Hamburg port

Skuld pens Poseidon Principles for Marine Insurance

Marine insurance provider Skuld has signed the Poseidon Principles for Marine Insurance, a global framework for assessing and disclosing the climate alignment of insurers’ hull and machinery portfolios.

Illustration; Image by Navingo

The framework is aimed at enabling the insurance sector to implement transparency and establish a common, global baseline to quantitatively assess and disclose the alignment of the insurers’ shipping portfolios with climate goals.

At Skuld we recognize the important role that marine insurance plays in promoting sustainability in the shipping industry, and the Poseidon Principles for Marine Insurance are a powerful example of the tools required if we are to reach our ambitious, and necessary, global environmental goals,” Ståle Hansen, Skuld president and CEO, said.

“Sustainability is an integrated part of Skuld’s business operations, and as a signatory, we commit to implementing the Poseidon Principles for Marine Insurance in our internal policies, procedures, and standards, and we look forward to working with our members, clients, and industry partners to achieve a green future for shipping.”

The Poseidon Principles are already aligned with the International Maritime Organization’s ambition to reduce GHG emissions from international shipping by at least 50% by 2050.

The Poseidon Principles for Marine Insurance also benchmark against an emissions reduction trajectory in line with a 100% reduction by 2050.

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Skuld is joining the framework on the back of the release of marine insurers’ first report on the alignment of their portfolios with the IMO, and Paris climate targets.

The report found that on average the 18 signatories’ H&M emissions were 12.7 percent higher than what they should be to reach the IMO goal, and 20.8 per higher than what is needed to reach the Paris Agreement.

The signatories agreed that there was a lot room for improvement, however, releasing hard data and being transparent about the state of affairs was described as the crucial first step in decarbonizing.

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For 2023, the ambition of the Poseidon Principles for Marine Insurance is to get more members to join the principles, increase the contribution volume from the insurance clients and improve access to data.

Reporting Signatories:
Fidelis MGU, Gard, Hellenic Hull Management, Navium, Norwegian Hull Club, SCOR, Swiss Re Corporate Solutions and Victor Insurance.