The Poseidon Principles for Marine Insurance are a global framework for measuring and publicly reporting the carbon footprint of insurers' shipping portfolios. The voluntary emissions disclosure framework provides Signatories with actionable guidance on engaging with clients, enables them to improve decision-making at a strategic level, and allows them to incentivize responsible environmental behavior throughout the maritime value chain.
“The international shipping industry is embarking on the single largest energy transition in modern times; the only way it can be achieved is together. The Poseidon Principles for Marine Insurance represent an important development in cross-party dialogue through the provision of a carbon reporting standard for insurers alongside a net-zero target. Lockton is proud to be a part of this work and I look forward to contributing our expertise in support of this initiative and our clients' journeys towards a decarbonised future,” said Alistair Rivers, Global Head of Marine Practice at Lockton.
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 on the framework's data collection requirements.
“I am delighted that the Poseidon Principles for Marine Insurance continue to grow. All maritime stakeholders have the power and responsibility to do their part in shipping's green transition. I welcome Lockton's commitment to supporting insurers and their clients on this journey,” added Patrizia Kern, Head Marine at Swiss Re Corporate Solutions and Chair of the Poseidon Principles for Marine Insurance drafting committee.
Signatories measure their climate alignment scores 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 measure underwriting portfolios against a 100% by 2050 CO2 reduction trajectory.
Lockton joins Willis Towers Watson, Cefor, EF Marine, and Cambiaso Risso as the fifth Affiliate member of the Poseidon Principles for Marine Insurance.
Swiss Re Corporate Solutions, Gard, Hellenic Hull Management, SCOR, Victor Insurance, Norwegian Hull Club, and Fidelis Insurance have signed up as Signatories.
International Union of Marine Insurance is a supporting partner.
Other responsible actors within the maritime insurance space are invited to join.
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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