International Maritime Insurance Association (IMIA)
Climate Impact & Sustainability Data (2024)
Reporting Period: 2024
Environmental Metrics
ESG Focus Areas
- Environmental
- Social
- Governance
Climate Goals & Targets
Environmental Challenges
- Uncertainty in new technologies
- Restricted transparency and openness for dialogue during the placement process
- Very few solutions available
- Prices are not adequate
- Too many losses
- Customer and/or owner behaviour and mindset
- Issues with codification of new materials (e.g., government policy blockages)
- Lack of consistent benchmark for ESG
- Different ESG ratings from different insurers for the same project
- Insufficient data sources for ESG information
- Balancing support for developing countries' energy transition with ESG requirements
Mitigation Strategies
- More papers and webinars from IMIA's ESG sub-committee
- Industry-wide guideline and advice to establish a global standard
- Common ESG rating tool for the industry
- Introduction of more data sources for ESG information
- Case studies
- IMIA-led clause on sustainability (e.g., power/water usage, recycled materials)