AXIS to stop insuring energy, other projects without community support

Reinsurer AXIS Capital (AXS.N) said it would refuse to underwrite energy, mining and other projects that did not have the backing of local indigenous communities, in a move welcomed by campaigners as setting a new industry standard.

The decision follows years of protests from communities, particularly in the developing world, that argue their voice is often ignored when banks, insurers and investors pursue projects that can negatively impact their lives.

The need to secure the free, prior and informed consent (FPIC) of impacted communities was recognised by the United Nations in 2007,...