Launch of the Poseidon Principles for marine insurance
The recently launched Poseidon Principles for Marine Insurance establish a framework for insurers to align their portfolios with climate goals and the transition to net zero.
Signatories of the Poseidon Principles for Marine Insurance commit to assess and disclose the climate alignment of their hull and machinery portfolios and compare them to the IMO’s 50% reduction in GHG emissions. by 2050 and reducing emissions by 100% by 2050.
âThe Poseidon Principles will be used by our institutions as well as our clients to quantitatively assess and disclose the climate alignment of their underwriting portfolios and thereby improve decision making at a strategic level and shape a sustainable future for all. The disclosure framework provided by the Poseidon Principles will allow us to credibly report on our progress towards net zero insurance using granular marine data, âsaid Patrizia Kern, Marine Head at Swiss Re Corporate Solutions and President of the Poseidon Principles for the Navy Editorial Board. Assurance.
The founding signatories of the Marine Insurance Principles are Swiss Re, Gard, Hellenic Hull Management, SCOR, Victor International and Norwegian Hull Club, while Willis Towers Watson, Cefor and EF Marine are supporting members. Expert support is provided by the World Maritime Forum, the Swiss Re Institute and UMAS.
âWe must work together to meet the challenge of climate change. As such, the Poseidon Principles for Marine Insurance are an important contribution from the marine hull insurance industry. The principles provide us with a common tool to monitor progress over time, âsaid Rolf Thore Roppestad, Managing Director of Gard and Vice-Chairman of the Editorial Board.
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