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AHHIC: Ambassador of the UN Agenda at the Maritime Cyprus 2019

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The Maritime Cyprus 2019 Conference and Exhibition, under the theme “Sea Change” held from 06-09 October 2019, celebrated its 30th anniversary since it was first held in 1989.

American Hellenic Hull was the official ambassador of the UNEP FI – Principles for Sustainable Insurance, during the Maritime Cyprus 2019 Conference and Exhibition.

Endorsed by the UN Secretary-General and insurance industry CEOs, the Principles for Sustainable Insurance (PSI) serve as a global framework for the insurance industry to address 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.

Environmental, social and governance (ESG) issues—or sustainability issues—pose a shared risk to insurers, communities, businesses, cities, government and society at large, providing a strong incentive for innovation and collaboration. Examples of sustainability issues relevant to the marine insurance industry include climate change, ecosystem degradation, pollution, illegal fishing, negative impacts on heritage sites, human rights violations, poor health and safety, lack of transparency, and corruption.

The PSI is the largest collaborative initiative between the UN and the insurance industry. Today, 140 organisations worldwide have adopted the four Principles for Sustainable Insurance, including insurers representing more than 25% of world premium volume and USD 14 trillion in assets under management.

“American Hellenic Hull is the exclusive Cypriot marine insurance company to sign the United Nations agenda and support the UNEP FI Principles for Sustainable Insurance, prioritizing at the same time the Sustainable Development Goals at all levels of the company activity. For the first time since its inception, the Maritime Cyprus Conference and Exhibition, endorses the United Nations agenda, upgrading at the same time the marine insurance services within the Cyprus Maritime Cluster. We firmly support the endeavor of the Deputy Shipping Ministry to enhance Cyprus’ role as an advanced, proactive, competitive maritime nation both in Europe and Internationally”, stated Mr. Tsakiris.

Read more: The PSI and the marine insurance industry (October 2019)

AHHIC supports the UNEP’s Finance Initiative Principles for Sustainable Insurance

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American Hellenic Hull Insurance Company is among the leading signatory companies to the Principles for Sustainable Insurance (PSI) and a member of the global community of banks, insurers and investors of UN Environment Finance Initiative (UNEP FI).

Endorsed by the 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.

As a marine insurer, American Hellenic Hull Insurance Company provides hull and machinery services to the international shipping industry that is currently called upon to adapt to a wide range of challenges. Not least among these are new requirements deriving from the International Maritime Organization’s regulations aimed at reducing industry’s impact in the environment and new risks related to sustainability.

“At American Hellenic Hull, we fully support the UNEP FI Principles for Sustainable Insurance, aiming to incorporate the social, environmental and business emerging issues into our sustainable and holistic approach, while working together with the insurance industry and the United Nations. In addition, we acknowledge that signing the PSI is a concrete example of sustainability leadership and commitment and we stand ready to adopt all four of the Principles for Sustainable Insurance.

Since inception, our company has sought to be a leader within our sector in offering greater transparency, responsiveness to clients, greater reliability and more awareness of risk to the shipping market. We are prioritizing Sustainable Development Goals at all levels of company activity. Safety, security and sustainability are at the heart of our underwriting and claims processes.” stated Mr. Ilias Tsakiris, CEO of AHHIC, to the Board Members of the PSI initiative.

AHHIC believes in being proactive to achieve a more sustainable future. This is particularly important in the marine insurance sector, given the essential role of insurance and the pivotal role that maritime transport plays in global sustainability.

Ilias Tsakiris in “The Investor Greece 2019”

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American Hellenic Hull and its Chief Executive Ilias Tsakiris are featured in The Investor Greece 2019, a special edition published by The Investor, the leading business guide.

“We are the fastest growing hull and machinery insurance company in the world,” Mr Tsakiris told The Investor in an interview, describing some of the company’s goals and milestones achieved since the launch of the new insurer in 2016.

The company’s target “is to become an A-rated leading marine underwriter which will help us towards our goals of providing insurance to over 10,000 vessels and generating income of more than €100 million in a few years’ time”, he stated.

Readers of The Investor are informed of AHHIC’s background as a joint venture with the American P&I Club and its status as the first marine insurance company licensed in Cyprus under the requirements of the Solvency II directive.

“We are operating from scratch combining the best of the American, Greek and Cypriot approaches,” said Mr Tsakiris. “The company was an immediate success and has been accepted worldwide. Today, we offer insurance to nearly 2,500 vessels.”

Discussing the reasons for the company’s impressive start, Mr. Tsakiris emphasized its different approach as a marine hull insurer and management’s background within the shipping industry.

“Insurance is a commodity and we differentiate ourselves by a bespoke approach based on trust with our clients,” he told the magazine. “Personally, I started as a seafarer serving on board ships from the age of 17. We speak exactly the same language as our clients, we have a strong knowledge of shipping and we understand shipowners.”

According to Mr Tsakiris, AHHIC has also invested heavily in technology from the beginning, enabling it to grow quickly while offering the same quality of service. It emphasizes speed of response, from providing quotations within 24 hours to settling claims faster than the industry average.

The company’s centers of operation are in Cyprus and Greece and it is steadily expanding internationally. “The fact that the company is based in Limassol, Cyprus, with an affiliated office in Piraeus, among other locations, is a great competitive advantage as AHHIC can offer a global footprint while having a privileged understanding of the local market,” Mr. Tsakiris said.

“We are the only real marine underwriter in the region and I hope we can have more players based locally in the future.” Mr. Tsakiris underlined his belief that Greece as a major shipping nation could establish itself as a leader in maritime services as well, including playing a more important role in the marine insurance sector.

“We have always believed in the potential of the Greek shipping sector. Even though Greek shipowners own 20% of the world’s shipping capacity, Greece and Cyprus didn’t have a single local insurance provider specialized in this sector”, he pointed out.

Read More: Ilias Tsakiris in “The Investor Greece 2019”