Poseidon Principles for Marine Insurance hold founding meeting and enter into force with Navium and AXA XL as latest Signatories
Navium Marine and AXA XL join the Poseidon Principles for Marine Insurance as the eighth and ninth Signatories, allowing the Principles to enter into force. The announcement comes in conjunction with the global framework’s founding meeting on Wednesday, 27 April 2022, which established the Poseidon Principles for Marine Insurance Association and saw the elections of members to its Steering Committee.
Copenhagen, 4 May 2022 – The Poseidon Principles for Marine Insurance are a global framework for measuring and publicly reporting the climate alignment of insurers’ hull and machinery portfolios. With the number of its Signatories reaching – and surpassing – the threshold of eight, the framework now enters into force. This means that Signatories are required to report their climate alignment scores on an annual basis. The first reporting period will take place at the end of this year.
As part of the founding meeting, members established the Poseidon Principles for Marine Insurance and elected members to the Association’s Steering Committee, the governance body that coordinates the Association on behalf of its members.
Patrizia Kern-Ferretti (Swiss Re Corporate Solutions) was elected as Chair of the Steering Committee.
“I thank fellow Poseidon Principles for Marine Insurance members for the trust placed in me to chair this pioneering initiative. Our founding meeting marks two important milestones. With Navium Marine and AXA XL among our ranks and the Association officially established, we have all that we need to effect real change and encourage the decarbonization of the maritime industry,” says Patrizia Kern-Ferretti, Head Marine at Swiss Re Corporate Solutions and Chair of the Poseidon Principles for Marine Insurance Association.
Rolf Thore Roppestad (Gard) was elected as Vice Chair of the Steering Committee.
“I am honored to have been elected Vice Chair of the Poseidon Principles for Marine Insurance. Together with my fellow Steering Committee members, we will work to ensure that the Association stays true to its vision: doing what we can to support and incentivize responsible environmental behavior throughout the maritime value chain,” adds Rolf Thore Roppestad, Chief Executive Officer, Gard and Vice Chair of the Poseidon Principles for Marine Insurance Association.
Oliver Clark (Navium Marine), Atle Fjeldstad (Norwegian Hull Club), Sylvain Gauden (SCOR), Charles Mathias (Fidelis Insurance), Ilias Tsakiris (Hellenic Hull Management), Richard Turner (Victor Insurance) were elected as members of the Steering Committee.
Hereafter the Steering Committee consists of:
Patrizia Kern-Ferretti (Chair), Rolf Thore Roppestad (Vice Chair), Oliver Clark, Atle Fjeldstad, Sylvain Gauden, Charles Mathias, Ilias Tsakiris, Richard Turner.
Ben Abraham (WTW) was elected as Chair of the Affiliate Members Committee.
Helle Hammer (Cefor), Mauro Iguera (Cambiaso Risso Group), Alistair Rivers (Lockton), Folkert Strengholt (EF Marine) were elected as members of the Affiliate Members Committee.
More information about the members of the Steering Committee is available here.
The founding members of the Association include Swiss Re Corporate Solutions, Gard, Hellenic Hull Management, SCOR, Victor Insurance, Norwegian Hull Club, Fidelis Insurance, Navium Marine, AXA XL, WTW, Cefor, EF Marine, Cambiaso Risso, Lockton, and International Union of Marine Insurance (IUMI).
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.
For more information, please visit www.poseidonprinciples.org/insurance
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