Marine insurers who have pledged to decarbonise their portfolios have agreed to follow the tougher targets set by the global regulator.

The 19 signatories to the Poseidon Principes for Marine Insurance (PPMI) agreed to align with the International Maritime Organization’s goal of hitting net zero by or around 2050 at their annual meeting in Oslo.

The IMO set the target in July last year amid pressure from both within and outside the industry to improve shipping’s performance in contributing to tackling climate change.