SCOR and AXA to launch Lloyd’s consortium for eccological restoration insurance
SCOR and AXA have launched a new Lloyd’s of London consortium focused on ecological restoration insurance, aimed at helping de-risk investment in large-scale restoration projects.
The consortium will underwrite SCOR’s Restore product, which provides coverage during the implementation phase of ecological restoration projects, addressing a gap in insurance for initiatives supporting the recovery of degraded or damaged ecosystems. The structure is intended to unlock financing by reducing risk for investors backing restoration efforts.
The launch builds on SCOR’s NatReCo initiative, introduced in 2024 to develop insurance solutions supporting nature restoration and conservation. The consortium will be led by SCOR’s Syndicate 2015, managed by SCOR Managing Agency, with support from AXA XL’s Syndicate 2003 at Lloyd’s. By combining capacity and global reach, the partners said the consortium will be able to insure larger and more complex ecological restoration projects worldwide.
“Restore enhances the likelihood of successful completion for ecological restoration projects and provides greater project confidence. By partnering with AXA, we can scale our impact and help address one of the most pressing environmental challenges of our time. This collaboration reflects our shared commitment to healthy ecosystems and innovative solutions that aim to support the long-term welfare of society.” – Jean-Paul Conoscente, CEO of SCOR P&C.
“This product is the logical continuation of AXA’s environmental commitments. With SCOR, we are taking a further step: offering a solution that concretely secures nature restoration projects and turns our commitments into tangible actions in support of natural capital. The preservation of biodiversity plays a major role for the economy: it is estimated that around 50% of the world’s economy relies directly or indirectly on healthy ecosystems, which makes their protection a strategic priority for all economic actors.” – Etienne Champion, P&C Commercial Group Chief Underwriting Officer at AXA.
“The launch of this consortium led by the SCOR Syndicate reflects our commitment to act for society, by enabling insurance to play a meaningful role in addressing environmental challenges and supporting long-term ecological resilience.” – Henry Mumme-Young, Chief Underwriting Officer at SCOR UK and Active Underwriter of SCOR Syndicate 2015.
