Skuld signs Poseidon Principles for Marine Insurance

Skuld on Feb 8 announced its continued commitment to sustainable shipping by signing the Poseidon Principles for Marine Insurance.

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 alignment of the insurers’ shipping portfolios with climate goals.

Skuld is a significant provider of hull and machinery insurance cover to the world fleet, and the Poseidon Principles for Marine Insurance provide a global framework to quantify and disclose the carbon intensity of an insurer’s marine hull portfolio.

Ståle Hansen, Skuld president and CEO, said: “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. 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 for Marine Insurance are consistent with the policies and ambitions of the International Maritime Organization (IMO), including its ambition for greenhouse gas (GHG) emissions to peak as soon as possible and to reduce shipping’s total annual GHG emissions by at least 50% by 2050 compared with 2008, and to take steps towards measuring portfolio alignment with the Paris Agreement, to achieve net-zero emissions by 2050, and to limit global warming to well below 2, preferably to 1.5 degrees Celsius, compared with pre-industrial levels.

The Poseidon Principles for Marine Insurance are a framework for measuring and reporting the alignment of insurers’ shipping portfolios with climate goals. Recognising insurers’ role in promoting responsible environmental stewardship throughout the maritime value chain, the Poseidon Principles for Marine Insurance provide them with tools to foster collaboration with clients, gain insight to enhance strategic decision-making, and address the impacts of climate change. The Annual Disclosure Report 2022 was produced by the Global Maritime Forum, which performs secretariat services for the Poseidon Principles for Marine Insurance, with expert support provided by UMAS and Swiss Re Institute.

The Poseidon Principles for Marine Insurance are built on four principles – Assessment of climate alignment, Accountability, Enforcement, and Transparency – which they share with the Poseidon Principles for Financial Institutions and the Sea Cargo Charter. Established under the auspices of the Global Maritime Forum, the three initiatives aim to increase the transparency of environmental impacts within global seaborne trade, promote industry-wide change, and support a better future for the industry and society.