Lockton joins the Poseidon Principles for Marine Insurance as Affiliate member

The world’s largest privately-held insurance brokerage firm commits to supporting the global framework for responsible marine insurance.

Copenhagen, 27 April 2022 – The Poseidon Principles for Marine Insurance are a global framework for measuring and publicly reporting the carbon footprint of insurers’ shipping portfolios. The voluntary emissions disclosure framework provides Signatories with actionable guidance on engaging with clients, enables them to improve decision-making at a strategic level, and allows them to incentivize responsible environmental behavior throughout the maritime value chain.

“The international shipping industry is embarking on the single largest energy transition in modern times; the only way it can be achieved is together.  The Poseidon Principles for Marine Insurance represent an important development in cross-party dialogue through the provision of a carbon reporting standard for insurers alongside a net-zero target. Lockton is proud to be a part of this work and I look forward to contributing our expertise in support of this initiative and our clients’ journeys towards a decarbonised future,”  said Alistair Rivers, Global Head of Marine Practice at Lockton.

Brokers, clubs, and other critical stakeholders in marine insurance can join the Poseidon Principles for Marine Insurance as Affiliate members. In doing so, brokers commit to supporting the initiative, for example by helping facilitate knowledge sharing between Signatories and clients on the framework’s data collection requirements.

“I am delighted that the Poseidon Principles for Marine Insurance continue to grow. All maritime stakeholders have the power and responsibility to do their part in shipping’s green transition. I welcome Lockton’s commitment to supporting insurers and their clients on this journey,” added Patrizia Kern, Head Marine at Swiss Re Corporate Solutions and Chair of the Poseidon Principles for Marine Insurance drafting committee.

Signatories measure their climate alignment scores against 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.

Lockton joins Willis Towers Watson, Cefor, EF Marine, and Cambiaso Risso as the fifth Affiliate member of the Poseidon Principles for Marine Insurance.

Swiss Re Corporate Solutions, Gard, Hellenic Hull Management, SCOR, Victor Insurance, Norwegian Hull Club, and Fidelis Insurance have signed up as Signatories.

International Union of Marine Insurance is a supporting partner.

Other responsible actors within the maritime insurance space are invited to join.

About Lockton

What makes Lockton stand apart is also what makes us better: independence.  Lockton’s private ownership empowers its 8,500 Associates in over 125 countries to focus solely on clients’ risk and insurance needs. 

With 400 Marine specialists connected around the globe, Lockton Marine advises on Hull, P&I, Liability and Cargo exposures across all segments of the maritime industry – including offshore, logistics, ports and terminals, cruise and passenger, bulk and commodity traders and construction. Lockton delivers the team and the partnership needed to accomplish remarkable results.

About the Poseidon Principles for Marine Insurance

The Poseidon Principles for Marine Insurance are a framework for measuring and reporting the alignment of insurers’ shipping portfolios with climate goals. Recognizing insurers’ role in promoting responsible environmental stewardship throughout the maritime value chain, the Poseidon Principles for Marine Insurance provide them 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.

For more information, please visit www.poseidonprinciples.org/insurance

Media contact: Tina Maver | Communications Manager | +45 3114 1634 | tm@globalmaritimeforum.org