This year, IUMI has made significant strides in expanding its reach into Latin America by continuing its collaboration with The Association of Latin American Marine Underwriters (ALSUM). ALSUM has appointed, Efraín I. Sorá, of Navigators Insurance Company, a brand of The Hartford, to represent the Latin American marine insurance industry as an observer in the Inland Hull, Fishing Vessels, and Yachts (IFY) Committee. We extend our heartfelt thanks to Lars Lange, Frédéric Denèfle, Rick Salway and the committee for welcoming us into this esteemed group. This opportunity allows us to engage with IUMI members, contribute to the advancement of marine insurance practices, and provide valuable data and insights from Latin America. To that point, here is some data about Latin America.
Latin America, with its extensive coastline of approximately 5,150 kilometers (3,200 miles), offers vast opportunities in the underwriting of inland hull, fishing vessels, and yachts across 20 countries. In this article, I would like to focus on fishing vessels and provide a glimpse into fishing activities in five key countries: Chile, Peru, Mexico, Ecuador, and Argentina.
Chile
- Trawlers: Used for catching species like hake and anchovy.
- Purse Seiners: Employed to encircle and capture schools of fish such as sardines and mackerel.
- Longliners: Utilised for species like tuna and swordfish.
- Gillnetters: Used for coastal fish like sea bass.
Peru
- Purse Seiners: Predominantly used for anchovy and sardines.
- Longliners: Commonly used for tuna and swordfish.
- Trawlers: Employed for various species including shrimp and mackerel.
- Artisanal Boats: Small-scale vessels using methods like driftnets and hook-and-line.
Mexico
- Shrimp Trawlers: Specialised for shrimp fishing in the Gulf of Mexico and Pacific coast.
- Tuna Purse Seiners: Used for capturing tuna in the Pacific.
- Gillnetters: Employed for species like sea bass and snapper.
- Longliners: Used for deep-sea species such as swordfish and tuna.
Ecuador
- Purse Seiners: Mainly used for tuna and small pelagic fish.
- Longliners: Utilised for species like mahi-mahi and swordfish.
- Trawlers: Employed for shrimp and other demersal species.
- Artisanal Boats: Small-scale vessels using various traditional methods.
Argentina
- Trawlers: Used for hake and shrimp.
- Longliners: Employed for tuna and swordfish.
- Purse Seiners: Used for sardines and mackerel.
- Gillnetters: Utilised for coastal species like sea bass.
The largest importers of seafood exported by Latin America include the United States, the European Union, and Asian countries such as China and Japan. These regions import a wide variety of seafood products, including shrimp, tuna, salmon, and fishmeal, from major Latin American exporters. The demand for high-quality seafood from these countries supports the robust export markets in Latin America.
Underwriting fishing vessels in Latin America involves assessing risks associated with diverse marine environments and fishing practices. Insurers consider factors such as vessel type, fishing methods, and regional regulations to provide tailored coverage. Collaborations with organisations like IUMI help enhance industry standards and promote sustainable fishing practices.
