During 2020, American Hellenic Hull Insurance Company Ltd (AHHIC) overreached its sustainability targets despite the covid-19 pandemic outbreak due to the timely and well executed implementation of its business continuity plan based on a hybrid structure of remote and cloud servers so that the company is prepared to manage even catastrophic events.
Coming across the United Nations Environment Programme Finance Initiative (UNEPFI), Principles for Sustainable Insurance (PSI) in 2019, made us review our sustainability strategy providing us with further food for thought as to how we should conduct our business. In 2020 Principles for Sustainable Insurance report, we aspire to highlight AHHIC’s progress against PSI’s principles and sustainable development goals.
As indicated in the report, unsustainable practices come at a serious cost to all insurance companies balance sheets, and insurance capacity is not limitless and comes at a considerable price for the insurance industry. In order to Implement sustainability strategies and pioneer in new business models that embrace ESG risks, AHHIC has invested in partnerships towards this direction. Thus, we are the first marine insurance company member of UNEPFI Principles for Sustainable Insurance and Sustainable Blue Economy Finance Initiative (SBEFI), whilst we participated in the development of the guides launched by UNEPFI, the “Managing environmental, social and governance risks in non-life insurance business” and the “Turning the Tide: How to finance a sustainable ocean recovery” reports.
Other initial actions to support sustainable marine underwriting as signatory company of the UNEP FI PSI al include AHHIC’s membership to the Ship Recycling Transparency Initiative, its partnership with World Maritime University aiming to launch a Post Graduate Diploma in marine insurance and its support to UN Global Compact and Net Zero Insurance Alliance.
Mr. Ilias Tsakiris, AHHIC’s CEO, was elected to the Ocean Hull Committee of International Union of Marine Insurance promoting Principle III: working together with governments, regulators and other key stakeholders to promote widespread action across society on environmental, social and governance issues.
Sustainability is a matter of ethos and belief
“We believe in ethical business practices and that we as insurers must play our role in improving performance with respect to our shared future. Thus, sustainability should be considered the new normal in business operations, investments and projects.
We have been able to embody a sustainable culture in our recruiting policies as we have grown, investing in training and life-long education through internal ESG training mechanisms. Therefore, we aspire to be a leader in sustainable marine insurance through an innovative institution for sustainable development in marine insurance.”, stated Mr. Ilias Tsakiris.
“Building a resilient future for all should not only be focused on implementation of regulations developed by international or national organizations. We need to fully embrace sustainability and this will occur only if all stakeholders related to the maritime adventure – the organizations and regulators, the shipping industry, and the services related to the maritime industry such as the marine insurance community – all sit at the same table and enhance the dialogue that will lead to regulations, targets and best practices that can actually be implemented by the industry.”, he concluded.
Finally, as mentioned in the 2020 PSI progress report, through our sustainability strategy, our services reduce sustainability risks, whilst they have a positive impact on ESG issues