Specialty insurer and reinsurer Fidelis has become the latest company to join the Poseidon Principles for Marine Insurance, which sets a framework for responsible insurance practices in the maritime sector.
As part of the shipping ecosystem, Fidelis believes that marine insurers have a part to play in promoting responsible environmental stewardship, including decarbonization efforts.
“We are delighted to be the first London market entity to sign up to the Poseidon Principles for Marine Insurance (PPMI),” said Charles Mathias, Group Executive Director, Fidelis Insurance.
“We are constantly looking for ways to use real data to monitor our underwriting portfolio against our ESG areas of concern, and Poseidon is a great way for us to do this on our marine hull book. We look forward to working with the PPMI team and signatories.”
The Principles are aligned with the IMO’s ambition for GHG emissions from international shipping to peak as soon as possible and to reduce total annual GHG emissions by at least 50% by 2050 compared to 2008.
As a step toward alignment with the Paris Agreement, the Poseidon Principles for Marine Insurance also measure underwriting portfolios against a 100% by 2050 CO2 reduction trajectory.
Signatories commit to publicly disclose the climate alignment of their hull and machinery portfolios on an annual basis.
“I am very happy to welcome Fidelis Insurance to the Poseidon Principles for Marine Insurance,” said Patrizia Kern, Head Marine at Swiss Re Corporate Solutions and Chair of the Poseidon Principles for Marine Insurance drafting committee.
“Measuring and reporting emission data is the first step towards a sustainable maritime industry as it enables tracking progress over time and building a fact-based strategy for reaching climate ambitions. As more Signatories join, the Poseidon Principles for Marine Insurance will continue sending a strong signal from leading marine insurers in support of shipping decarbonization.”
To date, Signatories include Swiss Re Corporate Solutions, Gard, Hellenic Hull Management, SCOR, Victor Insurance, and Norwegian Hull Club.
Brokers, clubs, and other critical stakeholders in marine insurance can also join the Poseidon Principles for Marine Insurance as affiliate members. Current affiliate members include Willis Towers Watson, Cefor, and EF Marine.