France’s largest insurer will scrap holdings in coal companies because of concerns about climate change, broadening support for the fossil-fuel divestment movement to a major mainstream investor. Axa is working to sell 500 million euros (AU$702 million) of coal assets and triple “green investments” to 3 billion euros by 2020. … Last year, Axa paid out 1 billion Euros in weather-related insurance claims, putting climate risks at the heart of its strategy. … There is one thing which is absolutely clear: If the warming goes beyond 2 degrees, it’s going to become tougher and tougher and probably impossible for insurers to cope with damage to the environment. … Axa had 925 billion Euros under management at the end of last year.
(Sydney Morning Herald: 25 May 2015)