HOW DID WE GET THERE
Committed to improving the role of maritime insurance in addressing global environmental issues
The Poseidon Principles for Marine Insurance were developed in an effort spearheaded by global insurance institutions – Swiss Re Corporate Solutions, Gard, Cefor – in collaboration with leading industry players – WTW, Star Bulk, AP Møller Mærsk, Lloyd’s Register – with expert support provided by the Global Maritime Forum, Swiss Re Institute, and UMAS.
As seen with the evolution of the voluntary efforts of private financial institutions leading to the launch of the Poseidon Principles for Financial Institutions, there has been a shift from avoiding the adverse climate and ecological impacts of business activities to becoming actively involved in driving solutions for the sector. The Poseidon Principles for Financial Institutions were the first sector-specific climate alignment framework for ship finance, just as Marine Insurance does the same by adapting the same methodology for the assessment and disclosure of climate alignment of their hull and machinery portfolios.