SCOR’s large corporate risk insurance arm, SCOR Business Solutions, is supporting a new maritime transport project by TransOceanic Wind Transport (TOWT) aimed at decarbonizing global shipping.
Alongside AXA XL Insurance, SCOR Business Solutions is providing crucial support through an innovative credit insurance policy (Marine Supported Finance) brokered by Marsh for TOWT’s project: six sailing cargo “sisterships.”
These vessels are being constructed and designed to harness the power of the wind to significantly reduce the shipping industry’s carbon footprint.
Compared to traditional, hydrocarbon-dependent container ships, sailing cargo ships drastically cut harmful emissions like CO2, sulphur oxides, nitrogen oxides, and methane.
This not only benefits the climate but also mitigates shipping’s impact on marine biodiversity by lessening ocean acidification. Furthermore, their slower speeds, quieter operation, and enhanced manoeuvrability reduce the risk of collisions with marine life.
The construction of all six vessels is being financed simultaneously, by CIC, Arkéa, Caisse d’Epargne Normandie and Banque Palatine.
On the insurance side, Bpifrance Assurance Export is also providing support through its shipbuilding insurance product Garantie Interne.
Bernard Verlet, Senior Political and Credit Risks Underwriter at SCOR Business Solutions, commented: “The SCOR Political and Credit Risk team is proud to support a pioneering transaction, insuring investment in an ancient technology to contribute to solving a very modern challenge.
“This transaction is fully aligned with the team’s aim – to insure trade and investment which supports a more sustainable and socially responsible global economy. We are committed to working with clients to insure the energy transition across multiple sectors and technologies.”
