Marine insurers urged to tackle modern slavery risks: IUMI

Modern slavery affects an estimated 28 million people.

The International Union of Marine Insurance (IUMI) has called on marine insurers to strengthen oversight of modern slavery and forced labour risks across maritime and global supply chains.

In a new paper, IUMI warned that while insurers are not directly involved in abuses, weak due diligence could expose them to reputational and legal risks. 

Modern slavery affects an estimated 28 million people, with high-risk sectors including shipping, fishing, and seafaring.

The paper recommends robust underwriting checks, stronger ESG policies, and greater supply chain transparency. 

Legal accountability is tightening under measures such as the EU Corporate Sustainability Due Diligence Directive and the UK Modern Slavery Act, whilst the IMO reported record seafarer abandonment cases in 2024.

IUMI Secretary General Lars Lange said insurers should take a proactive stance to avoid complicity and align with global human rights standards.