SCOR has become a founding signatory of the Poseidon Principles for Marine Insurance, a new framework that aligns insurers’ underwriting portfolios with the goal of decarbonizing international shipping by 2050.
“Participating in the launch of the PPMI and supporting the initiative is a firm step forward for SCOR in accompanying our international shipping clients towards a zero-emission future for the industry. As a founding member of the Net-Zero Insurance Alliance, we strongly believe that (re)insurers have an important role to play in addressing climate change, and that collective action is the only way forward,” says Jean-Paul Conoscente, CEO of SCOR Global P&C.
As a founding signatory, the Group commits in particular to assessing and disclosing the climate alignment of its hull and machinery portfolios, and to benchmarking them against two trajectories linked to a 50% reduction of annual GHG emissions by 2050 compared to 2008, and a 100% reduction of emissions by 2050.
Marine is the first line of business to establish a sector-specific methodology to meet the ambition of the Net-Zero Insurance Alliance (NZIA), where members are committed to transitioning their underwriting portfolios to net-zero GHG emissions by 2050.
This announcement follows SCOR’s move in July 2021 to join the NZIA, committing to transitioning all operational and attributable GHG emissions from its insurance and reinsurance underwriting portfolios to net-zero emissions by 2050, and to supporting the implementation of corporate disclosure and global policy frameworks relevant to the net-zero transition and the insurance industry.
These actions underscore the Group’s commitment to accelerating the race to net-zero, and further its long-term mission of protecting people and societies around the world.