American Hellenic Hull Insurance champions sustainable marine underwriting

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American Hellenic Hull Insurance Company (AHHIC) reports that it exceeded targets in its 2020 sustainability report after having become the first marine insurer to join the United Nations Environment Programme Finance Initiative (UNEPFI), Principles for Sustainable Insurance (PSI).

The company also contributed to development of UNEPFI’s guides “Managing environmental, social and governance (ESG) risks in non-life insurance business” and the “Turning the Tide: How to finance a sustainable ocean recovery” reports.

Other initial actions to support sustainable marine underwriting as signatory company of the UNEPFI PSI also include AHHIC’s membership of the Ship Recycling Transparency Initiative, its partnership with World Maritime University aiming to launch a Post Graduate Diploma in marine insurance, and its support of the UN Global Compact and Net Zero Insurance Alliance.

Also, Ilias Tsakiris, AHHIC’s CEO, was elected to the Ocean Hull Committee of IUMI (International Union of Marine Insurance) promoting Principle III: working together with governments, regulators and other key stakeholders to promote widespread action across society on ESG issues.

“We believe in ethical business practices and that we as insurers must play our role in improving performance with respect to our shared future,” stated Mr Tsakiris. “Thus, sustainability should be considered the new normal in business operations, investments and projects.

“We have been able to embody a sustainable culture in our recruiting policies as we have grown, investing in training and life-long education through internal ESG training mechanisms. Therefore, we aspire to be a leader in sustainable marine insurance through an innovative institution for sustainable development in marine insurance.

“Building a resilient future for all should not only be focused on implementation of regulations developed by international or national organizations. We need to fully embrace sustainability and this will occur only if all stakeholders related to the maritime adventure – the organizations and regulators, the shipping industry, and the services related to the maritime industry such as the marine insurance community – all sit at the same table and enhance the dialogue that will lead to regulations, targets and best practices that can actually be implemented by the industry,” he concluded.