Ensuring the future of responsible
marine insurance
The Poseidon Principles for Marine Insurance create a common global baseline that is consistent with and supportive of society’s goals to better enable insurers to assess and disclose their portfolio alignment.
The Poseidon Principles for Marine Insurance recognise the role insurers play in the shipping industry and promote responsible environmental stewardship throughout the maritime value chain. They set a benchmark for what it means to be a responsible insurer in the maritime sector and provide actionable guidance on how to achieve this. See here what they are in a nutshell!
The Poseidon Principles for Marine Insurance are consistent with the policies and ambitions of the International Maritime Organization (IMO), including its revised 2023 GHG Strategy which aims for net-zero emissions from international shipping by or around 2050.
As a result, these Principles enable insurers to assess and disclose their portfolios with responsible environmental impacts and incentivise international shipping’s decarbonisation – to support a better future for the shipping industry and society. They are are applicable to insurance providers with hull and machinery coverage and are supported by insurance brokers and business partners. They apply globally, to all shipping activities where a vessel or vessels fall under the purview of the IMO.
As risk managers, insurers and investors, the insurance industry has a key role in supporting the transition to a net-zero economy. The Poseidon Principles will serve our institutions as well as our clients to quantitatively assess and disclose the climate alignment of their underwriting portfolios and thus improve discussions at a strategic level and shape a sustainable future for all.
Patrizia Kern, Chair of the Poseidon Principles for Marine Insurance.
Principle 1
Assessment
Commitment:
Signatories will annually assess the climate alignment of their shipping portfolios using a robust and industry-appropriate methodology outlined in the Technical Guidance. Affiliate members will support signatories by sharing knowledge about the methodology with relevant stakeholders.
Principle 2
Accountability
Commitment:
Signatories will rely on the IMO standards and recognised organisations to provide identical, unbiased information for all steps of assessing climate alignment. Affiliate members will support signatories by sharing knowledge about data types, data sources, service providers, and the data collection process with relevant stakeholders.
Principle 3
Enforcement
Commitment:
Signatories will include a standard covenant clause, or binding agreement, in all new business activities, which ensures access to high-quality data and compliance with the Poseidon Principles for Marine Insurance. Signatories and affiliate members commit to working together, as well as with shipowners, providers, brokers, and business partners, to gather the necessary information to assess climate alignment. Affiliate members will share knowledge about the covenant clause and enforcement process with relevant stakeholders.
Principle 4
Transparency
Commitment:
Signatories will publicly acknowledge their participation in the Poseidon Principles for Marine Insurance and publish their climate alignment score in the Annual Disclosure Report and their own corporate reports each year.
Third Disclosure Report
Representing over 25% of the world fleet’s total deadweight within reporting scope, the Poseidon Principles for Marine Insurance are proud to present their latest report, comparing for the first time signatories climate alignment scores against the 2023 IMO GHG Strategy which aims for net-zero emissions from international shipping by or around 2050. Plus, with modelled data now in play, climate alignment calculations are faster, broader, and more efficient than ever.
Signatories
Leading marine insurers make a groundbreaking commitment to shipping’s green transition by integrating climate considerations into their underwriting activities.
Affiliate members
Brokers, clubs, and other key stakeholders in marine insurance commit to supporting the Principles as Affiliate members and align with the goal of decarbonising international shipping by 2050.
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Where to find us
Amaliegade 33 B, 3rd floor
1256 Copenhagen K
Denmark
VAT Number: 43329405
Insuring the future of responsible
marine insurance
The Poseidon Principles for Marine Insurance create a common global baseline that is consistent with and supportive of climate goals to better enable insurers to assess and disclose their portfolio alignment.
The Poseidon Principles for Marine Insurance recognise the role insurers play in the shipping industry and promote responsible environmental stewardship throughout the maritime value chain. They set a benchmark for what it means to be a responsible insurer in the maritime sector and provide actionable guidance on how to achieve this.
The Poseidon Principles for Marine Insurance are consistent with the policies and ambitions of the International Maritime Organization (IMO), including its revised 2023 GHG Strategy which aims for net-zero emissions from international shipping by or around 2050.
