Poseidon Principles for Marine Insurance
The marine insurance counterpart to the Poseidon Principles, under which hull and machinery underwriters disclose portfolio climate alignment annually.
The Poseidon Principles for Marine Insurance apply the Poseidon Principles pattern to marine underwriting: signatories measure the climate alignment of their portfolios against an IMO decarbonisation trajectory and disclose the result annually. The scheme launched in December 2021 under the auspices of the Global Maritime Forum, covering hull and machinery portfolios at the outset.
Founding signatories were Swiss Re Corporate Solutions, Gard, Hellenic Hull Management, SCOR, Victor International and Norwegian Hull Club. Fidelis Insurance joined in March 2022 as the first London market company, and the accession of Navium Marine and AXA XL on 27 April 2022 brought the scheme into force and established its association and steering committee.
The full article will cover the disclosure methodology and its Annual Efficiency Ratio basis, the reporting scope and its exclusions, the signatory and affiliate lists, and the relationship to the Poseidon Principles for lenders and the Sea Cargo Charter for charterers.