Santam has become the first South African insurer to sign the world’s first insurance industry statement relating to marine sustainability. Announced today at the 2017 Our Ocean conference in Malta, the statement is part of a global effort to combat illegal, unreported and unregulated (IUU) fishing, and to restore overfished populations and vital fish habitats.
The initiative has been driven by Oceana and PSI (Principles for Sustainable Insurance), a global sustainability framework and initiative of the United Nations Environment Programme Finance Initiative (UNEP FI). Signatories to the agreement will now look to develop a risk management guide to assist marine insurers to better address IUU fishing in the world. Over three billion people globally depend directly upon the world’s oceans for their livelihood.
“In South Africa, the ongoing health of two oceans is required to support marine life and the country’s extensive ocean economy,” said Alex Downie, the CEO of Associated Marine (a member of Santam Limited). “As Santam expands its footprint across the continent, this is an important initiative for us as a leading insurer to support the industry sector in ‘drawing a line in the water’ in terms of acceptable and unacceptable fishing practices.”