Navium Marine and AXA XL have joined the Poseidon Principles for Marine Insurance as the eighth and ninth signatories, allowing the Principles to enter into force.
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 surpassing the threshold of eight, signatories are now required to report their climate alignment scores on an annual basis. The first reporting period will take place at the end of this year.
This will require signatories tomeasure the carbon intensity of their hull and machinery portfolios on an annual basis, using the Annual Efficiency Ratio (AER). The portfolios will be assessed for climate alignment (carbon intensity relative to established decarbonisation trajectories).
Recognizing insurers’ role in promoting responsible environmental stewardship throughout the maritime value chain, the Poseidon Principles for Marine Insurance provide signatories 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.
As part of the founding meeting held last month, Patrizia Kern-Ferretti 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 decarbonisation of the maritime industry,” says Kern-Ferretti, Head Marine at Swiss Re Corporate Solutions.
Rolf Thore Roppestad (Gard) was elected as Vice Chair of the Steering Committee. “I am honoured 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 behaviour throughout the maritime value chain,” said Thore Roppestad, Chief Executive Officer.
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.
Ben Abraham (Willis Towers Watson) 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.
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, Willis Towers Watson, Cefor, EF Marine, Cambiaso Risso, Lockton, and International Union of Marine Insurance (IUMI).
