The Poseidon Principles for Marine Insurance (PPMI) are entering into force, with AXA XL and Navium Marine joining as signatories, reaching, and surpassing, the threshold of eight.
The PPMI is a global framework for measuring and publicly reporting the climate alignment of insurers’ hull and machinery portfolios. The signatories are required to report their climate alignment scores on an annual basis. The first reporting will take place at the end of 2022.
As part of the PPMI founding meeting on April 27, 2022, the members established the PPMI Association and elected members to its steering committee, the governance body that will coordinate the Association on behalf of its members. Patrizia Kern-Ferretti of Swiss Re Corporate Solutions was elected chair of the steering committee and Gard CEO Rolf Thore Roppestad was elected vice chair.
The founding members of the Association include Swiss Re Corporate Solutions, Gard, Hellenic Hull Management, SCOR, Victor Insurance, Norwegian Hull Club, Fidelis Insurance, Navium Marine, AXA XL, Willis Towers Watson, Cefor, EF Marine, Cambiaso Risso, Lockton, and International Union of Marine Insurance (IUMI).
Established under the auspices of the Global Maritime Forum, the PPMI shares the same concept as the Poseidon Principles for Financial Institutions and the Sea Cargo Charter, aiming to increase the transparency of environmental impacts within global seaborne trade.
Source: Splash 247
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