Aligning ship insurance
with climate goals
The Poseidon Principles for Marine Insurance are a global framework for assessing and disclosing the climate alignment of insurers’ hull and machinery portfolios. They enable the insurance sector to implement transparency and they establish a common, global baseline to quantitatively assess and disclose the climate alignment of the portfolios.
The Poseidon Principles for Marine Insurance are supported by a robust and industry-appropriate climate alignment assessment methodology and carefully considered accountability and enforcement requirements that support practical and robust data collection and analysis practices. The Poseidon Principles for Marine Insurance also establish transparency requirements for Signatories.
Principle 1: Assessment
- Signatories will measure the emission intensity of their hull and machinery portfolios on an annual basis and assess their climate alignment relative to established decarbonisation trajectories on an annual basis. This assessment is based on a robust industry-appropriate methodology established by the Poseidon Principles for Marine Insurance.
- Affiliate members will support signatories by sharing knowledge about the Assessment principle and climate alignment methodology with relevant stakeholders.
Principle 2: Accountability
- Signatories will rely on the International Maritime Organization (IMO) standards and Recognized Organizations (RO) for the provision of identical, unbiased information for all steps of assessing climate alignment as identified in the Technical Guidance. This includes honouring mandatory IMO regulations for collecting and reporting fuel oil consumption information in the IMO Data Collection System (DCS).
- Affiliate members will support signatories by sharing knowledge about the Accountability principle and data collection process with relevant stakeholders for each step of Assessment and as necessary.
Principle 3: Enforcement
- Signatories will include a covenant clause, or a binding agreement, in all new shipping business activities which ensures access to high quality data and compliance with the Poseidon Principles for Marine Insurance. Signatories commit to working with clients to gather the necessary information to assess climate alignment.
- Affiliate members will work with signatories, shipowners, brokers, business partners, other marine insurance providers where possible, to support signatories by sharing knowledge about the Enforcement principle and covenant clauses with relevant stakeholders.
Principle 4: Transparency
- Signatories and affiliate members will publicly acknowledge their participation in the Poseidon Principles for Marine Insurance and publish their climate alignment scores in the Annual Disclosure Report and their own corporate reports each year.
POSEIDON PRINCIPLES
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