5,673 | 861 | n/a | 7,070 |
| Total Electricity Use (MWh) | 37 | 288 | 2 | 4,580 | 741 | n/a | 5,648 |
∗ AXIS is committed to continually improving the accuracy and consistency of its greenhouse gas (GHG) emissions data. As such, select Scope 1, Scope 2, and Scope 3 emissions for the 2019 (base year) and 2020–2023 reporting years have been restated during the FY25 reporting process to reflect updates to our GHG accounting methodology and underlying data. These updates primarily reflect alignment with GHG Protocol guidance for Scope 2 Market-Based and Location-Based emissions and the removal of immaterial sources. Updates were applied, where relevant, across prior reporting years to improve consistency and comparability with our current approach and resulted in a reduction in reported emissions. Scope 3 emissions from employee commuting and waste are no longer reported due to immateriality.
∗∗ In 2020, AXIS had zero renewable consumption, 100% of AXIS leased office space energy and electricity consumption was from non-renewable sources with 80% of consumed energy from the grid.
∗∗∗ “-“ indicates true zero; “n/a” indicates not applicable or not specified.
2019 Additional Metrics (MT CO2e)
| empty col | Asia-Pacific | Europe | Middle East | North America | United Kingdom | Unspecified | Total Emissions |
|---|---|---|---|---|---|---|---|
| Scope 1 | - | 41 | - | 137 | 47 | n/a | 225 |
| Scope 2 Market-Based | 24 | 96 | 1 | 2,998 | 532 | n/a | 3,652 |
| Scope 2 Location-Based | 24 | 67 | 2 | 2,950 | 389 | n/a | 3,432 |
| Scope 3 | 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 Emissions (inc. Scope 2 Market-Based) | 204 | 936 | 1 | 6,116 | 1,660 | 275 | 9,193 |
| Total Energy Use (MWh) | 62 | 644 | 3 | 7,599 | 1,784 | n/a | 10,093 |
| Total Electricity Use (MWh) | 62 | 418 | 3 | 6,972 | 1,105 | n/a | 8,561 |
∗ AXIS is committed to continually improving the accuracy and consistency of its greenhouse gas (GHG) emissions data. As such, select Scope 1, Scope 2, and Scope 3 emissions for the 2019 (base year) and 2020–2023 reporting years have been restated during the FY25 reporting process to reflect updates to our GHG accounting methodology and underlying data. These updates primarily reflect alignment with GHG Protocol guidance for Scope 2 Market-Based and Location-Based emissions and the removal of immaterial sources. Updates were applied, where relevant, across prior reporting years to improve consistency and comparability with our current approach and resulted in a reduction in reported emissions. Scope 3 emissions from employee commuting and waste are no longer reported due to immateriality.
∗∗ In 2019, AXIS had zero renewable consumption, 100% of AXIS leased office space energy and electricity consumption was from non-renewable sources with 85% of consumed energy from the grid.
∗∗∗ “-“ indicates true zero; “n/a” indicates not applicable or not specified.
Our Voice
Industry initiatives
We are committed to using our voice to advocate on climate risk and are proud and active participants in relevant initiatives.
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 risk.
Climate risk 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
Related articles
AXIS Commits to Greenhouse Gas Reduction Goals
AXIS Capital Commits to Science-Based Aligned Scope 1 and 2 Greenhouse Gas Reduction Goals to Support Transition to Low-Carbon Economy
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
AXIS/Harris Poll Mental Health in Insurance Survey Results
AXIS partnered with The Harris Poll to survey the state of mental health within the insurance profession. The research findings revealed a number of trends pointing to widespread and rising stress and anxiety; a desire for better mental health support; and a belief that insurance trails other industries in prioritizing mental health initiatives.
