Fidelis joins PPMI

Launched in December 2021, the principles provide a guiding set of behaviours for responsible insurance in the maritime sector, encouraging companies to provide environmental stewardship to help the decarbonisation of the shipping industry.

Charles Mathias, group executive director, Fidelis Insurance, said the company was delighted to be the first London market entity to sign up to the PPMI. “We are constantly looking for ways to use real data to monitor our underwriting portfolio against our ESG areas of concern, and Poseidon is a great way for us to do this on our marine hull book,” he said.

The principles are aligned with the IMO’s ambition to reduce total annual GHG emissions by at least 50% by 2050 compared to 2008. As a step toward alignment with the Paris Agreement, the PPMI also measure underwriting portfolios against a 100% by 2050 CO2 reduction trajectory. Signatories commit to publicly disclose the climate alignment of their hull and machinery portfolios on an annual basis.

To date, signatories include Swiss Re Corporate Solutions, Gard, Hellenic Hull Management, SCOR, Victor Insurance and Norwegian Hull Club. Brokers, clubs, and other stakeholders in marine insurance can join the PPMI as affiliate members. Affiliate members include Willis Towers Watson, Cefor and EF Marine.