Navium Marine and AXA XL have joined the Poseidon Principles for Marine Insurance as the eighth and ninth signatories, allowing the Principles to enter into force.
The announcement comes in conjunction with the global framework’s founding meeting last week which established the Poseidon Principles for Marine Insurance Association and saw the elections of members to its Steering Committee, the governance body that coordinates the Association on behalf of its members.
The Principles, which were adopted by six marine insurers in December, are a global framework for measuring and publicly reporting the climate alignment of insurers’ hull and machinery portfolios.
With the number of its signatories reaching – and surpassing – the threshold of eight, the framework now enters into force, meaning that signatories are required to report their climate alignment scores on an annual basis.
The first reporting period will take place at the end of this year.
Patrizia Kern-Ferretti (Swiss Re Corporate Solutions) was elected as Chair of the Steering Committee.
‘With Navium Marine and AXA XL among our ranks and the Association officially established, we have all that we need to effect real change and encourage the decarbonisation of the maritime industry,’ said Kern-Ferretti.
Meanwhile, Rolf Thore Roppestad (Gard) was elected as Vice Chair of the Steering Committee. Oliver Clark (Navium Marine), Atle Fjeldstad (Norwegian Hull Club), Sylvain Gauden (SCOR), Charles Mathias (Fidelis Insurance), Ilias Tsakiris (Hellenic Hull Management), Richard Turner (Victor Insurance) were elected as members of the Steering Committee.
Ben Abraham (Willis Towers Watson) was elected as Chair of the Affiliate Members Committee while Helle Hammer (Cefor), Mauro Iguera (Cambiaso Risso Group), Alistair Rivers (Lockton), Folkert Strengholt (EF Marine) were elected as members of the Affiliate Members Committee.
The founding members of the Association include Swiss Re Corporate Solutions, Gard, Hellenic Hull Management, SCOR, Victor Insurance, Norwegian Hull Club, Fidelis Insurance, Navium Marine, AXA XL, Willis Towers Watson, Cefor, EF Marine, Cambiaso Risso, Lockton, and International Union of Marine Insurance (IUMI).