London, December 16, 2021: Leading companies in the marine insurance industry have joined an initiative linking their underwriting activities with the cutting of carbon emissions from global shipping as pressure builds on the sector to go fully green.
Last month countries including the United States at the COP 26 climate summit pushed for the UN’s shipping agency, the International Maritime Organization (IMO), to adopt a zero emissions target by 2050.
Companies signing up to the “Poseidon Principles” for marine insurance commit to assessing and disclosing the climate alignment of their hull and machinery portfolios and benchmarking them against IMO targets.
Other insurers and reinsurers who have signed up are Hellenic Hull Management, SCOR, Victor International and Norwegian Hull Club.
Insurance broker Willis Towers Watson, specialist underwriting agency EF Marine and marine insurance association Cefor have also joined the initiative.