Navium Marine and AXA XL join the Poseidon Principles for Marine Insurance 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 April 27, which established the Poseidon Principles for Marine Insurance Association and saw the elections of members to its Steering Committee.

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.

Patrizia Kern-Ferretti, Head Marine at Swiss Re Corporate Solutions and Chair of the Poseidon Principles for Marine Insurance Association, said: “I thank fellow Poseidon Principles for Marine Insurance members for the trust placed in me to chair this pioneering initiative. Our founding meeting marks two important milestones. 

“With Navium Marine and AXA XL among our ranks and the Association officially established, we have all that we need to effect real change and encourage the decarbonization of the maritime industry.”

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).

Photo credit: iStock/ Bernhard_Staehli