Hellenic Hull Management, managers of American Hellenic Hull Insurance Company, becomes one of the founding members of the Poseidon Principles for Marine Insurance (PPMI), the framework for assessing and disclosing the climate alignment of hull and machinery insurance portfolios.
The PPMI initiative enables hull and machinery underwriters to quantitively assess and disclose the climate alignment of their underwriting portfolios. This pioneering initiative makes marine insurance the first line of business to establish a sector-specific methodology to support the ambition of the Net-Zero Insurance Alliance (NZIA), where members commit to transitioning their underwriting portfolios to net-zero GHG emissions by 2050, consistent with a maximum temperature rise of 1.5°C above pre-industrial levels by 2100, in order to contribute to the implementation of the COP21 Paris Agreement.
Furthermore, the initiative aligns to the policies and ambitions of the International Maritime Organization (IMO), including its ambition for greenhouse gas (GHG) emissions to peak as soon as possible and to reduce shipping’s total annual GHG emissions by at least 50% by 2050 compared to 2008. The principles which are not envisioned to be static, include among others, assessment of climate alignment, accountability, enforcement and transparency.
“We are happy to adhere to the Poseidon Principles for Marine Insurance. We firmly believe that this is a step closer to a more responsible shipping industry – and we are sure that we shall be able to support our clients by becoming part of the solution towards a sustainable future for all,” says Mr. Ilias Tsakiris’, Director of Hellenic Hull Management and CEO of American Hellenic Hull.
The ambitious alignment of the Poseidon Principles with the Net Zero Insurance Alliance and PCAF is an encouraging step towards achieving zero emissions. American Hellenic Hull is a proud member of the Net-Zero Insurance Alliance and therefore believes that the PPMI is becoming a proactive initiative aiming to assist clients and stakeholders to a more sustainable environment with tangible measures, while encourages transparency among its members.
“Our membership to the Poseidon Principles for Marine Insurance is part our innovative sustainability strategy and we aspire that this ambitious initiative will act as global benchmark to disclose carbon and GHG intense activities.
We call all marine hull and machinery underwriters to join the Principles assisting in the net zero transition, and hopefully go beyond that to net negative emissions.” underlines Mr. Tsakiris.