Sustainability

UNEPFI

Being aligned with the 2030 sustainability agenda, we firmly support the partnership between United Nations Environment Programme and the global financial sector to mobilize private sector finance for sustainable development.

When we first came across the UN’s finance initiative, we immediately reacted with great enthusiasm as this made us think twice as to how we should conduct our business.

Thus, we are the exclusive marine insurance company, member of the Principles for Sustainable Insurance Initiative and the Sustainable Blue Economy Finance Initiative.

Principles for Sustainable Insurance

Being part of the PSI’s community, we are committed to incorporate the social, environmental, and business emerging issues into our sustainable and holistic approach.

Endorsed by UN Secretary – General and insurance industry CEOs, the Principles for Sustainable Insurance (PSI) serve as a global framework for the insurance industry to address Environmental Social and Governance (ESG) risks and opportunities – and a global initiative to strengthen the insurance industry’s contribution as risk managers, insurers and investors to building resilient, inclusive and sustainable communities and economies.

ESG Management Guide for non-life insurance

Hellenic Hull is the sole management company in the marine insurance industry to have participated in the development of the first global guide providing a framework for the non-life insurance industry to manage environmental, social and governance issues.

The guide to tackle sustainability risks was co-led by United Nations Environment Programme (UNEP) and Allianz and involved other leading insurers, insurance associations, and academic institutions from across the globe. The members of the Principles for Sustainable Insurance project team that developed the guide include Hellenic Hull Management, American Property Casualty Insurance Association, AXA, Generali, MAPFRE, Munich Re, QBE, RSA, Santam, Swiss Re, Temple University’s Fox School of Business, University of Technology Sydney, West Chester University, and Zurich.

Ship Recycling Transparency Initiative

We are among the signatory companies of the Ship Recycling Transparency Initiative (SRTI).

Ship recycling carries with it significant environmental, social, and governance risks, standing out as a material ESG issue for financial stakeholders. Insurers and investors have significant leverage to demand transparency on end-of-life policies and practices through the SRTI and drive improvements in the industry.

The SRTI is a data platform through which shipowners disclose their ship recycling policies, practices and progress, enabling insurance providers, lenders, cargo owners, and other stakeholders to use the data to inform their decision-making and reward good practice through the market.

Poseidon Principles for Marine Insurance

Hellenic Hull Management is 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.

Net Zero Insurance Alliance

Hellenic Hull Management is member of the UN-convened Net-Zero Insurance Alliance (NZIA), the group of over 20 leading insurers representing more than 11% of world premium volume globally.

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.

As risk managers, insurers and investors, the insurance industry has an important role in the transition to a net-zero global economy. The NZIA is a member-led group that supports its members as they work towards decarbonising their underwriting portfolios by individually setting science-based intermediate targets and reporting on their progress annually. The Alliance will also advocate for and engage in governmental policies for a science-based and socially just transition of economic sectors to net-zero.

Sustainable Blue Economy Finance Initiative

With strong belief in sustainable development for the oceans and the maritime adventure as a whole, we entered into the Sustainable Blue Economy Finance Initiative, supporting the Principles and adopting ESG strategies for blue growth.

Endorsed by the European Commission, WWF, the World Resources Institute and the European Investment Bank (EIB), the Sustainable Blue Economy Finance Principles serve as a global framework for financing a sustainable ocean economy. This global initiative aims to strengthen the finance industry’s contribution as risk managers, insurers, and investors to building resilient, inclusive and sustainable blue economy.

Turning the Tide Guide: How to finance a sustainable ocean recovery

As the exclusive marine insurance company, member of the Sustainable Blue Economy Initiative, we participated in the co-development of the guide to manage sustainable development risks for blue economy, which is considered as the first collaborative action for the insurers, investors and financial institutes to manage sustainability issues related to the ocean.

It presents a detailed breakdown of which activities to seek out as best practice, which activities to challenge, and which activities to avoid financing completely due to their damaging nature. This guidance provides financial decision-makers across banking, insurance and investment with a science-based and actionable toolkit, giving easy-to-follow recommendations on how to approach financial activity.