Hanseatic is pleased to have lent its support to an initiative which seeks to limit unlawful fisheries exploitation worldwide.
Doing whatever is possible to ensure sustainable fish stocks and habitats is a vital component of that work but that work is undermined by the global phenomenon of illegal, unreported and unregulated (”IUU”) fishing. Businesses that exploit the world’s oceans in that way are able to do so by operating outside of effective government control but with no regard for the inevitable consequences of overfishing and with no concern for the damage done to sensitive habitats and marine ecosystems.
Working alongside the United Nations and its Principles for Sustainable Insurance Initiative, a collaboration between the UN and the insurance industry, Oceana is engaging the support of marine insurers to adopt a voluntary protocol whereby businesses associated with IUU practices are denied insurance. Put simply, the provision of insurance aids such operations to be undertaken at lower risk to the participants and in compliance with trading and regulatory standards that can go some way to ‘legitimising’ what they do.
Readers are encouraged to see for themselves the work of Oceana and to read the Statement itself to gain a fuller insight in to its ambit and purpose. As Managing Director Tobias Braun said “Hanseatic Underwriters recognises the work done by Oceana and the PSI Initiative in seeking to limit the ability of any individual or organisation to unlawfully and unfairly exploit the world’s fishery resource. As members of the marine community we will support that work not only by way of endorsing this Statement – an initiative we are proud to co-sponsor – but in ensuring its spirit is complied with in our day-to-day operations.”