CTX Special Risks, Lochain Patrick Insurance Brokers and Gallagher Specialty have become the latest Affiliate Members of the Poseidon Principles for Marine Insurance.
As previously reported, the Poseidon Principles for Marine Insurance, which were adopted last December, are a voluntary emissions disclosure framework that provides signatories with actionable guidance on benchmarking the carbon footprint of their marine insurance portfolios with global climate goals.
‘The existential threat of global warming needs to be addressed now and all of us at CTX want to be at the forefront of the vital changes that are urgently needed,’ said Dominic Ng, CEO, CTX Special Risks, whose company is the first Asia-based insurance broker to join the framework.
‘Ships are by far the lowest impact way of transporting goods around the world, but the sheer size of the industry means carbon emissions need to be brought to the forefront of ship operators’ planning. The Poseidon Principles for Marine Insurance are the best way for us to make public our commitment to drive the change.’
Andrew Hills, Managing Director of London-based Lochain Patrick Insurance Brokers, added: ‘The maritime sector is a key facilitator of global trade and commerce and we at Lochain Patrick understand the importance of addressing the climate impacts of the shipping industry. We believe that the introduction of the Poseidon Principles for Marine Insurance is a key initiative in the drive towards decarbonisation.
‘We look forward to working with our clients and Insurers to implement and integrate effective and transparent standards and procedures to reflect our commitment to embedding the Poseidon Principles for Marine Insurance into our corporate philosophy and strategic development objectives.’
Andrew James, Executive Director of London-based Gallagher, said: ‘Gallagher is proud to join the Poseidon Principles for Marine Insurance and is committed to working closely with clients, and other stakeholders within the marine insurance sector, to support the shipping industry’s journey to achieving a net zero target.’
To date, eight organisations have joined the Poseidon Principles for Marine Insurance as Affiliate Members: Cambiaso Risso, Cefor, CTX Special Risks, EF Marine, Gallagher, Lochain Patrick Insurance Brokers, Lockton, and Willis Towers Watson.
AXA XL, Fidelis Insurance, Gard, Hellenic Hull Management, Navium Marine, Norwegian Hull Club, SCOR, Swiss Re Corporate Solutions, and Victor Insurance have signed up as Signatories, while International Union of Marine Insurance is a supporting partner.
Speaking to Bunkerspot earlier this year, Patrizia Kern, Head of Marine at Swiss Re Corporate Solutions and Chair of the Poseidon Principles for Marine Insurance, said it was hoped that the framework will account for 50% of marine insurance in the next two years. To read the full interview, click here.