Modern slavery affects a range of industries that have links with marine insurance, from fishing and shipping to textiles, agriculture, and manufacturing. Sectors such as distant-water fishing, garment production and the maritime industry/seafaring are particularly high-risk. This IUMI information paper outlines the reputational and legal risks facing insurers that underwrite operations linked to exploitative labour practices. It also provides an overview of existing standards and regulations in various regions around the world. With ESG expectations mounting, marine insurers are encouraged to engage in industry-wide discussions and strengthen their frameworks to prevent complicity in modern slavery.
IUMI thanks its ESG Working Group for compiling the paper which is available to download here:
Modern slavery & forced labour: What marine insurers should be aware of
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