The initiative in support of the postgraduate course, that originated in 2005 and is recognised by the Chartered Insurance Institute (CII), is based on the Memorandum of Understanding signed between Hellenic Hull and WMU in 2019.
The Diploma is also supported by the International Union of Marine Insurance (IUMI).
Participation by professionals from different sectors of marine insurance contributes to a WMU course that offers future marine insurance professionals an outstanding academic foundation for their career in the industry.
This year we decided to launch an essay competition in co-operation with World Maritime University. The winner will be selected for HMA’s bursary. We call on students, young executives and maritime professionals to participate. The submission deadline time will be 23:59 on 23rd June 2023.
Topic
Essay writing context:
“Don’t be (quite so) cynical about ESG” (Headline of Lloyd’s List of 29 July 2022)
Increasingly, the opportunities for businesses to access capital and insurance solutions will be directly linked to verified compliance with certain requirements under “ESG” standards (Environmental, Social, Governance). However, the terms covered under “ESG” represent an overwhelmingly vast array of topics and are – generally speaking – quite difficult to delimit. Everyone might have a different understanding of what should be covered under an “ESG agenda” (and what should be excluded). At times, “ESG” is even denounced as representing an externally induced top-down concept designed by “global elites” (such as the World Economic Forum) for malicious purposes of exercising control over economic activities.
Arguably, implementation of “ESG standards” is still in a nascent stage, however, some concrete examples are currently represented by the UN-convened Net-Zero Insurance Alliance (NZIA) which is a group of over 29 leading insurers representing more than 14% of world premium volume globally. The NZIA is closely linked to the UN Principles for Sustainable Insurance (PSI) which has been initiated under the auspices of the UN Environment Programme and which represents the largest collaboration between the UN and the global insurance industry. NZIA members have committed to transition their insurance and reinsurance underwriting portfolios to net-zero greenhouse gas (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 Paris Agreement on Climate Change.
In short, insurers are on a mission to decarbonise their underwriting portfolios (by individually setting science-based intermediate targets and reporting on their progress annually, see https://www.unepfi.org/net-zero-insurance/). The “Poseidon Principles for Marine Insurance” represent another practical example and they even have a special spin-off for the marine insurance sector, see https://www.poseidonprinciples.org/insurance/#about, which recognizes the role insurers play in the shipping industry in order to promote responsible environmental stewardship throughout the maritime value chain, providing a framework for assessing and disclosing the climate alignment of hull and machinery insurance portfolios. Any marine insurer joining the “Poseidon Principles for Marine Insurance” will contribute to increase transparency within the maritime sector, to support shipping decarbonisation and clients. In particular, by annually reporting in more detail on the most recent achievements in this area.
The aim of the essay writing is to critically assess the term “ESG” (or be it only certain parts of its understanding) in the context of the marine insurance sector and to define the core substance of the acronym for international shipping, thus contributing to a better understanding of this globally relevant discussion, based on scientific objectivity. To kick off your thoughts, you could have a read of a recent article in the context of the essay writing competition which was titled “Don’t be (quite so) cynical about ESG” (published online on 29 July 2022). The main message of this article was that shipping companies should take “ESG” implementation seriously and make it a strategic priority “because your clients [consumer-facing shippers] want it and because your bankers [add: marine insurers] demand it. And most of all, because it’s the right thing to do”. Why exactly would it be the right thing to do? Provide some concrete meaningful examples that could assist in this discussion.
Technical Details for submission of essays:
- Submissions of the assignment shall be made electronically via e-mail to marketing@hma.com.cy
- The submission deadline time will be 23:59 on 23rd June 2023.
- Submit as a Word document.
- Use Arial 11 pt. or Times New Roman 12 pt., and 1.5 line spacing (but the List of References should have single line spacing). Please use an established format for referencing (such as APA).
- Your maximum number of words should be 4.000 words, excluding a title page, table of content, and list of references.
