Pirate fishing – also known as illegal, unreported and unregulated (IUU) - fishing is behind almost one in every five fish caught. This illicit practice costs the global economy between $10 and 23 billion a year, not to mention deprives honest fishermen and women of a livelihood.
The marine insurance industry can be a key player to combatting IUU fishing. By refusing or canceling insurance to vessels or boats that have been blacklisted for pirate fishing. This essentially cuts a financial lifeline for those involved in IUU fishing, so no false claims can be made.
The insurance industry also benefits from supporting sustainable marine insurance initiatives like this one by Oceana and the UN Environment’s Principles for Sustainable Insurance (PSI). By fighting against IUU fishing, they can protect their business from the legal, financial and reputational risks that are associated with pirate fishing.