AXA supports "green" technologies with insurance products and services for retail customers as well as for businesses, notably for the wind-powered energy sector. In this regard we commit to:
- Providing EUR 100 million worth of "green" commercial insurance (renewable energy; green buildings; electric motor vehicles) per risk to the market Group-wide.
- Increasing by 2016 our Gross Written Premiums (GWP) on off-shore wind power by 55% compared to 2013 and growing our internal reinsurance off-shore wind power capacity to EUR 450 million (80% increase compared to 2013), as well as diversifying our geographical presence outside of Europe
The Group provides insurance solutions to sectors impacted by climate change with innovative offers such as parametric insurance. In 2013, AXA Corporate Solutions launched a parametric insurance business in order to provide a response to atypical climate events such as a very hot winter or a very rainy summer, which can disrupt agricultural output and stress vulnerable populations, especially when linked to food security.Combining the use of satellite imaging and a new economic model with quick compensation and very low claims administration costs, parametric insurance allows AXA to extend weather-based coverage notably in emerging countries.
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Insurance products to help mitigate the scale of climate change
AXA France encourages reconstruction and green alternative by offering the Troubleshooting Pack and the New Energies Pack (for individuals). The Troubleshooting Pack offers new replacement of the device by another minimum class A, more energy efficient. The New Energy Pack guarantees the renewable energy equipment and accompanies clients in their environmental commitment.
AXA Germany has accompanied the development of windfarms through its comprehensive lines covering the setup phase, machine breakage, loss of business and civil liability, while building up essential expertise on underwriting. AXA is one of the leading insurers of renewable energy and other renewable energies in Germany.
Parametric insurance: innovating to help populations adapt to the consequences of climate change
AXA Corporate Solutions signed a partnership with the World Bank Group's Global Index Insurance Facility (GIIF) in order to develop parametric insurance in developing countries, notably in Africa, Asia, and Latin America.
To provide solutions in developed countries, AXA Strategic Ventures, AXA's venture capital fund, created ClimateSecure in February 2015. This startup aims to provide prevention solutions and insurance coverage for "weather-sensitive" sectors such as construction, transport and agriculture.
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Infography : Parametric InsurancePDF File