Axis Capital Rules Out Insuring Arctic Oil and Gas Projects
- Banks and insurers turn away from Arctic oil drilling
- Axis cites climate-related risks and indigenous tribes in move
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Axis Capital Holdings Ltd. said it won’t insure oil and gas projects in the Arctic National Wildlife Refuge, becoming the first North American underwriter to make the commitment after pressure from native Alaskans and environmentalists.
The move follows similar pledges from France’s Axa SA and Swiss Re AG and comes as indigenous tribes that live in Alaska and Canada push investors, oil companies and insurers to end their support for Arctic oil drilling.