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London - July 18, 2023

• Supports marine industry’s long-term strategy to Net Zero
• Partners with leading carbon removal and avoidance company
• Develops in-house Carbon team

É«¶à¶àÊÓƵin the UK has today launched its Excess Emissions É«¶à¶àÊÓƵ product helping marine clients to manage their environmental footprint and support action on carbon emissions.

In partnership with ClimateSeed – an impact company providing premium carbon removal and avoidance projects – the Excess Emissions É«¶à¶àÊÓƵ product has been developed with AXA XL’s in-house Carbon team – a newly formed group which will review carbon products and services developed both internally and through the London Market.

Excess Emissions É«¶à¶àÊÓƵ, which is an extension to AXA XL’s existing marine hull product, indemnifies a vessel’s carbon output in the event of an unforeseen extended journey, caused by a covered risk, which results in additional emissions. Following such an event, the policy pays out with voluntary carbon credits equal to the amount of excess emissions emitted.

Sundeep Khera, Head of Marine, UK & Lloyd’s & Global Chief Underwriting Officer, Global Marine Hull, said: “Shipping companies are working hard to reduce the carbon intensity of international shipping, and while carbon credits do not cancel out emissions, projects that generate voluntary carbon credits do contribute to the overall goal of global carbon neutrality. Our Excess Emissions É«¶à¶àÊÓƵ aims to play an additional role in helping our marine clients to support global net zero ambitions.”

Sean McGovern, CEO, UK & Lloyd’s, added: “This is a great example of a product innovation initiative becoming reality. The expertise and commitment of our new Carbon team in helping to develop innovative solutions allows us to better serve and support our clients as they work towards net zero targets. We will continue to look at alternative ways to partner with our clients to respond to their biggest challenges over the long term.”

Sebastien Nunes, CEO, ClimateSeed, said: “To support the Intergovernmental Panel Climate Change’s objective of global carbon neutrality, it is important for an organization to reduce its emissions in the value chain and contribute to projects that avoid or absorb emissions. We are happy to support É«¶à¶àÊÓƵand its clients in contributing to premium projects that have positive environmental and social impacts”.  

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ABOUT AXA XL

É«¶à¶àÊÓƵ the property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com

ABOUT É«¶à¶àÊÓƵINSURANCE

É«¶à¶àÊÓƵɫ¶à¶àÊÓƵ offers property, casualty, professional, financial lines and specialty insurance solutions to mid-sized companies through to large multinationals globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com

ABOUT CLIMATESEED

ClimateSeed proposes consulting services and technological platforms to support organizations in measuring and reducing their GHG emissions and transparently contributing to high-quality carbon reduction projects with positive environmental and social impacts. In July 2021, AXA Investment Managers acquired ClimateSeed through its Impact Investing Strategy, which is managed by AXA IM Alts. To learn more, visit

 
MEDIA RELATIONS:
Sarah Samee
Communications Director, UK & Global ESG
+44 (0) 7977 662 829
sarah.samee@axaxl.com