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Poseidon Principles for marine insurance launched

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The Poseidon Principles providing sustainable ship financing are being extended to marine insurance with the backing of six leading insurers.

The newly launched Poseidon Principles for Marine Insurance establish a framework for insurers to align their portfolios with climate goals and the transition to net zero.

Signatories to the Poseidon Principles for Marine Insurance commit to assessing and disclosing the climate alignment of their hull and machinery portfolios and benchmarking them against the IMO 50% reduction in GHG emissions by 2050, and 100% emissions reduction by 2050 target.

“The Poseidon Principles will serve our institutions as well as our clients to quantitatively assess and disclose the climate alignment of their underwriting portfolios and thus improve decision-making at a strategic level and shape a sustainable future for all. The disclosure framework provided by the Poseidon Principles will enable us to credibly report our progress towards net-zero insurance using granular marine data,” said Patrizia Kern, Marine Head at Swiss Re Corporate Solutions and Chair of the drafting committee for the Poseidon Principles for Marine Insurance.

Founding signatories of marine insurance principles are Swiss Re, Gard, Hellenic Hull Management, SCOR, Victor International, and Norwegian Hull Club, while Willis Towers Watson, Cefor, and EF Marine are supporting members. Expert support is provided by the Global Maritime Forum, Swiss Re Institute, and UMAS.

“We need to work together to tackle the challenge of climate change. As such, the Poseidon Principles for Marine Insurance are an important contribution from the marine hull insurance industry. The principles provide us with a common tool to monitor progress over time,” said Rolf Thore Roppestad, Chief Executive Officer of Gard, and Vice-Chair of the drafting committee.

 

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