A global framework
for responsible marine insurance
The Poseidon Principles for Marine Insurance create common global baselines that are consistent
with and supportive of society’s goals to better enable insurers to assess and align their portfolios
with responsible environmental impacts.
The Poseidon Principles for Marine Insurance are a global framework for assessing and disclosing the climate alignment of insurers’ hull and machinery portfolios. They enable the insurance sector to implement transparency and they establish a common, global baseline to quantitatively assess and disclose the climate alignment of the portfolios, in order to assess the environmental and climate impact of the business decisions. Thus they also serve as an important tool to support responsible decision-making.
The Poseidon Principles for Marine Insurance must be applied by Signatories in all business activities where:
- the insurance products cover hull and machinery (H&M);
- the Signatory is the leading insurer, as well as in cases where the Signatory is a follower, but the lead is also a fellow Signatory;
- a vessel or vessels which have an established Poseidon Principles trajectory whereby the carbon intensity can be measured with IMO Data Collection System (DCS) data.
Climate alignment is currently the only environmental factor considered by the Poseidon Principles for Marine Insurance
Under the current scope, the Poseidon Principles for Marine Insurance are applicable to insurers with H&M policies and underwriters. However, it is recognized that the ecosystem of key players extends beyond this limit, and the framework must be inclusive of these perspectives and their support. Therefore, Affiliate membership is applicable to insurance brokers and collective groups (such as insurance associations, unions and P&I Clubs), and their support is welcome.
Signatories commit to implementing the Poseidon Principles for Marine Insurance in their policies, procedures, and standards and to work in partnership with their clients and partners on an ongoing basis to implement the Poseidon Principles for Marine Insurance. Affiliate Members commit to supporting the Signatories and working together with their partners and clients to improve transparency across their business activities.
The Poseidon Principles for Marine Insurance are intended to evolve over time to ensure that they are effective, practical, and up to date to reflect society’s goals.