Poseidon Principles for Marine Insurance entered into force

Hellenic Hull Management, founding member of the Poseidon Principles for Marine Insurance welcomes Navium Marine and AXA XL.

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Hellenic Hull Management, founding member of the Poseidon Principles for Marine Insurance welcomes Navium Marine and AXA XL 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 on Wednesday, 27 April 2022, which established the Poseidon Principles for Marine Insurance Association. Ilias Tsakiris, Managing Director, of HMA was elected member of the steering committee for a two -year period.

The Poseidon Principles for Marine Insurance 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. This means 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.

As part of the founding meeting, members established the Poseidon Principles for Marine Insurance and elected members to the Association’s Steering Committee, the governance body that coordinates the Association on behalf of its members.
Patrizia Kern-Ferretti (Swiss Re Corporate Solutions) was elected as Chair of the Steering Committee, and Rolf Thore Roppestad (Gard) as Vice Chair. 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.

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.

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