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April 13, 2022

Green Business & Inclusive Protection: AXA announces its 2023 insurance targets

AXA announces its ambitions for the insurance pillar of its AXA for Progress Index.

Building on its purpose “Act for human progress by protecting what matters” AXA decided to include the climate and ESG pillar into its Driving Progress 2023 strategy and monitor its roll-out through the AXA for Progress Index.

The AXA for Progress Index measures the impact of the Group's purpose and sustainable development strategy. It is made up of seven commitments that all AXA entities should refer to in order to further integrate sustainable development into their local strategies. Learn more

These seven commitments have different scopes and aim to cover three main areas in which AXA intends to develop its efforts: as an investor, an insurer and an exemplary company. Among these commitments, there are two key indicators on the insurance side: green business solutions & inclusive protection.

Supporting entities in the development of their Green Business offers

The Green Business program includes P&C insurance coverage and services, which have a positive impact on the environment by contributing to at least one of the following four objectives:

  • Climate Change Mitigation
  • Climate Change Adaptation
  • Transition to a circular economy
  • Limitation of biodiversity loss and pollution

AXA has built a tailor-made Green Business framework to assess the extent to which offers may have a positive impact on the environment.

This framework integrates, for instance, motor insurance for electric or hybrid vehicles - with specific roadside assistance for empty batteries (e.g. Switzerland, France), insurance coverage for renewable energy plants and equipment (e.g. Germany, Italy), and insurance for renovated houses with demanding energy performance norms (e.g. Belgium).

It is also complemented by the definition of a “Green Premium” target to measure progress, as well as promote product innovation: AXA commits to increase the gross written premiums on Green Business solutions to EUR 1.3bn by 2023 (vs EUR 1.1bn in 2020). This target will be achieved through the redesign of existing products and the development of new solutions.

Supporting entities in the development of their Inclusive Protection offers

The Inclusive Protection indicator gathers inclusive protection offers (insurance and services) that address a vulnerability to meet the needs of underserved populations, in order to bridge a protection gap.  

AXA has built a tailor-made Inclusive Protection framework to guide entities on how to develop their inclusive protection portfolio. The framework leverages existing initiatives and intends to expand on them within the Group: solutions developed by AXA Emerging Customers, AXA Climate, “Women in Insurance”, as well as local inclusive offers for underserved populations due to income, status, health, or gender.

This framework integrates tailored inclusive offers both in emerging and mature countries, notably fostering financial inclusion (e.g. India, Egypt), increasing coverage on women’s health (e.g. Spain, Mexico), helping elderly stay home (e.g. UK) or providing specific coverage for work situations like migrant (e.g. Philippines) or gig economy workers (e.g France).

AXA commits to increase the number of customers on Inclusive Protection solutions to 12 million by 2023 (vs. 7 million inclusive protection customers in 2020). This target will be achieved through the customization of existing products and the development of new offers. 

In 2022, the AXA Group reached 11 million customers with its Inclusive Protection program. This figure includes: (i) the inclusive protection’s scopes of AXA Emerging Customers (10.1 million customers), and (ii) the adaptation or design of new offers within our traditional insurance capacity to cover vulnerable populations (1 million customers, of which approximately 30% are women (i.e. specific offers or guarantees to cover women’s needs)).

The target of the Inclusive Protection program is to reach 12 million customers by 2023.

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