Risk Assessment and Control of IUU Fishing for the Marine Insurance Industry: Guidelines to Control or Mitigate the Risk of Insuring Vessels and Companies Associated with Illegal, Unreported and Unregulated (IUU) Fishing

Illegal, unreported and unregulated (IUU) fishing—also known as pirate fishing—is an unresolved and internationally pervasive problem, costing the global economy tens of billions of USD dollars annually. This document provides guidelines that further reduce the risk of inadvertently insuring an IUU activity by promoting transparency and accountability within the global fishing industry. It is intended for underwriters, risk managers, agents, brokers and other relevant parties within the marine insurance industry. Personnel responsible for risk management within a company, club or organisation can consider the implementation of these guidelines and their integration into existing risk management systems.