Welcome to FIS   Sponsored By
Subscribe to FIS | Register with FIS | Advertise with FIS | Newsletter | About FIS | Contact us
   


Trawler involved in illegal fishing. (Photo: fish.govt.nz)

Global insurers withdraw financial support for IUU fishing

WORLDWIDE
Friday, October 06, 2017, 22:10 (GMT + 9)

Major global insurers have pledged to tackle pirate fishing, an illicit practice that costs the world economy billions of dollars in losses each year and contributes to the destruction of marine ecosystems.

Allianz AGCS, AXA, Generali, Hanseatic Underwriters and The Shipowners' Club have sponsored the first global declaration of the insurance industry on the sustainability of marine insurance. The statement represents the commitment not to insure or facilitate the insurance being aware of blacklisted vessels for their participation in pirate fishing, also known as illegal, unreported and unregulated (IUU) fishing. This pioneering initiative was presented in Malta at Our Ocean Conference, an international meeting of leaders from around the world organized this year by the European Union.

IUU fishing is an unresolved international problem. IUU fish catches are estimated to range between 11 and 26 million tonnes per year and are worth between USD 10,000 and 23,500 million.

Those involved in this business skip the fisheries management rules and operate beyond the reach of government control. IUU fishing can wipe out overfished fish stocks and destroy habitats and marine ecosystems as well as harming law enforcement fishers whose fishing opportunities are reduced when illegal vessels target the same fish stocks as they do.

To address IUU fishing globally, Oceana and the United Nations Sustainable Insurance Initiative (PSI) have facilitated the development of a reference sector baseline on the sustainability of marine insurance - assisting ocean stewardship through marine insurance -- so that insurers can support efforts to reduce, and eventually eliminate, IUU fishing.

Pirate fishing exposes insurers to financial, legal and reputational risks. The declaration serves as a basis for firms to contribute to reducing and eliminating IUU fishing through training, awareness-raising, risk management and the actuarial function or process of assessing, defining and pricing insurance risks.

The declaration was signed by 21 major insurers and sector entities around the world. Oceana and PSI are calling on the companies in the sector, as well as interested entities, to sign up and support the declaration.

The UN's Sustainable Development Goal 14 - the UN's "healthy oceans target" - includes ending IUU fishing through countries' commitment to take action to eliminate it by 2020.

Following the declaration, Oceana and PSI will work with insurers to improve risk management and the guidelines followed by actuaries to reduce the risk of insuring ships and companies associated with IUU fishing.

Going a step further, PSI will work globally to achieve the sustainability of maritime insurance and strengthen the role of the sector as risk managers, insurers and investors, to contribute to achieve the UN Sustainable Development Goal 14:

  • As risk managers, marine insurers advise their clients, which can reduce risks, avoid losses and improve industry practices to help conserve the health of the oceans.
  • As insurers, they provide coverage against risks to maritime and fishing fleets, including cargo coverage, helmet and machinery, and civil liability.
  • As institutional investors, the insurers -- whether they exercise their insurance role or not -- can invest in companies that adopt and support responsible and sustainable maritime practices.

Source: Oceana

[email protected]
www.fis.com


 Print


Click to know how to advertise in FIS
MORE NEWS
United States
Dec 16, 02:30 (GMT + 9):
Snake River salmon and steelhead recovery plans launched
United States
Dec 16, 01:50 (GMT + 9):
Louisiana closes shrimp season in portions of inside waters
Chile
Dec 16, 01:50 (GMT + 9):
Chile protects 98pct of its EEZ from bottom trawling
Chile
Dec 16, 01:10 (GMT + 9):
Salmones Camanchaca already registered in SVS securities register
United States
Dec 16, 00:10 (GMT + 9):
Alaska pollock and cod fisheries re-certified to Alaska RFM
Thailand
Dec 16, 00:00 (GMT + 9):
IN BRIEF - Shrimp target in doubt after flood trouble
Uganda
Dec 16, 00:00 (GMT + 9):
IN BRIEF - MPs demand probe into illegal fishing gear
Canada
Dec 16, 00:00 (GMT + 9):
IN BRIEF - Grieg Aquaculture project in court amid protests
Peru
Dec 15, 23:50 (GMT + 9):
Ministry and industrial fishermen discussed second anchovy fishing season
Mexico
Dec 15, 23:10 (GMT + 9):
Nanomedicines to treat marine animal disease investigated
Australia
Dec 15, 23:10 (GMT + 9):
Foreign boats allowed to fish in Australian waters, expert warns
Spain
Dec 15, 22:10 (GMT + 9):
Shipowners of Vigo launch 'Fresco y Salvaje' fish brand
New Zealand
Dec 15, 21:50 (GMT + 9):
Iwi shareholders to be granted record dividend from Moana New Zealand
Australia
Dec 15, 03:00 (GMT + 9):
IN BRIEF - Businessmen fined a historic AUD 2 million for overfishing rock lobster
United Kingdom
Dec 15, 03:00 (GMT + 9):
IN BRIEF - Sustainable fishing nets quota increases for UK fishermen



