Victory | November 30, 2021
Major Global Insurance Company AXA XL Introduces Transparency Requirement for Insured Fishing Vessels
Following campaigning by Oceana and our allies, AXA XL, one of the largest international insurers, now requires International Maritime Organization (IMO) numbers for all fishing vessels and refrigerated cargo vessels it insures. IMO numbers are unique identifiers that can be used for monitoring and tracking vessels, and do not change even if a vessel changes ownership, flag, or name — a common tactic used by illegal fishers to avoid detection. By requiring IMO numbers, AXA XL is reducing the risk of insuring vessels engaged in illegal, unregulated, and unreported (IUU) fishing and increasing transparency in the fishing sector. Their decision sets a leading example for other companies to follow, including those outside the insurance sector.