This insurance industry statement on sustainable marine insurance, aims to tackle illegal, unreported and unregulated (IUU) fishing through education, awareness building, risk management and insurance underwriting.
For this reason, Oceana along with UN Environment’s Principles for Sustainable Insurance Initiative, developed guidelines, with input from insurance associations, companies, and other key stakeholders.
These recommendations aim to assist in tackling IUU fishing and increase transparency and accountability within the global fishing sector, which will contribute to the long-term sustainability of our oceans.
Before that, in September of 2015, the United Nations adopted a set of 17 Sustainable Development Goals (SDGs). Goal 14 relates specifically to the oceans and explicitly targets overfishing and IUU fishing, alongside the wider aim of conserving and protecting marine and coastal areas and ecosystems.
Countries will be responsible for establishing frameworks for achieving the SDGs, but the private sector can also play a significant role in achieving change.
In this aspect, marine insurers provide insurance cover arrangements against the risks to which shipping and fishing fleets are exposed. They often provide loss prevention advice to their clients on loss mitigation measures and this in turn can lead to better maritime industry practices that could contribute to conserving and improving the health of our oceans.
Thus, the signatories of this Statement agreed to transact relevant marine insurances with the following guiding principles:
- Education and awareness building: We will encourage the adoption of measures that help to reduce and eliminate IUU fishing;
- Risk management and underwriting: We will encourage the use of appropriate risk management protocols and effective due diligence procedures to help reduce the risk of insuring vessels or companies that are acting contrary to agreed international governance frameworks and international law covering IUU fishing. Specifically, we will not knowingly insure or facilitate the insuring of vessels that have been officially blacklisted for their involvement in IUU fishing.
You may see further information in the PDF herebelow