The marine insurance industry can be a key ally to combat IUU fishing
Oceana is mobilising the global marine insurance industry in taking action against illegal, unreported and unregulated (IUU) fishing.
The Marine Insurance Industry: A Key Ally
By refusing or canceling insurance to vessels or boats that have been blacklisted for pirate fishing, the marine insurance industry can be a key player to combat IUU 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.
What Oceana Does
Oceana works with insurance companies to make it more difficult, if not impossible, for IUU fishers to obtain cover for their vessels or their catches — more than 30 companies and organisations have pledged their support.