COSCO SHIPPING Captive joins the Poseidon Principles for Marine Insurance
COSCO SHIPPING Captive Insurance, a subsidiary of COSCO SHIPPING Group, becomes the first Asian marine insurance company to support the insurance principles.
23 September 2022 – The Poseidon Principles for Marine Insurance create a common global baseline for assessing and disclosing the alignment of marine insurance portfolios with climate goals.
“We are delighted to be the first Asian marine hull insurance company to sign up for the Poseidon Principles for Marine Insurance (PPMI). Joining PPMI is aligned with Cosco Shipping Group and Cosco Shipping Captive’s strategy towards green shipping and green finance. We are happy and motivated to work with all stakeholders to promote marine de-carbonization and marine industry’s sustainable transition and growth,” says Zheng Xiaozhe, Chairman of the Board, COSCO SHIPPING Captive Insurance.
Two Asia-based organizations are already members of the Poseidon Principles for Marine Insurance: Singapore’s EF Marine and Hong Kong’s CTX Special Risks.
“It is essential to the mission of the Poseidon Principles for Marine Insurance that our membership reflects the diversity of the maritime industry. I am proud to welcome COSCO SHIPPING Captive Insurance to our framework for responsible marine insurance as they bring us a big step closer to this goal,” adds Patrizia Kern-Ferretti, Head Marine, Swiss Re Corporate Solutions and Chair of the Poseidon Principles for Marine Insurance.
COSCO SHIPPING Captive Insurance joins Cambiaso Risso, Cefor, CTX Special Risks, EF Marine, Gallagher, Lochain Patrick Insurance Brokers, Lockton, and Willis Towers Watson as an Affiliate member of the Poseidon Principles for Marine Insurance.
Signatories include AXA XL, Fidelis Insurance, Gard, Hellenic Hull Management, Navium Marine, Norwegian Hull Club, SCOR, Swiss Re Corporate Solutions, and Victor Insurance.
International Union of Marine Insurance is a supporting partner.
Other responsible actors within the maritime insurance space are invited to join.
About the Poseidon Principles for Marine Insurance
The Poseidon Principles for Marine Insurance are a framework for measuring and reporting the alignment of insurers’ shipping portfolios with climate goals. Recognizing insurers’ role in promoting responsible environmental stewardship throughout the maritime value chain, the Poseidon Principles for Marine Insurance provide them with tools to foster collaboration with clients, gain insight to enhance strategic decision-making, and address the impacts of climate change.
The Poseidon Principles for Marine Insurance are built on four principles – Assessment of climate alignment, Accountability, Enforcement, and Transparency – which they share with the Poseidon Principles for Financial Institutions and the Sea Cargo Charter. Established under the auspices of the Global Maritime Forum, the three initiatives aim to increase the transparency of environmental impacts within global seaborne trade, promote industry-wide change, and support a better future for the industry and society.
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