AXA XL creates first climate focussed role to accelerate sustainability shift

Global re/insurer  AXA XL has created a dedicated position to accelerate its shift towards sustainability. The move furthers  AXA’s climate leadership position after it launched a pioneering Net-Zero Insurance Alliance (NZIA) earlier this year.

Andy MacFarlane (pictured) has been appointed to the newly created role of head of climate, responsible for developing a single, global climate strategy for AXA XL, ensuring the division’s climate-related efforts are all aligned.

MacFarlane has worked extensively on initiatives and research projects looking at creating resilience to climate change throughout the world. A key focus has been the need to close the protection gap – the gap between economic and insured losses – particularly in developing economies where typically more than 90 percent of the risk is uninsured, the company explained. The Public Sector is a key partner in helping to address the protection gap and MacFarlane also leads the Public Sector Practice group at AXA XL.

He started his career at Equitas in London in 2001 before joining the Catlin Group in 2003. After holding various actuarial roles in London and Bermuda, he was promoted in 2018 to head of pricing & analytics for London & Bermuda for AXA XL Reinsurance.

Scott Gunter, AXA XL's chief executive officer, stated that its climate strategy demonstrates the company's commitment to climate and biodiversity and includes actions such as divesting from certain carbon-intensive industries alongside launching and chairing NZIA to accelerate the transition to net-zero emissions economies.

“As a signatory of the UN Principles for Sustainable Insurance, AXA XL is committed to taking a leading role in working with our clients and business partners to raise awareness of climate issues, manage risk and develop solutions to create a more sustainable society," he said.

Gunter added: “Andy’s expertise and knowledge of our business will allow us to further advance our understanding and response to climate change by ensuring we continue to understand how the climate is evolving and how this impacts our overall strategy. Andy is charged with embedding our climate strategy across AXA XL from underwriting to claims, to risk and operations ensuring that we meet our climate leadership ambitions.”

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