shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » Marine Insurers Adopt Principles To Decarbonize Shipping

Marine Insurers Adopt Principles To Decarbonize Shipping

by Joshua
December 20, 2021
in Maritime safety

Six of the world’s leading marine insurers launch a groundbreaking initiative to provide transparency on carbon emissions and support the shipping industry’s green transition.

MARINE INSURERS

The Poseidon Principles for Marine Insurance are a framework to quantitatively assess and disclose the climate alignment of marine insurers’ underwriting portfolios. This pioneering initiative makes marine insurance the first line of business to establish a sector-specific methodology to support the ambition of the Net-Zero Insurance Alliance (NZIA), where members commit to transitioning their underwriting portfolios to net-zero GHG emissions by 2050, consistent with a maximum temperature rise of 1.5°C above pre-industrial levels by 2100, in order to contribute to the implementation of the COP21 Paris Agreement.

“The transition to net zero is a massive endeavour and we appreciate the efforts of the marine industry. As risk managers, insurers and investors, the insurance industry has a key role in supporting the transition to a net-zero economy. 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,” says Patrizia Kern, Marine Head at Swiss Re Corporate Solutions and Chair of the drafting committee for the Poseidon Principles for Marine Insurance. “As signatories of the Net-Zero Insurance Alliance, NZIA, we at Swiss Re encourage everyone in the marine industry to align with net-zero 2050 targets.”

Signatories to the Poseidon Principles for Marine Insurance commit to assessing and disclosing the climate alignment of their hull and machinery portfolios, and to benchmarking them against two trajectories: one linked to a 50% reduction of annual CO2 emissions by 2050 compared to 2008 – in line with the International Maritime Organization’s Initial GHG Strategy; and one linked to a 100% reduction of emissions by 2050. Furthermore, a third trajectory will be introduced to align the full decarbonization trajectory with zero-lifecycle GHG emissions in order to meet the ambition of net-zero commitments such as the NZIA, and to support a zero-emissions future for shipping.

“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. As a leading marine insurer, we will work together with our Members and clients to make sure that the principles and the methodologies applied are as practical and straightforward as possible. Our common goal is an accelerated move towards a decarbonized industry,” says Rolf Thore Roppestad, Chief Executive Officer of Gard, and Vice-Chair of the drafting committee.

Brokers and other key stakeholders in marine insurance commit to supporting the Principles as affiliate members and align with the goal of decarbonizing international shipping by 2050.

Read Also:  Shipping Position Market Square As At Monday, December 20, 2021

“By joining this important initiative, we wish to demonstrate our deep commitment to working with our clients and business partners to successfully navigate the transition to a net-zero future,” says Ben Abraham Chief Executive Officer, Global Marine at Willis Towers Watson.

“Cefor is committed to promoting a more sustainable ocean industry, and supports the transparency offered by the Poseidon Principles for Marine Insurance to foster dialogue towards this common goal,” says Helle Hammer, Managing Director, Cefor, the Nordic Association of Marine Insurers.

Founding Signatories include Swiss Re, Gard, Hellenic Hull Management, SCOR, Victor International, and Norwegian Hull Club. Additional marine insurers are expected to join in the near future.

Affiliate members supporting the Principles are Willis Towers Watson, Cefor, and EF Marine.

The Poseidon Principles for Marine Insurance are founded on the methodology used in the Poseidon Principles for Financial Institutions and were developed in an effort spearheaded by leading marine insurers and industry stakeholders with expert support provided by the Global Maritime Forum, Swiss Re Institute, and UMAS. The International Union of Marine Insurers (IUMI) is a supporting partner.

shippingposition

Kindly like us on Facebook


Tags: Decarbonize ShippingMarine Insurers

Related Posts

Navy Launches ORBANGAME Express 2025

Navy Launches ORBANGAME Express 2025

May 19, 2025
Shippers Decry High Operating Costs, Blame Freight, Port Operations Issues    

WEEKLY GLOBAL MARIINE INCIDENTS

May 19, 2025
Bulk Carrier ‘Trade’ Engulfed in Fire at Amsterdam’s Western Port

Bulk Carrier ‘Trade’ Engulfed in Fire at Amsterdam’s Western Port

May 19, 2025
LASWA Plans Real-Time Boat Tracking – GM 

LASWA Plans Real-Time Boat Tracking – GM 

May 19, 2025

Discussion about this post

Latest News

NPA Berths First Wholly Nigerian-Owned Container Vessel, MV Ocean Dragon

NPA Berths First Wholly Nigerian-Owned Container Vessel, MV Ocean Dragon

July 5, 2025

NRC Resumes Train Services On Kano-Minna Route Before Dec. – MD

Seme Customs Engages Media, Opinion Leader, to Strengthen National Security

Oyetola Pushes Maritime Revolution at TAAM 7.0, Unveils Innovation-Driven Reform Plan

