SCOR Business Solutions has announced that it is participating in a maritime transport initiative aimed at reducing emissions in the shipping industry, backing a project led by French company TransOceanic Wind Transport (TOWT).
TOWT has launched construction on six sailing cargo ships, referred to as sisterships, which are intended to provide a lower-emission alternative to traditional cargo vessels by relying on wind propulsion. The initiative is part of broader efforts to decarbonize maritime logistics.
SCOR said that it is involved in the project through a credit insurance policy known as Marine Supported Finance, arranged by broker Marsh. AXA XL Insurance is also backing the policy.
The ships are designed to reduce emissions of CO₂, sulfur oxides, nitrogen oxides, and methane when compared to conventional fuel-based shipping methods.
In addition to limiting greenhouse gas output, the use of wind-powered vessels is expected to lower the shipping industry’s environmental impact on marine ecosystems by reducing ocean acidification and noise pollution. The design's slower speed and improved maneuverability are also intended to lessen the risk of vessel collisions with marine life.
Construction of the six vessels is being financed by CIC, Arkéa, Caisse d’Epargne Normandie, and Banque Palatine. On the insurance side, Bpifrance Assurance Export is supporting the project through its Garantie Interne shipbuilding coverage.
Bernard Verlet, senior political and credit risks underwriter at SCOR Business Solutions, said the company is insuring a transaction that involves investment in an older technology adapted to meet current environmental challenges.
Outside of this transaction, the global reinsurer has implemented several initiatives to support the energy transition and promote net-zero objectives.
SCOR has established a dedicated New Energy Practice within its Specialty Insurance division. This unit offers tailored insurance and risk management solutions for low-carbon technologies, including wind, solar, hydrogen, carbon capture, biofuels, and battery storage.
The practice aims to triple SCOR’s insurance and facultative reinsurance coverage for low-carbon energy by 2030.
Under its "Forward 2026" strategic plan, SCOR has also committed to engaging with clients representing at least 30% of its Specialty Insurance Single Risk premiums to understand their ESG commitments and transition strategies.
Additionally, SCOR has set targets to multiply its insurance and facultative reinsurance cover for low-carbon energy by 3.5 times by 2030
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