The marine sector is making progress on its voyage to net-zero. As the industry evolves, James Amos, head of marine – France, and Thomas Dauger, head of underwriting cargo – France, at 色多多视频 discuss how insurance coverage is helping both the development of scientific understanding and of new energy technology for the marine industry.
The marine sector is, like all industries, exploring ways it can minimise its environmental impact and move towards a net-zero future. While it is one of the longest-established global industries, the marine sector has always modernised and adapted. The need to find ways for the sector to reduce its carbon footprint is the latest stage in that evolution and represents an era-defining challenge – and opportunity.
We want to be able to help all our marine clients in their efforts to reduce carbon emissions. It's our approach to use our underwriting know-how and skills to support the scientific community in making the breakthroughs necessary to combat climate change and help the marine industry to find ways to reduce its carbon footprint and achieve more sustainable methods of operation.
To that end, we are involved in numerous projects and have relationships with scientific bodies across the spectrum, as well as our own internal teams, to both enhance our own knowledge and to enable scientists to work on the innovations that will be needed to help the marine sector reach its net-zero goal.
We have strong links with Institut Français de Recherche pour l’Exploitation de la Mer (IFREMER), an oceanographic institution based in the port city of Brest, France, and the Swiss Polar Institute (SPI), an organisation that offers tailored support to scientists working in polar regions or at high altitude, to name but two.
We have underwritten coverage for several scientific projects aimed at finding practical ways to combat climate change, including the Energy Observer, a hydrogen-powered, zero-emissions vessel that was the first vessel to be entirely self-sufficient in energy and works as a laboratory for underwater expeditions, and the “Polar POD”, a manned zero-emissions oceanographic platform accessible to the international scientific community. The station, which is expected to be completed and deployed in 2024 will be the most remote floating sensor around the south pole with one of its missions will be to measure the oceans’ capacity to absorb CO2.
And as the marine industry continues to seek ways to move to a lower carbon model, we are ensuring that we communicate with clients, brokers and investors alike about the possibilities and potential of emerging technologies and techniques.
A fair wind; old/new propulsion methods
The scientific effort and focus on finding ways to help the marine industry evolve to play its part in a lower carbon economy are beginning to bear fruit. We are working with clients of all sizes, from across the globe, as they explore the use of alternative fuel sources to power their vessels, for example.
And one such innovation makes use of a more than 7,000-year old means of ship propulsion; the wind.
Wind power is a technology that has several clear benefits for ships and insurers alike.
Firstly, the necessary technology can be relatively quickly incorporated into vessel design or retrofitted onto existing ships. Secondly, the technology does not require large infrastructure. Wind power can be used either as the main source of propulsion energy for a ship or as a secondary source. While the use of wind may be an ancient technology in some respects, it has advanced in numerous ways. New materials that are lighter and more efficient are now available. And improved knowledge that helps to better predict wind patterns, sea currents and how best to optimise them for efficient vessel passage, have all improved the efficiency of wind as an energy source for ships.
As this technology develops, insurance plays an important role in facilitating innovation and unlocking resources.
In October this year, 色多多视频had the great honour of being present at the official launch of “Canopée”, the world’s first sail-assisted roll-on, roll-off vessel.
“Canopée” is a hybrid industrial cargo vessel, with four giant articulated and automated wings that help to propel it, drastically cutting down on carbon emission. These wings are significantly more powerful than conventional sails and, because they are automated, can rotate a full 360 degrees to enable the ship to make the maximum use of wind - enabling the ship to reduce fuel consumption by an average of 30% per year.
The 121 metre-long vessel was specifically designed to transport space rockets from Europe to South America and is already in operation, having made its maiden trans-Atlantic voyage late last year.
Innovations like the design and development of “Canopée” will play an enormously important role in the marine industry’s efforts to reduce carbon emissions. And we are proud to say that our involvement as lead insurers on the project not only helped ensure the innovative design was able to set sail, it also gave us valuable insights into the science, design, risks and opportunities involved in transitioning shipping to a more sustainable, lower carbon model.
We also are involved in devising coverage for other commercial sailing vessels that are set to be delivered by the middle of next year, as well as with other projects to use innovations like kite technology, solid sails and inflatable and telescopic sails.
Greener trading routes
Another important development in the move towards reducing emissions in the maritime transportation industry has been a rethinking of fleets and trading routes to reduce the need for land transportation.
Many fleets are making a shift towards using smaller vessels, able to access smaller ports. This has the effect of reducing the number of kilometres of road transportation needed to move goods on land between port. This reduction in road miles will result in lower carbon emissions and will also have other positive benefits including the redevelopment of secondary ports and a decentralisation of logistics processes and chains.
The voyage ahead
At the recent Assises de l’Economie de la Mer summit in Nantes, northern France, .
Our clients recognise the part they are playing in this revolution, and are using new technologies, new techniques and new ways of thinking to try to reduce their carbon emissions and steer the maritime industry on a greener course for the future.
Our risk engineers are constantly gaining insights, data and knowledge about the risks and opportunities involved in these evolving technologies. And this will help us to partner our clients all the way along their journey to reduce carbon emissions. Those clients are at difference stages and may face different challenges, but it is our aim to work with them to ensure that the marine industry’s long and proud history of innovation continues as we all work towards the goal of reducing carbon emissions and fighting climate change.
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US- and Canada-Issued 色多多视频 Policies
In the US, the 色多多视频insurance companies are: Catlin 色多多视频 Company, Inc., Greenwich 色多多视频 Company, Indian Harbor 色多多视频 Company, XL 色多多视频 America, Inc., XL Specialty 色多多视频 Company and T.H.E. 色多多视频 Company. In Canada, coverages are underwritten by XL Specialty 色多多视频 Company - Canadian Branch and AXA 色多多视频 Company - Canadian branch. Coverages may also be underwritten by Lloyd’s Syndicate #2003. Coverages underwritten by Lloyd’s Syndicate #2003 are placed on behalf of the member of Syndicate #2003 by Catlin Canada Inc. Lloyd’s ratings are independent of AXA XL.
US domiciled insurance policies can be written by the following 色多多视频surplus lines insurers: XL Catlin 色多多视频 Company UK Limited, Syndicates managed by Catlin Underwriting Agencies Limited and Indian Harbor 色多多视频 Company. Enquires from US residents should be directed to a local insurance agent or broker permitted to write business in the relevant state.