Nigeria Maintains Zero Piracy In 3 Years-Oyetola

Tin Can Customs Rakes In ₦747bn In 6 Months

Customs Intercepts 2,693 Parcels Of Hemp In Ogun

NRC To Restore Offa Train Service Before End Of 2025 – Opeifa

Customs CG Honoured by Officers as Chairperson of the WCO Council

Customs CG Donates 13 Vehicles To Customs Idiroko Command

Apapa Customs Seals Three Bonded Terminals, Seizes 27 Containers in Anti-Smuggling Crackdown

Clarion Shipping Unveils Nigeria’s First Indigenous Container Vessel, Targets West African, China-Nigeria Trade Routes

kindly like our Facebook page

Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert
Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert

June 30, 2025

Mrs Roseline Akinlabi, Adolescent and Youth Sexual Reproductive Health Desk Officer, Osun Primary Healthcare Board, says contraceptive pills cannot cause...

ONIONS: The Good Old Healing Vegetable

KNOW YOUR BODY PARTS: The Liver The liver is a vital organ located in the right upper abdomen, playing a crucial role in metabolism, detoxification, and digestion. It’s the largest solid organ in the body and is responsible for filtering blood, maintaining blood sugar levels, regulating clotting, and synthesizing essential proteins. The liver also stores energy, removes toxins, and produces bile, which aids in digestion Liver functions: · Metabolism and Detoxification: The liver processes nutrients from the blood, breaks down and balances them, and creates essential substances for the body. It detoxifies harmful substances like drugs and alcohol, converting them into less toxic forms for excretion. The liver plays a role in the metabolism of proteins, carbohydrates, and fats. It stores glycogen (a form of glucose) and vitamins, releasing them when the body needs them. · Digestion: The liver produces bile, which is stored in the gallbladder and released into the small intestine to help digest fats. Bile also helps in the absorption of fat-soluble vitamins. · Blood Regulation: The liver regulates blood sugar levels by storing and releasing glucose. It synthesizes clotting factors, which are essential for blood clotting. It removes old red blood cells and processes bilirubin, a byproduct of red blood cell breakdown. · Other Functions: The liver plays a role in immunity, helping to fight off infections. It produces proteins that are involved in the immune response. The liver also stores iron and other essential minerals. Frequently Asked Questions About The Liver · What are the first signs of a bad liver? The initial signs of liver problems can be vague and subtle, often including fatigue, nausea, and loss of appetite. As the liver’s condition worsens, more specific symptoms may emerge, such as jaundice (yellowing of the skin and eyes), itchy skin, dark urine, and light-colored stools. Abdominal pain, especially in the upper right quadrant, can also indicate liver issues. · Where do you feel liver pain? Liver pain is typically felt in the upper right abdomen, just beneath the rib cage. It can manifest as a dull, throbbing pain, a stabbing sensation, or a general feeling of discomfort in that area. In some cases, liver pain might be felt as an ache in the right shoulder or back. · What does liver pain feel like? How liver pain feels can vary from person to person, depending on the cause. However, most people often develop one or more of the following symptoms: Dull, persistent aches in the upper abdomen A feeling of fullness or bloating Sharp, stabbing pains that come and go Tenderness when the upper abdomen is touched · What is the best way to cleanse your liver? If you haven’t been working out, start indulging in a regular exercise regime to allow the toxins to come out of your body. Yoga, going running, hitting the gym, or a simple sauna session can also prove effective. If you want a natural liver cleanse, sweating is the way to go. · How to know if the liver is swollen? What are the symptoms of an enlarged liver? You likely won’t notice an enlarged liver on your own. In some severe cases, you might notice a feeling of bloating or fullness in your belly or an ache in your upper right abdomen. · What is the best drink to flush your liver? Many citrus fruits, including lemon, can be added to water to help stimulate and flush out the liver. Lemons are high in nutrients like vitamin C and antioxidants

June 16, 2025
ONIONS: The Good Old Healing Vegetable

ONIONS: The Good Old Healing Vegetable

June 16, 2025
Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

June 1, 2025
20m Nigerians Live With Mental Health Issues, Says WHO

20m Nigerians Live With Mental Health Issues, Says WHO

June 1, 2025
Health Facts You Didn’t Know

How Your Habit Affects Fertility

May 19, 2025
Fruits For Raining Season

Fruits For Raining Season

May 19, 2025
See Mental Illness Like Other Treatable Diseases – Says Suicide Survivor

Health Facts You Didn’t Know

May 19, 2025
Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

April 28, 2025
Water And Health: The Relationship That Helps Life

Water And Health: The Relationship That Helps Life

April 28, 2025

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition