The Poseidon Principles for Marine Insurance establish a common global framework for aligning marine insurance portfolios with society’s goal, says an article published in Xinde Marine News.
More sustainable future
Through their actionable methodology, the Principles enable insurers to quantitatively assess the carbon footprint of their underwriting portfolios and track progress against targets. Signatory insurers commit to publicly disclosing their climate alignment scores, thus promoting accountability and incentivizing the maritime industry’s transition to a more sustainable future.
“Corporate Social Responsibility is a must of our company philosophy. We feel that joining Poseidon Principles for Marine Insurance will enhance Cambiaso Risso ESG strategy and will be a step forward to achieve our goals,” said Mauro Iguera, CEO of Cambiaso Risso Group.
Brokers encourage environment-friendly practices
Brokers, clubs, and other critical stakeholders in marine insurance can join the Poseidon Principles for Marine Insurance as Affiliate members. In doing so, brokers commit to supporting the initiative, for example by helping facilitate knowledge sharing between Signatories and clients around the framework’s data collection requirements.
“I look forward to working together with Cambiaso Risso Group on promoting accountability and emission transparency in the maritime industry. Brokers are in a unique position to encourage environmentally friendly practices in the maritime value chain,” added Patrizia Kern, Head Marine at Swiss Re Corporate Solutions and Chair of the Poseidon Principles for Marine Insurance drafting committee.
100% CO2 reduction
Signatories’ climate alignment scores are benchmarked against the IMO’s ambition for GHG emissions from international shipping to peak as soon as possible and to reduce total annual GHG emissions by at least 50% by 2050 compared to 2008. As a step toward alignment with the Paris Agreement, the Poseidon Principles for Marine Insurance also measures underwriting portfolios against a 100% by 2050 CO2 reduction trajectory.
Other Affiliate members of the Poseidon Principles for Marine Insurance include Willis Towers Watson, Cefor, and EF Marine. To date, seven insurers have signed up as Signatories: Swiss Re Corporate Solutions, Gard, Hellenic Hull Management, SCOR, Victor Insurance, Norwegian Hull Club, and Fidelis Insurance.
The International Union of Marine Insurance is a supporting partner.
Other responsible actors within the maritime insurance space are invited to join.
Did you subscribe to our daily Newsletter?
It’s Free! Click here to Subscribe
Source: Xinde Marine News
