{"id":3971,"date":"2021-12-14T21:11:55","date_gmt":"2021-12-14T20:11:55","guid":{"rendered":"https:\/\/www.poseidonprinciples.org\/insurance\/?p=3971"},"modified":"2022-02-08T14:32:32","modified_gmt":"2022-02-08T13:32:32","slug":"marine-insurers-adopt-principles-to-decarbonize-shipping","status":"publish","type":"post","link":"https:\/\/www.poseidonprinciples.org\/insurance\/news\/marine-insurers-adopt-principles-to-decarbonize-shipping\/","title":{"rendered":"Marine insurers adopt principles to decarbonize shipping"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.14.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.14.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.14.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.14.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><i><span style=\"font-weight: 400;\">The Poseidon Principles for Marine Insurance establish a pioneering framework to engage with the shipping\u00a0 industry and support net-zero insurance.\u00a0<\/span><\/i><\/p>\n<p><b>15 December 2021 <\/b><span style=\"font-weight: 400;\">\u2013 Six of the world\u2019s leading marine insurers launch a groundbreaking initiative to provide\u00a0 transparency on carbon emissions and support the shipping industry\u2019s green transition.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Poseidon Principles for Marine Insurance are a framework to quantitively assess and disclose the climate\u00a0 alignment of marine insurers\u2019 underwriting portfolios. This pioneering initiative makes marine insurance the first\u00a0 line of business to establish a sector-specific methodology to support the ambition of the Net-Zero Insurance\u00a0 Alliance (NZIA), where members commit to transitioning their underwriting portfolios to net-zero GHG emissions\u00a0 by 2050, consistent with a maximum temperature rise of 1.5\u00b0C above pre-industrial levels by 2100, in order to\u00a0 contribute to the implementation of the COP21 Paris Agreement.\u00a0<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">\u201cThe transition to net zero is a massive endeavour and we appreciate the efforts of the marine industry. As risk\u00a0 managers, insurers and investors, the insurance industry has a key role in supporting the transition to a net-zero\u00a0 economy. The Poseidon Principles will serve our institutions as well as our clients to quantitatively assess and\u00a0 disclose the climate alignment of their underwriting portfolios and thus improve decision-making at a strategic level\u00a0 and shape a sustainable future for all. The disclosure framework provided by the Poseidon Principles will enable us\u00a0 to credibly report our progress towards net-zero insurance using granular marine data,\u201d <\/span><\/i><span style=\"font-weight: 400;\">says <\/span><b>Patrizia Kern, Marine\u00a0 Head at Swiss Re Corporate Solutions and Chair of the drafting committee for the Poseidon Principles for Marine\u00a0 Insurance. <\/b><i><span style=\"font-weight: 400;\">\u201cAs signatories of the Net-Zero Insurance Alliance, NZIA, we at Swiss Re encourage everyone in the\u00a0 marine industry to align with net-zero 2050 targets.\u201d\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Signatories to the Poseidon Principles for Marine Insurance commit to assessing and disclosing the climate\u00a0 alignment of their hull and machinery portfolios, and to benchmarking them against two trajectories: one linked\u00a0 to a 50% reduction of annual CO2 emissions by 2050 compared to 2008 \u2013 in line with the International Maritime\u00a0 Organization\u2019s Initial GHG Strategy; and one linked to a 100% reduction of emissions by 2050. Furthermore, a third\u00a0 trajectory will be introduced to align the full decarbonization trajectory with zero-lifecycle GHG emissions in order to\u00a0 meet the ambition of net-zero commitments such as the NZIA, and to support a zero-emissions future for shipping.\u00a0<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">\u201cWe need to work together to tackle the challenge of climate change. As such, the Poseidon Principles for Marine\u00a0 Insurance are an important contribution from the marine hull insurance industry. The principles provide us with a\u00a0 common tool to monitor progress over time. As a leading marine insurer, we will work together with our Members <\/span><\/i><i><span style=\"font-weight: 400;\">and clients to make sure that the principles and the methodologies applied are as practical and straightforward as\u00a0 possible. Our common goal is an accelerated move towards a decarbonized industry,\u201d <\/span><\/i><span style=\"font-weight: 400;\">says <\/span><b>Rolf Thore Roppestad,\u00a0 Chief Executive Officer of Gard, and Vice-Chair of the drafting committee.