What is the product?

Biodiversity is key for healthy ecosystems, and biodiversity loss can lead to significant environmental and societal challenges. AXA XL’s Environmental team in France is working with a major broker to assess and mitigate biodiversity-related risk. Together, they recently announced a co-initiative that invites clients to complete environmental risk prevention audits with measurable criteria, and those with industrial sites are encouraged to carry out initial biodiversity diagnostics and integrate the results into their risk management plan. Those clients are then offered a reduction on their deductibles for environmental risk policies to support their efforts to be responsible.

How does it support green outcomes?

The initial biodiversity assessment allows the client to gain a full view of the biodiversity around their site from the beginning, so they’re conscious of what is in the surrounding area. After the assessment, the external consultant discusses how to include this knowledge in the client’s risk management plan.