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First North American insurer ceases insurance coverage of oil/gas in Arctic National Wildlife Refuge

Written by Adam Cadle
18/01/2021

AXIS Capital will not provide insurance coverage or investment support to projects related to exploration, drilling, or the production of oil and gas in the Arctic National Wildlife Refuge.

In a letter to the Gwich’in Steering Committee, AXIS Capital general counsel and corporate secretary Conrad Brooks said: “We believe climate-related risks are among the most serious issues facing the world today.”

He added: “We also recognise the importance of the Arctic National Wildlife Refuge to the [Gwich’in] and your families, as well as our planet.”

AXIS Capital is the third international insurance firm, after AXA and Swiss Re, to make such a commitment and the first North American firm to affirm they will not support destructive development of the Arctic Refuge.

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