Cosco Shipping Group’s captive insurance company has become the first marine hull underwriter from Asia to join the Poseidon Principles for Marine Insurance (PPMI).
Cosco Shipping Captive Insurance joins as an affiliate member of the global framework.
A captive insurer provides insurance and risk mitigation services to its parent company.
“Joining PPMI is aligned with Cosco Shipping Group and Cosco Shipping Captive's strategy towards green shipping and green finance,” said Cosco Shipping Captive chairman Zheng Xiaozhe.
“We are happy and motivated to work with all stakeholders to promote marine decarbonisation and marine industry’s sustainable transition and growth,” he said.
The PPMI has so far principally focused on marine hull insurance providers.
Insurance companies in China and the Far East rank among some of the largest providers of marine insurance services in the world, but have not been involved in PPMI since it was launched late last year.
Two Asia-based organisations are also affiliate members of the PPMI: Singapore-based fixed premium protection and indemnity insurer EF Marine — backed by Swiss Re Corporate Solutions — and Hong Kong insurance broker CTX Special Risks.
There have been a number of new affiliate members, including marine insurance brokers Gallagher and Lochain Patrick.
The idea behind PPMI is to create a common global baseline for assessing and disclosing the alignment of marine insurance portfolios with climate goals.