Lenguaje
FEATURED EVENTS
  
TOP STORIES
EU fishing quota deal deemed satisfactory to British fishermen
United Kingdom The EU fisheries ministers have agreed on a rise in the amount of fish British trawlers can catch in the North Sea, a deal that will represent more than GBP 750 million to the sector.
Spanish associations request European ministers stability in fishing quotas
Spain The Spanish Fisheries Confederation has asked the EU to ensure the stability of the European fishing sector in the allocation of TACs and fishing quotas for 2018, which will be decided at the meeting of the European Council of Ministers.
Snake River salmon and steelhead recovery plans launched
United States NOAA Fisheries has launched recovery plans for federally protected Snake River chinook salmon and steelhead intended to make sure each species is self-sustaining in the wild.
DFO seeks to apply fines instead of charges for minor fisheries violations
Canada As part of its enforcement approach, Fisheries and Oceans Canada is currently seeking the public’s opinion on its plans to expand the use of tickets for minor fishing violations.
 
Maruha Nichiro Corporation
Nichirei Corporation -Headquarter-
Pesquera El Golfo S.A.
Ventisqueros - Productos del Mar Ventisqueros S.A
Wärtsilä Corporation -Wartsila Group Headquarter-
ITOCHU Corporation -Headquarter-
BAADER - Nordischer Maschinenbau Rud. Baader GmbH+Co.KG (Head Office)
Inmarsat plc - Global Headquarters
Marks & Spencer
Tesco PLC (Supermarket) - Headquarters
Sea Harvest Corporation (PTY) Ltd.
I&J - Irvin & Johnson Holding Company (Pty) Ltd.
Blue Continent Products (Pty) Ltd - (Oceana Group Limited)
Pesquera San Jose S.A.
Nutreco N.V. - Head Office
CNFC China National Fisheries Corporation - Group Headquarters
W. van der Zwan & Zn. B.V.
SMMI - Sunderland Marine Mutual Insurance Co., Ltd. - Headquarters
Icicle Seafoods Inc. -Headquarter-
Starkist Seafood Co. - Headquearters
Trident Seafoods Corp.
American Seafoods Group LLC - Head Office
Marel - Group Headquarters
SalMar ASA - Group Headquarters
Sajo Industries Co., Ltd
Hansung Enterprise Co.,Ltd.
BIM - Irish Sea Fisheries Board (An Bord Iascaigh Mhara)
CEFAS - Centre for Environment, Fisheries & Aquaculture Science
COPEINCA ASA - Corporacion Pesquera Inca S.A.C.
Chun Cheng Fishery Enterprise Pte Ltd.
VASEP - Vietnam Association of Seafood Exporters & Producers
Gomes da Costa
Furuno Electric Co., Ltd. (Headquarters)
NISSUI - Nippon Suisan Kaisha, Ltd. - Group Headquarters
FAO -Food and Agriculture Organization- Fisheries and Aquaculture Department (Headquarter)
Hagoromo Foods Co., Ltd.
Koden Electronics Co., Ltd. (Headquarters)
A.P. Møller - Maersk A/S - Headquarters
BVQI - Bureau Veritas Quality International (Head Office)
UPS - United Parcel Service, Inc. - Headquarters
Hamburg Süd Group - (Headquearters)
Armadora Pereira S.A. - Group Headquarters
NOAA - National Oceanic and Atmospheric Administration (Headquarters)
Omega Protein Corporation -Headquarter-
Marona S.A.
Marine Harvest ASA - Headquarters
Marubeni Europe Plc -UK-
Findus Ltd
Icom Inc. (Headquarter)
WWF Centroamerica
Oceana Group Limited
The David and Lucile Packard Foundation
Ajinomoto Co., Inc. - Headquarters
Friosur S.A. - Headquarters
Cargill, Incorporated - Global Headquarters
Benihana Inc.
Leardini Pescados Ltda
Mitsubishi Corporation Marine Products Depts. D.Team
CJ Corporation  - Group Headquarters
Greenpeace International - The Netherlands
David Suzuki Foundation
Fisheries and Oceans Canada -Communications Branch-
Mitsui & Co.,Ltd - Headquarters
NOREBO Group (former Ocean Trawlers Group)
Natori Co., Ltd.
Carrefour Supermarket - Headquarters
FedEx Corporation -Headquarter-
AKBM - Aker BioMarine ASA
Seafood Choices Alliance -Headquarter-
Austevoll Seafood ASA
Walmart / Wal-Mart Stores, Inc. (Supermarket) -Headquarter-
New Japan Radio Co.Ltd (JRC) -Head Office-
Gulfstream JSC
INVE Group - Head Office
Marine Stewardship Council - MSC Worldwide Headquarters
Royal Dutch Shell plc (Headquarter)
Genki Sushi Co.,Ltd -Headquarter-
Iceland Pelagic ehf
AXA Assistance Argentina S.A.
Caterpillar Inc. - Headquarters
Tiger Brands Limited
Morpol ASA - Group Headquarters
SeaChoice
National Geographic Society
AmazonFresh, LLC - AmazonFresh

Copyright 1995 - 2017 Fish Info & Services Co.Ltd| All Rights Reserved.   DISCLAIMER