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

WEEKLY GLOBAL MARINE INCIDENTS

July 7, 2025
Shippers’ Council Seeks Quick Resolution Of Legal, Operational Issues At Kaduna Dry Port

Regulations, Strict Enforcement Will Check Boat Mishaps, Says NSC Boss

July 7, 2025
World Shipping Council Says 576 Containers Lost At Sea In 2024—Official

World Shipping Council Says 576 Containers Lost At Sea In 2024—Official

July 7, 2025
Western Naval Command Hosts Tripartite Meeting On Fishing Security And Operations

Western Naval Command Hosts Tripartite Meeting On Fishing Security And Operations

July 7, 2025

Discussion about this post

Latest News

CRFFN Dismisses Viral Court Judgement Reports, Reaffirms Regulatory Mandate over Freight Forwarders

CRFFN Dismisses Viral Court Judgement Reports, Reaffirms Regulatory Mandate over Freight Forwarders

July 8, 2025

Lagos Govt. Dismantles Illegal Checkpoints Along Badagry Expressway

Nigeria Customs Sensitises International Airline Operators on Currency Declaration

PHOTO NEWS Collaboration For Trade Facilitation

Vessels Expected At Lagos Ports As At 8th July, 2025

Nigerian Exporters Lament as Road Freight to Ghana via Benin, Togo Costs Over ₦10 Million Per Truck  

NIWA Responds to Lagos State’s Call to Halt Sand-Filling Approvals on Waterways 

Shippers’ Council Recovers Over N5.5 Million in Container Deposit Refunds, Demurrage Disputes in Q1

Why Naira-Yuan Swap Deal Has Minimal Impact on Nigeria-China Trade — CPPE 

Ivory Coast, Senegal, Togo Top Nigeria’s ECOWAS Trade Partners as Regional Trade Hits ₦1.27 Trillion in Q1 2025

At Last, NIMASA  Docks Deep Blue Vessel At Nigerdock

Nigeria Customs Denounces Fake CBT Shortlist Circulating Online

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

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