Planet

Protecting Our Planet

Climate-related risks are among the most serious issues facing the world today. We believe that (re)insurers have an important role to play in mitigating climate risk.

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.

Find out more about AXIS Renewables

Watch our S.2050 video

One of the world's biggest challenges

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.

Read our ESG Investment Policy Statement

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.

Read our Fossil Fuel Policy

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

^∗∗ 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

^∗∗∗ "-" 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

^∗∗ "-" 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

^∗∗ "-" indicates true zero; n/a indicated not applicable or not specified.

Overall
2023 Additional Metrics
2022 Additional Metrics
2021 Additional Metrics
2020 Additional Metrics
2019 Additional Metrics

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

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

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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

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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.

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