Report on Marine Insurance’s Role in Shipping Decarbonization Released

The Poseidon Principles for Marine Insurance have released their third annual disclosure report, showcasing their commitment to supporting global shipping decarbonization. The report includes contributions from nine signatories and nine affiliate members from ten different countries. This framework aims to align insurers, brokers, and industry players with efforts to reduce emissions in the shipping sector, in line with the International Maritime Organization’s goal of achieving net-zero emissions by 2050.

The report highlights the crucial role that marine insurers play in supporting the transition to a more sustainable shipping industry. By providing data-driven insights and expertise, insurers help shipowners navigate towards a greener future while reinforcing responsible underwriting practices. This year, nine signatories representing over 25% of the world fleet’s total deadweight calculated climate alignment scores using vessel data from 2023, showing misalignment with the IMO’s minimum ambition.

While marine insurers are not required by the IMO to report on the climate impact of their portfolios, they play a vital role in decarbonization efforts. Insurers assist shipowners in adapting to environmental regulations, reducing their carbon footprint, and meeting compliance requirements. As the industry continues to improve its reporting methods, future reports will offer deeper insights into emissions trends and their implications, contributing to the reduction of global shipping emissions.

Signatories emphasize the importance of incorporating the latest IMO ambition for accurate emissions baselines and the efficiency of reporting. They also highlight their commitment to supporting decarbonization through client engagement. Affiliate members, such as brokers and P&I Clubs, play a key role in connecting insurers with clients, raising awareness about the initiative, and fostering engagement within the industry.

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