Can Marine Insurance facilitate decarbonisation of the insurance industry?

June 2, 2022

Honoured to run a panel on “The growing importance of sustainability and ESG in marine insurance” at the International Union of Marine Insurance (IUMI) Asia Forum 2022, earlier today in Mumbai. Jan-Hugo Marthinsen, Vice President, Head Offshore Energy Claims, Gard AS (seated to my left) and Richard Turner FCII, IUMI President & International Head of Marine, Victor Insurance Holdings were the two distinguished panelists.

Congratulations to the General Insurance Council for the first ever Indian insurance industry spotlight on Environment, Societal and Governance (ESG) in the midst of a burgeoning #ClimateCrisis. While marine insurance accounts for a small piece in the overall insurance pie – the fact remains that about 71 percent of the Earth’s surface is water-covered, and the oceans hold about 96.5 percent of all Earth’s water. Shipping has some grave implications for the health of our oceans, thereby overall planetary well-being. #Pollution, #Biodiversity loss and resultant #Climate impact being the critical ones.

As part of its key initiatives, IUMI is addressing alternatives particularly to dirty fuel that ships use and discharge; over-fishing and the business of ship breaking. Before tipping points result into domino effect, a serious sense of urgency is called for.

CC Poseidon Principles for Marine Insurance