The first - ever guidelines to prevent illegal fishing have been unveiled by organisations including marine conservation charity Oceana , UN Environment , Principles for Sustainable Insurance and global insurer protection . The checklist is designed to help the insurance sector identify , and deny insurance to , companies and vessels capable of pirate fishing . Such fishing poses financial , legal and reputational risks to insurers , and also threatens food security and jobs by destroying marine habitats . Approximately one in five fish is caught illegally , at an estimated cost of $ 10bn-$23.5bn to the global economy each year .
The first-ever guidelines to combat illegal fishing have been unveiled by organisations including ocean conservation group Oceana, UN Environment, Principles for Sustainable Insurance and global insurer Allianz. The checklist is designed to help the insurance sector identify, and deny insurance to, companies and vessels suspected of pirate fishing. Such fishing poses financial, legal and reputational risks to insurers, and also threatens food security and jobs by destroying marine habitats. Approximately one in five fish is caught illegally, at an estimated cost of $10bn-$23.5bn to the global economy each year.