Victory | October 6, 2017

Global insurers unite to cut financial lifeline to pirate fishing

Leading insurers from around the world comitted to take action on pirate fishing, an unlawful practice that costs the global economy tens of billions of dollars in losses every year and contributes to overfishing and the destruction of vital marine habitats and ecosystems. Oceana and UN Environment’s Principles for Sustainable Insurance Initiative (PSI) facilitated the development of the world’s first insurance industry statement on sustainable marine insurance. The document was co-sponsored by Allianz Global Corporate & Specialty, AXA, Generali, Hanseatic Underwriters and The Shipowners’ Club, and it confirms their commitment to not knowingly insure or facilitate the insuring of vessels that have been blacklisted for their involvement in pirate fishing—also known as illegal, unreported and unregulated (IUU) fishing.