China-based COSCO SHIPPING (COSCO)’s captive insurance subsidiary has joined the Poseidon Principles for Marine Insurance. Singapore’s EF Marine and Hong Kong’s CTX Special Risks already align themselves with the principles, however COSCO is the first Asian marine insurance company to become a member. Created by the Global Maritime Forum, the Poseidon Principles for Marine Insurance are a framework by which insurers’ shipping portfolios can be measured and reported in relation to their climate goals. The central tenets of the principles are: assessment of climate alignment accountability, enforcement, and transparency. Zheng Xiazhe, chairman of the board at COSCO SHIPPING Captive Insurance, says: “Joining PPMI is aligned with Cosco Shipping Group and Cosco Shipping Captive’s strategy towards green shipping and green finance. We are motivated to work with all stakeholders to promote marine de-carbonisation and the marine industry’s sustainability transition and growth.” Patrizia Kern-Ferretti, chair of the Poseidon Principles for Marine Insurance, adds: “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.”
