P&I insurer Standard Club has laid out its vision to support its members’ sustainability goals with the launch of its first sustainability impact paper.
The London-headquartered insurer has released the report, entitled ‘Planet | People | Performance’, as it looks to reduce the direct and indirect impact it has across areas of its operations and services.
The report breaks down Standard Club’s strategy into two key impact indicators. The first focuses on how the club will work with its members to help create more sustainable services and practices, while the second indicator details how it plans to make its own operation more sustainable.
“While the shipping industry has been discussing sustainability for more than a decade, insurers have only relatively recently considered the potential impact on their business,” said Jeremy Grose, Standard Club’s Chief Executive.
“This sustainability paper sets out our ethos and agenda for positive and sustainable change – covering the insights and advice we offer our members to support their drive to sustainability, and how we are putting our own house in order to fulfil our greener goals,” he added.
The strategy includes several key measures to support sustainability goals, including developing and using emerging technologies, supporting the offshore and renewables sector, supporting seafarer wellbeing and committing to helping members make a transition to greener energy solutions through its Alternative Fuels Working Group. The report also sets out the club’s commitment to sustainable claims and casualty response techniques.
All the initiatives outlined in the report are aligned with seven of the United Nation’s 17 Sustainable Development Goals and are designed to support the club’s members by mitigating risks, boosting safety and supporting sustainable practices.
“Our sustainability strategy has been developed by experts from across the club, including claims, underwriting, loss prevention, risk and compliance. Our work has identified areas where we are already strong, where we need to be stronger, and what we need to do over the next 10 years to improve our sustainability efforts further,” said Edward Morland, Head of the Standard Club’s Sustainability Working Group.
One key element of the strategy is supporting seafarers’ well-being. The club helps its members to support seafarer well-being by sharing best practice, undertaking detailed research through its participation in the Seafarer Happiness Index and is a significant supporter of a number of seafarer charities.
The strategy also highlights how Standard Club has already worked with its members to create practical measures to support local sustainability efforts. These include working with specialised recycling experts to convert hazardous waste into alternative materials following a container ship fire and how the club supported local contractors and volunteers in the wake of a loss of containers in an environmentally sensitive area by giving them equipment and infrastructure but allowing them autonomy in their conduct.
The launch of Standard Club’s Impact Paper follows shortly after the International Group of P&I Clubs released a plan in September 2022 to leverage the collective strength of the entire marine insurance industry and the 90% of ocean-going tonnage they represent to further enhance sustainability efforts.