Insurers tighten net on pirate fishing
A coalition of insurance firms agreed on Friday to crack down on pirate fishing by banning coverage for trawlers whose illegal catches are worth at least $10 billion a year.
Firms would deny insurance for vessels on a European Union blacklist of ships involved in illegal, unregulated and unreported (IUU) fishing around the world. More than 100 vessels are on the current list.
Until now, legal loopholes in defining pirate fishing have sometimes enabled trawler owners to gain insurance for vessels that harm global fish stocks. The EU list gives a common benchmark for outlawing vessels.
More than 20 companies agreed the measures in a deal sponsored by Allianz Global Corporate & Specialty, AXA , Generali, Hanseatic Underwriters and the Shipowners’ Club. The plan was also backed by the United Nations.