¾ÅÉ«ÊÓƵ

London - March 22, 2023

• Report focuses on the impact of three types of water risks across seven sectors
• Provides five recommendations for businesses to manage key water-related risks

As part of AXA XL’s commitment to raise awareness of the importance of water security – in line with its newly launched sustainability strategy – it has today published an insights report highlighting this underappreciated risk. 

According to the international non-profit CDP, the cost to businesses of inaction on water risks is five times higher than the cost of action, yet water security is currently under-represented in the public debate on climate change. 

Suzanne Scatliffe, Global Sustainability Director, ¾ÅÉ«ÊÓƵ said: “Creating a water-secure world requires water resources to be protected and properly managed, which is why it’s more essential than ever that water is at the forefront of corporate climate strategies.

“¾ÅÉ«ÊÓƵis committed to helping organisations to improve their understanding of water-related risks and how they impact business operations. This new report aims to support businesses of all sizes to understand different types of sector-specific water risks and catalyse action with a series of recommended solutions and tools.”

The report focuses on seven sectors within AXA XL’s client-base and with high exposure to water risks, and presents how those sectors may be impacted by three types of water risk:

• Physical – including water scarcity; climate change and threats to ecosystems; poor water quality and pollution of water resources; flooding; and poor management of water resources.
• Regulatory – including higher water prices; regulation of effluent quantity and quality; statutory water withdrawal limits; and regulatory uncertainty.
• Reputational – including negative media coverage and public scrutiny, changes in consumer loyalty and loss of market share due to litigation and damage to brand.

In addition, the report outlines five recommendations – including setting water consumption and pollution reduction targets and carrying out future scenario planning – to help businesses manage key water-related risks.

As ¾ÅÉ«ÊÓƵcontinues to leverage its global position and reach to advance sustainability, this report is designed to be used both by the public and by businesses, and as a resource that government, regulators, and clients can turn to for guidance on mitigating climate risk.

To read the report in full, click here.

For more information on our 2023-26 Sustainability strategy, visit: axaxl.com/sustainability.

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ABOUT AXA XL 
AXA XL*, the property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com

ABOUT AXA XL* INSURANCE 
AXA XL* ÓÈÎïÊÓƵoffers property, casualty, professional, financial lines and specialty insurance solutions to mid-sized companies through to large multinationals globally. We partner with those who move the world forward. To learn more, visit

*¾ÅÉ«ÊÓƵis a division of AXA Group providing products and services through three business groups: ¾ÅÉ«ÊÓƵ¾ÅÉ«ÊÓƵ, ¾ÅÉ«ÊÓƵReinsurance and ¾ÅÉ«ÊÓƵRisk Consulting.

MEDIA RELATIONS:
Sarah Samee
Communications Director, UK & Global ESG
+44 (0) 7977 662 829
sarah.samee@axaxl.com