Skuld has joined the Poseidon Principles for Marine Insurance (PPMI) as part of its commitment to sustainable shipping.
The PPMI was established last year to provide a global framework for assessing and disclosing the climate alignment of hull and machinery portfolios.
Signatories to the agreement monitor the greenhouse gas emissions of assureds to assess if they are in line with the targets of the Paris Agreement on Climate Change to achieve net-zero emissions by 2050.
Chief executive Stale Hansen said: “At Skuld, we recognise the important role that marine insurance plays in promoting sustainability in the shipping industry, and the PPMI is a powerful example of the tools required if we are to reach our ambitious and necessary, global environmental goals.”
Skuld is a mutual protection and indemnity insurer as well as a commercial energy and hull and machinery underwriter.
The PPMI full membership is made up entirely of providers of commercial hull marine insurance, and it is in that capacity that Skuld has joined.
The three leading Norwegian marine insurance companies have now all signed up to the initiative, including the Norwegian Hull Club and Gard.
The PPMI released its first assessment last month of the performance of its eight members. It showed they are tracking an average of 12.7% above alignment with the United Nations’ goal of at least a 50% reduction in greenhouse gas emissions from shipping by 2050.
PPMI chair Patrizia Kern said transparency is an important first step for the initiative to achieve its decarbonisation goals.
“This level of transparency is a major milestone on our journey to decarbonise the maritime industry,” said Kern, who is also marine strategy advisor at Swiss Re Corporate Solutions, one of the signatories.
“It is evident that there is work to do, but hard data and transparency is a necessary first step.”
