IUMI to press on the environment
The international association of maritime insurers has identified 4 priority areas to work on: Arctic corridor, autonomous ships, low sulphur fuels and scrapping
IUMI International Union of Marine Insurance has completed a consultation with its 43 member associations on the theme of Environment, Social and Governance (ESG) that reveals some really interesting themes for the Executive Committee to reflect on.
In the survey 80% said that ESG matters were either ‘Very Important’ or ‘Extremely Important’ for them as associations and their member companies; and 65% said it should be similarly important for ESG topics to be on IUMI’s agenda; 90% felt that the importance of ESG matters was increasing; none believed the impetus was reducing.
The response to the question “Do you see a role for IUMI to raise awareness and inform IUMI members about ESG topics with a specific marine insurance angle” shows 70% of correspondents wanting IUMI to do a lot more in the area where ESG is directly linked to marine insurance and 95% wanting IUMI to do at least a moderate amount of activity in this regard.
“The link between ESG and marine insurance is pivotal because it is where these elements are connected, that IUMI’s logical positioning around environmental matters is most relevant. It is important that we stay fully focused on dealing with environmental topics where there is a close link to our core purpose. We are already doing quite a lot: our Policy Forum is closely connected with emerging issues such as Arctic sailing and the introduction of low sulphur fuels on ships” stated Richard Turner, IUMI President.
From the survey the mandate for IUMI to include ESG issues on its agenda could not have been clearer. This view was reflected in the discussion of the Executive Committee and the Technical Committee chairs who met in London on 10-11 February; however, any work done and any issues addressed need to be based on a tangible approach with concrete outcomes.
The response to the question “Which specific topics with an ESG angle should IUMI become involved in” revealed four priorities: Arctic sailings, Autonomous/unmanned transport, Fuel quality and new fuel types, Ship recycling.
Interestingly, the first three issues are already included in IUMI’s Policy Agenda and work on those topics is already underway.
The fourth priority is a point in case to prove that raising awareness, for instance at the IUMI annual conference, is an important factor to inform our members of ESG topics directly relevant to marine insurers.
The decision of IUMI’s Executive Committee to apply for the role of supporting institution of the UN Environment Programme's Principles for Sustainable Insurance (UNEP PSI) cements readiness to raise awareness amongst our membership for relevant sustainability issues with a tangible impact on marine insurers.