COSCO Shipping Captive 1st Asian marine insurer to join Poseidon Principles

COSCO Shipping Captive Insurance, a subsidiary of COSCO Shipping Group, has become the first Asian marine insurance company to support the Poseidon Principles.

The Poseidon Principles for Marine Insurance create a common global baseline for assessing and disclosing the alignment of marine insurance portfolios with climate goals.

“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. We are happy and motivated to work with all stakeholders to promote marine de-carbonization and marine industry’s sustainable transition and growth,” Zheng Xiaozhe, Chairman of the Board, COSCO Shipping Captive Insurance, said.

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,” Patrizia Kern-Ferretti, Head Marine, Swiss Re Corporate Solutions and Chair of the Poseidon Principles for Marine Insurance, commented.

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. International Union of Marine Insurance is a supporting partner.

In related news, 30 shipping banks and 17 marine insurance providers and brokers announced last week that the Poseidon Principles will add additional trajectories to report climate alignment with a 1.5C future.

This new commitment will align the principles with the ambition of the UN and the latest available climate science.