As a result, the Poseidon Principles for Marine Insurance enable insurers to assess and disclose their portfolios with responsible environmental impacts and incentivise international shipping’s decarbonisation – to support a better future for the shipping industry and society.
The Poseidon Principles for Marine Insurance is applicable to insurance providers who provide hull and machinery coverage and is supported by our insurance brokers and our business partners. They apply globally, to all shipping activities where a vessel or vessels fall under the purview of the IMO.
As risk managers, insurers and investors, the insurance industry has a key role in supporting the transition to a net-zero economy. The Poseidon Principles will serve our institutions as well as our clients to quantitatively assess and disclose the climate alignment of their underwriting portfolios and thus improve decision-making at a strategic level and shape a sustainable future for all.
Patrizia Kern,
Marine Strategy Consultant at Swiss Re Corporate Solutions and Chair of the Poseidon Principles for Marine Insurance.
Principle 1
Assessment
Signatories will annually assess the climate alignment of their shipping portfolios using a robust and industry-appropriate methodology outlined in the Technical Guidance. Affiliate members will support signatories by sharing knowledge about the methodology with relevant stakeholders.
Principle 2
Accountability
Signatories will rely on the IMO standards and recognised organisations to provide identical, unbiased information for all steps of assessing climate alignment. Affiliate members support signatories in this process. Affiliate members will support signatories by sharing knowledge about data types, data sources, service providers, and the data collection process with relevant stakeholders.
Principle 3
Enforcement
Signatories will include a standard covenant clause, or binding agreement, in all new business activities, which ensures access to high-quality data and compliance with the Poseidon Principles for Marine Insurance. Signatories and affiliate members commit to working together, as well as with shipowners, providers, brokers, and business partners, to gather the necessary information to assess climate alignment. Affiliate members will share knowledge about the covenant clause and enforcement process with relevant stakeholders.
Principle 4
Transparency
Signatories will publicly acknowledge their participation in the Poseidon Principles for Marine Insurance and publish their climate alignment score in the Annual Disclosure Report and their own corporate reports each year.
Third Annual Disclosure Report
Representing over 25% of the world fleet’s total deadweight within reporting scope, the Poseidon Principles for Marine Insurance are proud to present their latest report, comparing for the first time signatories climate alignment scores against the 2023 IMO GHG Strategy which aims for net-zero emissions from international shipping by or around 2050. Plus, with modelled data now in play, climate alignment calculations are faster, broader, and more efficient than ever.
Signatories
Leading marine insurers make a groundbreaking commitment to shipping’s green transition by integrating climate considerations into their underwriting decisions.
⟶ See full press release from launch
⟶ All signatories
⟶ Learn more about how to become a signatory
Affiliate members
Brokers, clubs, and other key stakeholders in marine insurance commit to supporting the Principles as Affiliate members and align with the goal of decarbonising international shipping by 2050.
⟶ See full press release from launch
⟶ All affiliate members
⟶ Learn more about how to become an affiliate member
May 23, 2024Poseidon Principles for Marine Insurance advance ambitious climate agenda at Annual Meeting 2024
January 25, 2024How marine insurers are driving transparency and decarbonisation across international shipping
November 3, 2023Transparency initiatives unite for the first time to organise event on emissions reporting
January 26, 2023Marine insurers publish landmark climate report
September 23, 2022COSCO SHIPPING Captive joins the Poseidon Principles for Marine Insurance
September 22, 2022Leading shipping banks and marine insurers pave the way for 1.5-aligned emissions benchmarking
September 21, 2022CTX Special Risks, Lochain Patrick, and Gallagher join the Poseidon Principles for Marine Insurance as Affiliate members
May 4, 2022Poseidon Principles for Marine Insurance hold founding meeting and enter into force with Navium and AXA XL as latest Signatories
April 27, 2022Lockton joins the Poseidon Principles for Marine Insurance as Affiliate member
Where to find us
Amaliegade 33 B, 3rd floor
1256 Copenhagen K
Denmark
Follow us