\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Brokers, clubs, and other key stakeholders in marine insurance commit to supporting the Principles as affiliate\u00a0 members and align with the goal of decarbonizing international shipping by 2050.\u00a0\u00a0<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">\u201cBy joining this important initiative, we wish to demonstrate our deep commitment to working with our clients and\u00a0 business partners to successfully navigate the transition to a net-zero future,\u201d <\/span><\/i><span style=\"font-weight: 400;\">says <\/span><b>Ben Abraham Chief Executive\u00a0 Officer, Global Marine at Willis Towers Watson.\u00a0<\/b><\/p>\n<p><i><span style=\"font-weight: 400;\">\u201cCefor is committed to promoting a more sustainable ocean industry, and supports the transparency offered by\u00a0 the Poseidon Principles for Marine Insurance to foster dialogue towards this common goal,\u201d <\/span><\/i><span style=\"font-weight: 400;\">says <\/span><b>Helle Hammer,\u00a0 Managing Director, Cefor, the Nordic Association of Marine Insurers.\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Founding Signatories include <\/span><b>Swiss Re<\/b><span style=\"font-weight: 400;\">, <\/span><b>Gard<\/b><span style=\"font-weight: 400;\">, <\/span><b>Hellenic Hull Management<\/b><span style=\"font-weight: 400;\">, <\/span><b>SCOR<\/b><span style=\"font-weight: 400;\">, <\/span><b>Victor International<\/b><span style=\"font-weight: 400;\">, and\u00a0 <\/span><b>Norwegian Hull Club<\/b><span style=\"font-weight: 400;\">. Additional marine insurers are expected to join in the near future.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Affiliate members supporting the Principles are <\/span><b>Willis Towers Watson<\/b><span style=\"font-weight: 400;\">, <\/span><b>Cefor<\/b><span style=\"font-weight: 400;\">, and <\/span><b>EF Marine<\/b><span style=\"font-weight: 400;\">.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Poseidon Principles for Marine Insurance are founded on the methodology used in the Poseidon Principles\u00a0 for Financial Institutions and were developed in an effort spearheaded by leading marine insurers and industry\u00a0 stakeholders with expert support provided by the <\/span><b>Global Maritime Forum<\/b><span style=\"font-weight: 400;\">, <\/span><b>Swiss Re Institute<\/b><span style=\"font-weight: 400;\">, and <\/span><b>UMAS<\/b><span style=\"font-weight: 400;\">. The\u00a0 <\/span><b>International Union of Marine Insurers (IUMI) <\/b><span style=\"font-weight: 400;\">is a supporting partner.\u00a0<\/span><\/p>\n<p><b>For further information<\/b><span style=\"font-weight: 400;\">, Head of Communications (interim) Sofie Rud at <\/span><b><a href=\"mailto:rud@globalmaritimeforum.org\">rud@globalmaritimeforum.org<\/a>\u00a0 <\/b><span style=\"font-weight: 400;\">or +45 2810 2332 or visit <\/span><b><a href=\"https:\/\/www.poseidonprinciples.org\/insurance\" target=\"_blank\" rel=\"noopener\">https:\/\/www.poseidonprinciples.org\/insurance\/<\/a><\/b><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Poseidon Principles for Marine Insurance establish a pioneering framework to engage with the shipping\u00a0 industry and support net-zero insurance.\u00a0 15 December 2021 \u2013 Six of the world\u2019s leading marine insurers launch a groundbreaking initiative to provide\u00a0 transparency on carbon emissions and support the shipping industry\u2019s green transition.\u00a0 The Poseidon Principles for Marine Insurance are [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3974,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[6],"tags":[],"class_list":["post-3971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Marine insurers adopt principles to decarbonize shipping - Poseidon Principles for Marine Insurance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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