Sustainability

We aim to support long-term sustainability, social and ecological balance by avoiding harm to people, communities, the environment, or depleting our natural resources.

As a responsible insurer, we recognise a healthy balance between wealth and wellbeing is essential to a sustainable and viable society. Our approach is guided by our values – honesty, integrity, professionalism and sustainability.

In line with the relevant UN SDGs, we aim to operate in a way that avoids harm to people, communities and the environment, while supporting long-term sustainability, social and ecological balance, and our external and internal stakeholders’ sustainability goals.

Sustainability issues are always evolving, and our strategy and policies will continue to evolve with them. Our current focus includes:

• Maintaining a diverse, skilled and engaged workforce

• Reducing waste and our carbon footprint

• Ensuring financial strength

• Continuing to develop the expertise needed to respond to maritime incidents effectively

These priorities help minimise our environmental impact and third-party risks, and protect our members’ and stakeholders’ business resilience.

Our Sustainability Policy delivers a consistent approach to our sustainable business operations, in line with internationally recognised principles and our stakeholders’ expectations.

Our Sustainability Policy covers environment, social responsibility and governance, and helps ensure our decisions consider – and are aligned with – our sustainability strategy. It also underpins the sustainability standards we apply across our business relationships, products and services, and helps our members and Assureds achieve their own sustainability ambitions.

We are committed to playing our part in keeping global temperature rise below 2°C, while continuing to reduce our overall environmental impact.

We aim to achieve this through team training and engagement programmes encouraging us to:

• Use natural resources responsibly through recycling, minimising single-use plastics, and reducing waste.

• Set targets to reduce carbon emissions and energy consumption through efficiency improvements such as reduced overseas travel and the use of renewable sources. Read more information about our CO2e emissions below.

• Integrate sustainability and climate risk considerations into our risk management, underwriting, and capital adequacy decision-making processes – supported by research, models, analytics, tools, and metrics – to mitigate the impact on our future business.

• Support ocean protection initiatives aligned to the UN goals

• Work with shipowners to reduce the risk of ocean pollution through raised awareness and improved operational practices

• Maintain our financial strength, people skills and expertise to respond to global maritime accidents and pollution events involving our insured vessels, in a timely, effective manner that helps minimise environmental impacts

• Work with the International Group and industry trade bodies to align our sustainability policies and achieve common goals

Our target is to reduce our tCO2e emissions by 50% by 2030 (from a 2019 baseline) across our Scope 1, and 2 emissions.

We continue to reduce our Scope 1 and 2 emissions and remain on track towards achieving our target of reducing these emissions to 50% of 2019 levels by 2030.

In line with the Green House Gas (GHG) Protocol and best practice, our emissions are reported as CO2 equivalent (CO2e), covering both CO2 and a converted score for all other GHGs.

Independent calculations under the Streamlined Energy & Carbon Reporting (SECR) Regulations show our total Scope 1 and 2, CO2e footprint for 2025/26 was 105 tCO2e – a 4% reduction compared to last year.

Scope 3 emissions, which capture emissions related to upstream and downstream activities across our value chain, account for most of our emissions. Of the areas currently measured, our investments are the largest contributor.

We continue to build our ability to monitor and report Scope 3 emissions where we can have the greatest direct impact on a ‘best endeavours’ basis.

Because data is naturally historical, we have based this year’s reporting on data taken from company reports for the year ending 2024.. For 2024 year end (FY26), total financed emissions across the aggregated portfolio fell by 5.3% to 15,383 tCO₂e, with a corresponding reduction in carbon footprint per USDm invested.

Emissions intensity metrics also improved, reflected in lower portfolio and weighted average sales intensity, indicating greater emissions efficiency relative to revenue.

Year‑on‑year movements were influenced by changes in portfolio composition, issuer performance, and the availability and quality of emissions data. Reporting from certain issuers continues to improve, but remains absent from others. As emissions data currently covers 38% of total AUM, changes in reporting scope and methodology may affect comparisons across reporting periods.

We are committed to supporting ocean protection initiatives aligned with the UN Sustainable Development Goals.

Our daily work involves loss prevention to reduce the risk of incidents that could harm the marine environment, and ensure any pollution response or clean-up is handled quickly and sensitively. All the vessels we insure are members or associates of ITOPF, ensuring technical expertise is always on-hand.

Plastic pellets (or nurdles) are often moved by sea and can cause significant pollution when lost overboard. We support sustainable and sensitive methods for transporting nurdles and are working with the IMO, UK Government, plastics industry bodies and the International Group of P&I Clubs to shape the future of plastics carriage in the marine industry.

We also support Operation Clean Sweep, (see StopLoss update June 2021) which aims to minimise the environmental impact of plastic nurdle loss. This work forms an important part of our proactive loss prevention approach, helping to reduce or prevent pollution risks to the ocean environment and marine life, wherever possible.

We respect our employees' human rights, and have grievance mechanisms and whistleblowing procedures in line with human rights principles, enabling complaints and disputes to be resolved effectively.

We promote a positive and inclusive culture across our operations, including diversity in the workplace and equal opportunities for all, reflected, for example, in our Equal Opportunities and Dignity at Work Policies for employees.

We also aim to make a positive contribution to the countries where we operate, supporting the rule of law. This includes policies to prevent modern slavery and combat human trafficking in our supply chain, alongside compliance with the UK's Modern Slavery Act 2015.

More widely, we robustly enforce global human rights and other sanctions requirements across our operations, including refusing cover for members who operate with sanctioned countries, companies, or individuals. We also cooperate fully with governments and international organisations to prevent sanctions breaches.For further information see sanctions. 

We are strong advocators for inclusivity, fairness, gender equality and caring for the health and safety of all our employees.

We expect our business partners to respect and promote labour standards, and to use their influence to encourage their own suppliers to do the same.

We also promote, participate in, and implement initiatives aimed at protecting safety of life at sea. This also includes providing effective security, compensation and immediate and effective casualty response for victims of worldwide maritime accidents under international liability conventions and other national or regional liability regimes.

Our operations and activities aim to:

• Ensure a positive healthy culture supported by best practice employment practices

• Respect and encourage diversity in the workplace, including equal opportunities for all

• Attract and develop talented people to support long-term employability

• Actively promote empowerment of female team members

• Ensure race, religion and personal lifestyle preferences are no barrier through our Equal Opportunities and Dignity at Work Policies

• Ensure best practice occupational health is adopted in all our office

• Implement wellbeing processes for employees and our members' seafarers, such as our work with ISWAN, Mission for Seafarers and Stella Maris

• Prevent occupational accidents in our operations and provide advice and support to help members do the same

• Ensure a best-in-class claims response to insured occupational accidents

• Ensure all employees have access to training opportunities that meet their needs

We are committed to applying high standards of honesty and integrity consistently across our operations and business dealings. We do not tolerate corruption or bribery in any form.

We are members of the MACN - Maritime Anti-Corruption Network, working together towards eliminating all forms of maritime corruption.

We take our responsibilities to protect personal data and privacy rights seriously, complying with global data protection, privacy laws and regulations. We also recognise that digitalisation comes with data risks, so we continually review appropriate information security and data privacy policies to ensure minimal impact on all our stakeholders.

See our Bribery & Corruption Prevention Policy.

A proactive approach throughout our club ensures sustainability practices are refreshed and adhered to.

Our board, supported by the Risk Committee oversees management's implementation of our policies, including sustainability.

Our CEO is responsible for delivering our sustainability initiatives, including managing climate-related financial risks, and ensuring employee wellbeing.

The management board, supported by our ESG working group, is responsible for making sure board decisions are implemented in line with our sustainability policy.