Marine insurance can aid sustainability

marine sustainability Skuld has a vision for sustainability, which it will discuss at Nor-Shipping. Credit: Nor-Shipping

Marine insurance firm Skuld has committed to contributing towards both commercial and environmental sustainability as reducing the ecological footprint of the marine industry becomes increasingly important.

Under the leadership of CEO Ståle Hansen, the company has adopted digitalisation as a key priority area, while last year it changed its core strapline to ‘protecting ocean industries’.

“We need to stay as relevant as possible to both our industry and society,” he said. “The world needs to utilize ocean-based resources in fresh ways to support a growing population, while the maritime industry can use its established expertise to both serve that purpose and unlock new value and revenue streams.

“As a trusted insurance provider we can use our own lengthy experience to help customers prosper, while safeguarding society.”

Offshore energy

Skuld’s strength remains in its core maritime P & I offering, but the firm has established a solid base in the offshore energy segment and is now venturing into new ocean industries.

Mr Hansen said Skuld covers “the majority share of construction vessels” and is also developing its product portfolio to insure turbines. Seabed mining and aquaculture have, he opines, “clear potential” for the future.

“We have seen a transition of our customers’ expertise from offshore energy into aquaculture, so it makes perfect sense to follow them on this journey,” he noted.

He said the company expect to see large industrialised operations built to provide food for an expanding population.

However, Mr Hansen explained: “We won’t be insuring the biomass, but we do want to take a leading position insuring the infrastructure itself.”

Skuld’s sustainability vision centres on the active support of the UN Sustainable Development Goals (SDGs) and an ambition for insurance companies to play a role in facilitating them.

He said the marine insurance industry already contributes to sustainability. For example, by actively assessing and surveying shipping risks, conducting casualty response services and performing extensive loss prevention programmes.

Skuld is committed to going one step further and using its expertise to support a “precautionary, predictive approach” to help mitigate risk by utilising data to identify trends, for example, what causes fuel spills.

The Skuld CEO says the initiative is “under on-going development now” and the company will be talking about its plans at Nor-Shipping 2019.

By Rebecca Jeffrey

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