UK-based AXIS Capital to quit coal cover
Kolkata: London-based AXIS Capital Holdings Ltd, a $ 5.6 billion global cover company specialising in reinsurance and insurance has updated its cover policy to exclude thermal coal and oil sands-related underwriting and investments.
According to a statement made by the cover giant, as part of its new underwriting policy, AXIS will not provide new insurance or facultative reinsurance for construction of new thermal coal plants or mines and their dedicated infrastructure from January 2020.
It will stay away from oil sands extraction, related pipeline projects and their dedicated infrastructure. Companies that generate 30% or more of their revenues from thermal coal mining, or those that generate 30% or more of their power from thermal coal, or hold more than 20% of their reserves in oil sands will not be covered by the AXIS group.
