Finance | Insurance

Ensuring the future of responsible
marine insurance

The Poseidon Principles for Marine Insurance create a common global baseline that is consistent with and supportive of society’s goals to better enable insurers to assess and disclose their portfolio alignment.

The Poseidon Principles for Marine Insurance recognise the role insurers play in the shipping industry and promote responsible environmental stewardship throughout the maritime value chain. They set a benchmark for what it means to be a responsible insurer in the maritime sector and provide actionable guidance on how to achieve this.

The Poseidon Principles for Marine Insurance are consistent with the policies and ambitions of the International Maritime Organization (IMO) and they have also chosen to take steps toward alignment with the Paris Agreement.

As a result, the Poseidon Principles for Marine Insurance enable insurers to assess and disclose their portfolios with responsible environmental impacts and incentivise international shipping’s decarbonisation – to support a better future for the shipping industry and society.

The Poseidon Principles for Marine Insurance are applicable to insurance providers with hull and machinery coverage and are supported by insurance brokers and business partners. They apply globally, to all shipping activities where a vessel or vessels fall under the purview of the IMO.

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 discussions at a strategic level and shape a sustainable future for all.

Patrizia Kern, Marine Strategy Consultant at Swiss Re Corporate Solutions and Chair of the Poseidon Principles for Marine Insurance.

Principle 1

Assessment

Commitment:

Signatories will measure the emission intensity of their shipping portfolios on an annual basis and assess their climate alignment relative to established decarbonisation trajectories. This assessment is based on a robust industry-appropriate methodology outlined in the Technical Guidance. Affiliate members support this process but are not required to measure emissions intensity. 

Learn more

Principle 2

Accountability

Commitment:

Signatories will rely on the International Maritime Organization (IMO) standards and Recognized Organizations (RO) for the provision of identical, unbiased information for all steps of assessing climate alignment as identified in the Technical Guidance. This includes honouring mandatory IMO regulations for collecting and reporting fuel oil consumption information in the IMO Data Collection System (DCS). Affiliate members support signatories in this process. 

Learn more

Principle 3

Enforcement

Commitment:

Signatories will include a covenant clause, or a binding agreement, in all new shipping business activities which ensures access to high quality data and compliance with the Poseidon Principles for Marine Insurance. Signatories commit to working with clients to gather the necessary information to assess climate alignment. Affiliate members commit to helping signatories in this process. 

Learn more

Principle 4

Transparency

Commitment:

Signatories and affiliate members will publicly acknowledge their participation in the Poseidon Principles for Marine Insurance and publish their climate alignment scores in the Annual Disclosure Report and their own corporate reports each year.

Learn more

Affiliate members

Brokers, clubs, 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.

2023 Annual Disclosure Report

The second Annual Disclosure Report by the Poseidon Principles for Marine Insurance presents climate alignment scores of ten of the world’s leading marine insurers and compares them with two carbon emission reduction targets.

Insuring the future of responsible
marine insurance

The Poseidon Principles for Marine Insurance create a common global baseline that is consistent with and supportive of climate goals to better enable insurers to assess and disclose their portfolio alignment.

The Poseidon Principles for Marine Insurance recognise the role insurers play in the shipping industry and promote responsible environmental stewardship throughout the maritime value chain. They set a benchmark for what it means to be a responsible insurer in the maritime sector and provide actionable guidance on how to achieve this.

The Poseidon Principles for Marine Insurance are consistent with the policies and ambitions of the International Maritime Organization (IMO), including its revised 2023 GHG Strategy which aims for net-zero emissions from international shipping by or around 2050.

As a result, the Poseidon Principles for Marine Insurance enable insurers to assess and disclose their portfolios with responsible environmental impacts and incentivise international shipping’s decarbonisation – to support a better future for the shipping industry and society.

The Poseidon Principles for Marine Insurance is applicable to insurance providers who provide hull and machinery coverage and is supported by our insurance brokers and our business partners. They apply globally, to all shipping activities where a vessel or vessels fall under the purview of the IMO.

Learn more
Download the Poseidon Principles for Marine Insurance

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.

Patrizia Kern,
Marine Strategy Consultant at Swiss Re Corporate Solutions and Chair of the Poseidon Principles for Marine Insurance.

Principle 1

Assessment

Signatories will measure the emission intensity of their shipping portfolios on an annual basis and assess their climate alignment relative to established decarbonisation trajectories. This assessment is based on a robust industry-appropriate methodology outlined in the Technical Guidance. Affiliate members support this process but are not required to measure emissions intensity. 

Learn more

Principle 2

Accountability

Signatories will rely on the International Maritime Organization (IMO) standards and Recognized Organizations (RO) for the provision of identical, unbiased information for all steps of assessing climate alignment as identified in the Technical Guidance. This includes honouring mandatory IMO regulations for collecting and reporting fuel oil consumption information in the IMO Data Collection System (DCS). Affiliate members support signatories in this process.

Learn more

Principle 3

Enforcement

Signatories will include a covenant clause, or a binding agreement, in all new shipping business activities which ensures access to high quality data and compliance with the Poseidon Principles for Marine Insurance. Signatories commit to working with clients to gather the necessary information to assess climate alignment. Affiliate members commit to helping signatories in this process.

Learn more

Principle 4

Transparency

Signatories and affiliate members will publicly acknowledge their participation in the Poseidon Principles for Marine Insurance and publish their climate alignment scores in the Annual Disclosure Report and their own corporate reports each year.

Learn more

Signatories

Leading marine insurers make a groundbreaking commitment to shipping’s green transition by integrating climate considerations into their underwriting decisions.

See full press release from launch
All Signatories
Learn more about how to become a signatory

Affiliate members

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

See full press release from launch
All Affiliate members
Learn more about how to become an Affiliate Member

2023 Annual Disclosure Report

The second Annual Disclosure Report by the Poseidon Principles for Marine Insurance presents climate alignment scores of ten of the world’s leading marine insurers and compares them with two carbon emission reduction targets.

Read the report

Get in touch

 

www.poseidonprinciples.org
Email: info@poseidonprinciples.org
Phone: +45 3840 1800

Where to find us

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1256 Copenhagen K
Denmark

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