PPMI Joins Hands With COSCO For Marine Insurance

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  • The Poseidon Principles for Marine Insurance builds a common global baseline for evaluating the alignment of marine insurance portfolios with climate goals.
  • Singapore’s EF Marine and Hong Kong’s CTX Special Risks are members of the Poseidon Principles for Marine Insurance. 

Cosco shipping captive joins the Poseidon principles for marine insurance, reports Poseidon Principles of Marine Insurance.

Poseidon Principles for Marine Insurance

The Poseidon Principles for Marine Insurance designs a common global baseline for analyzing the alignment of marine insurance portfolios with climate expectations.

Singapore’s EF Marine and Hong Kong’s CTX Special Risks are already members of the PPMI.

COSCO shipping

COSCO SHIPPING Captive Insurance has joined Cambiaso Risso, Cefor, CTX Special Risks, EF Marine, Gallagher, Lochain Patrick Insurance Brokers, Lockton, and Willis Towers Watson as an Affiliate partner of the Poseidon Principles for Marine Insurance.

Signatories comprise AXA XL, Fidelis Insurance, Gard, Hellenic Hull Management, Navium Marine, Norwegian Hull Club, SCOR, Swiss Re Corporate Solutions, and Victor Insurance. The International Union of Marine Insurance is a corroborative partner.

Other accountable actors within the maritime insurance area are also welcome to join.

Views

Chairman of the Board, COSCO SHIPPING Captive Insurance, Zheng Xiaozhe said, “We are delighted to be the first Asian marine hull insurance company to sign up for the Poseidon Principles for Marine Insurance (PPMI). Joining PPMI is aligned with Cosco Shipping Group and Cosco Shipping Captive’s strategy toward green shipping and green finance. We are happy and motivated to work with all stakeholders to promote marine de-carbonization and the marine industry’s sustainable transition and growth.” 

Patrizia Kern-Ferretti, Head Marine, Swiss Re Corporate Solutions, and Chair of the Poseidon Principles for Marine Insurance said, “It is essential to the mission of the Poseidon Principles for Marine Insurance that our membership reflects the diversity of the maritime industry. I am proud to welcome COSCO SHIPPING Captive Insurance to our framework for responsible marine insurance as they bring us a big step closer to this goal.”

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Source: Poseidon Principals for Marine Insurance 

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