COSCO SHIPPING Captive Insurance, a subsidiary of COSCO SHIPPING Group, becomes the first Asian marine insurance company to support the Poseidon Principles for Marine Insurance.
We are delighted to be the first Asian marine hull insurance company to sign up for the Poseidon Principles for Marine Insurance (PPMI). Joining PPMI is aligned with Cosco Shipping Group and Cosco Shipping Captive’s strategy towards green shipping and green finance,” says Zheng Xiaozhe, Chairman of the Board, COSCO SHIPPING Captive Insurance.
Two Asia-based organizations are already members of the Poseidon Principles for Marine Insurance: Singapore’s EF Marine and Hong Kong’s CTX Special Risks.
It is essential to the mission of the Poseidon Principles for Marine Insurance that our membership reflects the diversity of the maritime industry. I am proud to welcome COSCO SHIPPING Captive Insurance to our framework for responsible marine insurance as they bring us a big step closer to this goal
added Patrizia Kern-Ferretti, Head Marine, Swiss Re Corporate Solutions and Chair of the Poseidon Principles for Marine Insurance.
COSCO SHIPPING Captive Insurance joins Cambiaso Risso, Cefor, CTX Special Risks, EF Marine, Gallagher, Lochain Patrick Insurance Brokers, Lockton, and Willis Towers Watson as an Affiliate member of the Poseidon Principles for Marine Insurance.
Signatories include AXA XL, Fidelis Insurance, Gard, Hellenic Hull Management, Navium Marine, Norwegian Hull Club, SCOR, Swiss Re Corporate Solutions, and Victor Insurance.
Recently, the Poseidon Principles committed to adopting an emissions reduction trajectory in line with net-zero commitments, as soon as such a trajectory or trajectories become available.
The new commitment means that, once a new trajectory based on credible and well-recognized sources is established and adopted by the members of the individual initiatives, Signatories will benchmark their portfolios against two trajectories: one aligned with the IMO’s 50% reduction by 2050, and one aligned with net-zero by 2050 and a maximum temperature rise of 1.5C above pre-industrial levels by 2100, to meet the temperature goals of the Paris Agreement.
