Pirate fishing—also known as illegal, unreported and unregulated (IUU) fishing—exposes insurers to legal, financial and reputational risks, but also puts food security and jobs in danger while destroying marine habitats and ocean life. Financially, the colossal cost of illegal fishing on the global economy is estimated to be between USD 10 billion and 23.5 billion in losses every year.
This report provides the first-ever guidance for insurers to combat pirate fishing, and is issued by UNEP FI’s Principles for Sustainable Insurance and OCEANA, the largest international advocacy organisation dedicated solely to ocean conservation. The report “Risk Assessment and Control of Illegal, Unreported and Unregulated (IUU) Fishing for the Marine Insurance Industry” contains a checklist of warning signs for pirate fishing activity and will contribute to controlling or mitigating the risk of insuring vessels and companies associated with IUU fishing.
As an outcome of the largest collaborative initiative between the United Nations and the insurance industry, the Principles for Sustainable Insurance Initiative, this report illustrates how marine insurers can help protect marine habitats and ecosystems and also to contribute to achieving the Sustainable Development Goals.
Download the report here.