Finance | Insurance

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 society’s goals to better enable insurers to assess and disclose their portfolio alignment.

The Poseidon Principles for Marine Insurance recognize 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 incentivize international shipping’s decarbonization – 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 decision-making at a strategic level and shape a sustainable future for all.

Patrizia Kern, Marine Head at Swiss Re Corporate Solutions and Chair of the drafting committee for the Poseidon Principles for Marine Insurance.

Principle 1

Assessment of climate alignment

Commitment:

Signatories will, on an annual basis, measure the carbon intensity and assess climate alignment (carbon intensity relative to established decarbonization pathways) of their hull and machinery portfolio using a robust industry-appropriate methodology established by the Poseidon Principles for Marine Insurance.

Learn more about the principle and requirements for Affiliate members

Principle 2

Accountability

Commitment:

For each step of the assessment, Signatories will exclusively rely on the data types, data sources and service providers identified in the Technical Guidance.

Learn more about the principle and requirements for Affiliate members

Principle 3

Enforcement

Commitment:

Signatories commit to making compliance with the Poseidon Principles for Marine Insurance contractual in their new business activities. Signatories agree to work with shipowners, clients, brokers, and business partners to collect and process the information necessary to calculate carbon intensity and to assess climate alignment.

Learn more about the principle and requirements for Affiliate members

Principle 4

Transparency

Commitment:

Signatories publicly acknowledge that they are a Signatory to the Poseidon Principles for Marine Insurance, and all Signatories’ scores will be published annually by the Secretariat of the Poseidon Principles.

Learn more about the principle and requirements for Affiliate members

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.

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 society’s goals to better enable insurers to assess and disclose their portfolio alignment.

The Poseidon Principles for Marine Insurance recognize 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 incentivize international shipping’s decarbonization – 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 Head at Swiss Re Corporate Solutions and Chair of the drafting committee for the Poseidon Principles for Marine Insurance.

Principle 1

Assessment of climate alignment

Signatories will, on an annual basis, measure the carbon intensity and assess climate alignment (carbon intensity relative to established decarbonization pathways) of their hull and machinery portfolio using a robust industry-appropriate methodology established by the Poseidon Principles for Marine Insurance.

Learn more about the principle and requirements for Affiliate members

Principle 2

Accountability

For each step of the assessment, Signatories will exclusively rely on the data types, data sources and service providers identified in the Technical Guidance.

Learn more about the principle and requirements for Affiliate members

Principle 3

Enforcement

Signatories commit to making compliance with the Poseidon Principles for Marine Insurance contractual in their new business activities. Signatories agree to work with shipowners, clients, brokers, and business partners to collect and process the information necessary to calculate carbon intensity and to assess climate alignment.

Learn more about the principle and requirements for Affiliate members

Principle 4

Transparency

Signatories publicly acknowledge that they are a Signatory to the Poseidon Principles for Marine Insurance, and all Signatories’ scores will be published annually by the Secretariat of the Poseidon Principles.

Learn more about the principle and requirements for Affiliate members

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 decarbonizing international shipping by 2050.

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

Get in touch

 

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

Where to find us

Amaliegade 33 B, 3rd floor
1256 Copenhagen K
Denmark

Finance | Insurance

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