AXA to stop covering new gas fields

Written by Adam Cadle

28/07/2023

AXA will no longer cover new gas fields as part of its updated energy policy.

The French insurer becomes the 10th insurer to make such a commitment, alongside Allianz, Aviva, Generali, Hannover Re, HDI – Talanx, Mapfre, Munich Re, SCOR, and Swiss Re.

AXA’s latest commitment comes into force from 2025, with exceptions for projects developed by companies in transition. This commitment complements the one made in 2021 to stop covering new oil fields from 2024.

The insurer said: “Despite significant differences between investment and underwriting when it comes to decarbonising its activities, AXA will continue to strive for progressive alignment between its decisions as an asset owner and as an insurer.”

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